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HomeMy Public PortalAboutTBP 2013-03-06 FRASER BOARD OF TRUSTEES MINUTES DATE: Wednesday, February 20, 2013 MEETING: Board of Trustees Regular Meeting PLACE: Fraser Town Hall Board Room PRESENT Board: Mayor Peggy Smith; Mayor Pro-Tem Steve Sumrall; Trustees; Philip Naill, Eileen Waldow, Vesta Shapiro, Cheri Sanders and Adam Cwiklin Staff: Town Manager Jeff Durbin; Town Clerk, Lu Berger; Public Works Director Allen Nordin; Town Planner, Catherine Trotter; Police Chief, Glen Trainor, Town Attorney Rod McGowan Others: See attached list Mayor Smith called the meeting to order at 6:07 p.m. 1. Executive Session: For a conference with Town Attorney for the purpose of receiving legal advice on specific legal questions under C.R.S. Section 24-6-402(4)(b) and for the purpose of determining positions relative to matters that may be subject to negotiations, developing strategy for negotiations, and/or instructing negotiators, under C.R.S. Section 24-6-402(4)(e) line sharing agreements with Winter Park Ranch Water and Sanitation and to include Town Attorney Rod McGowan, Town Manager Jeff Durbin, Public Works Open: 6:08 Trustee Sumrall moved, and Trustee Sanders seconded the motion to enter into executive session. Motion carried: 7-0. Exit: 6:55 Trustee Cwiklin moved, and Trustee Shapiro seconded the motion to exit executive session. Motion carried: 7-0. Attorney's pinion Required C.R.S. 4- -40 ( )( .5)�II)� ). As the attorney representing the Town of Fraser, I am of the opinion that the entire Executive Session, which was not recorded, constituted a privileged attorney-client communication. Rod McGowan, Town Attorney 2. Regular Meeting: Roll Call 3. Approval of Agenda: Page 2 of 3 Trustee Sumrall moved, and Trustee Naill seconded the motion to approve the Agenda. Motion carried: 7-0. 4. Consent Agenda: a) Minutes — February 6, 2013 Trustee Shapiro moved, and Trustee Sanders seconded the motion to approve the consent agenda. Motion carried: 7-0. 5. Open Forum: Trustee Cwiklin would like to remove the off-premise sign verbiage from the sign code. This request will be brought to the Planning Commission at their next meeting in March. 6. Updates: 7. Public Hearings: 8. Discussion and Possible Action Regarding: a) Transit discussion —TM Durbin gave a brief update on current transit discussions. b) Resolution 2013-02-02 Winter Park Ranch Line Share Agreement Kirk Klancke, representing Winter Park Ranch Water and Sanitation and the Board discussed the agreement. The Resolution will be brought back when the changes have been made to the agreement. C) Ordinance 403 Regarding Marijuana Possession and Paraphernalia per Amendment 64 Police Chief Trainor outlined the need to adopt the Ordinance to come into compliance with Amendment 64. Trustee Sumrall moved, and Trustee Cwiklin seconded the motion to approve Ordinance 403 Regarding Marijuana Possession and Paraphernalia per Amendment 64 as amended. Motion carried: 6-1 Sumrall -Aye Smith -Aye Naill -Aye Sanders -Aye Waldow - Nay Cwiklin -Aye Shapiro -Aye TA McGowan left the meeting 8:20 d) Resolution 2013-02-03 Smith/Nelson Memorial Bench Memorandum of Understanding Page 3of3 Mayor Smith recused herself from the discussion and vote. TM Durbin outlined the MOU for the Board. Trustee Naill moved, and Trustee Shapiro seconded the motion to approve Resolution 2013-02-03 Smith/Nelson Memorial Bench Memorandum of Understanding as amended. Motion carried: 6-0-1. 9. Community Reports: 10. Other Business: Trustee Shapiro moved, and Trustee Naill seconded the motion to adjourn. Motion carried: 7-0. Meeting adjourned at 9:09 p.m. Lu Berger, Town Clerk March 7, 2013 Fraser Valley Investments, LLC P.O. Box 37 Fraser, CO 80442 Cornerstone Winter Park Holdings, LLC Grand Park Development, LLC P.O. Box 30 Winter Park, CO 80482 SUBJECT: Notice to Pay Contributions Pursuant to Settlement Agreement FVI Drainage Litigation - Grand County Civil Action No. 2010CV143 To Whom It May Concern: Pursuant to Section 3.4.1 of the above-referenced Settlement Agreement, you are hereby notified that the Town of Fraser has received and accepted a bid for construction of the Pipe Crossing Project in an amount not exceeding $153,000. Therefore, request is made that you pay to the Town of Fraser the amount of your respective maximum contributions of Construction Costs within ten (10) days after the date of this notice. As provided in the Settlement Agreement, payment of such maximum contributions shall be in the following amounts: FVI contribution: $80,000 Cornerstone contribution: $73,000 Payment for these amounts should be made payable to the Town of Fraser and should be delivered to the Town Manager or the Town Clerk at the Fraser Town Hall, 153 Fraser Avenue, P.O. Box 370, Fraser, Colorado 80442, during business hours and must be received not later than 5:00 p.m. on March 18, 2013 if this notice is received by personal delivery, or not later than 5:00 p.m. on March 22, 2013 if received by mail. Thank you for your prompt attention to this matter. Sincerely, Jeffrey L. Durbin Town Manager Copies sent to the above addresses by certified mail, return receipt requested. March 7, 2013 Page 2 G Copy hand delivered to on March , 2013. By: Copies sent by certified mail, return receipt requested, to: Mr. Seymour Joseph Karsh, Fulton, Gabler & Joseph, P.C. 950 So. Cherry St., Suite 710 Denver, CO 80246-2665 Mr. Bradley N. Shefrin Pryor Johnson Carney Karr Nixon, P.C. 5619 DTC Parkway, Suite 1200 Denver, CO 80111-3061 pc: Mr. Rod McGowan, Town Attorney TOWN OF FRASER RESOLUTION NO. 2013-03-01 A RESOLUTION ACCEPTING THE LOW BID FOR CONSTRUCTION OF THE U.S. HIGHWAY 40 STORMWATER DRAINAGE PIPE CROSSING PROJECT, AUTHORIZING ISSUANCE OF NOTICE TO REQUIRE THE DEPOSIT OF CONSTRUCTION FUNDS FOR SAID PROJECT, AUTHORIZING ISSUANCE OF THE NOTICE OF AWARD TO THE CONTRACTOR AND EXECUTION OF THE AGREEMENT WITH THE CONTRACTOR, WITH CONDITIONS, AND AUTHORIZING EXECUTION OF A STIPULATION FOR DISMISSAL OF PENDING LITIGATION. WHEREAS, the Town of Fraser previously entered into a Settlement Agreement relating to Civil Action No. 2010CV143 in the District Court for the County of Grand, State of Colorado, wherein the other parties are FRASER VALLEY INVESTMENTS, LLC ("FVI"), and CORNERSTONE WINTER PARK HOLDINGS, LLC and GRAND PARK DEVELOPMENT, LLC (collectively, "Cornerstone"); and WHEREAS, the Settlement Agreement provides for the installation of a stormwater drainage pipe under U.S. Highway 40 in order to resolve certain drainage issues and disputes involved in such litigation; and WHEREAS, the Town has solicited bids for the installation of said drainage pipe, referred to as the US Highway 40 Stormwater Drainage Pipe Crossing Project, and the lowest, responsible bid received was submitted by ATH Specialties & Sales, Inc. of Grand Lake, Colorado, in the amount of$137,981.00; and WHEREAS, it appears that said low bid meets the requirements of the Settlement Agreement and the Board of Trustees desires to accept said bid and to institute the procedures provided in the Settlement Agreement for the deposit of the funds required for the project and for the award of the construction contract. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF FRASER BOARD OF TRUSTEES, AS FOLLOWS- 1. The Board of Trustees hereby accepts the bid submitted by ATH Specialties & Sales, Inc., in the amount of$137,981.00, for construction of the US Highway 40 Stormwater Drainage Pipe Crossing Project in accordance with the plans, specifications and documents for such Project prepared by the Town Engineer (the "Project Documents"), subject to the conditions hereinafter specified. 2. The Town Manager or his designee is authorized to give notice pursuant to Section 3.4.1 of the Settlement Agreement, requiring FVI and Cornerstone to pay their respective maximum contributions of the Construction Costs for the Pipe Crossing Project within 10 days of such notice. 3. The Board of Trustees hereby authorizes and approves the award of the contract for construction of the Pipe Crossing Project to said winning bidder, ATH Specialties & Sales, Inc, subject to the condition that said contributions due from FVI and Cornerstone for payment of the Construction Costs are received and deposited by Town in accordance with the terms of the Settlement Agreement. The Town Manager or his designee is authorized to give Notice of Award to said bidder, in accordance with said condition and the provisions of the Project Documents. 4. Provided that said contributions are received and the successful bidder satisfies all requirements relating to the award of the contract, the Town Manager or his designee is authorized, on behalf of the Town, to sign the Agreement with the contractor for the work, as provided in the Project Documents. 5. Upon satisfaction and fulfillment of all of the terms and conditions specified in Paragraphs 2, 3 and 4 above, the Town Attorney is authorized and directed to execute a stipulation for dismissal of the pending litigation, as provided in Section 4.1 of the Settlement Agreement, and Town staff are authorized and directed to proceed with the completion of the Pipe Crossing Project in accordance with the Settlement Agreement and the Agreement for construction of the Project. READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES THIS 6t" day of MARCH, 2013. Votes in favor: BOARD OF TRUSTEES OF THE Votes opposed: TOWN OF FRASER, COLORADO Absent: Abstained: BY: Mayor ATTEST: ( SEAL ) Town Clerk MEMORANDUM JRS ENGINEERING CONSULTANT, LLC TO: Allen Nordin, Town of Fraser FROM: Jim Swanson DATE: February 20, 2013 SUBJECT: US Hwy 40 Stormwater Pipe Crossing Bid Results Construction bids were received for the US Hwy 40 Stormwater Pipe Crossing project on February 19, 2013. Six bids were received ranging in cost from $137,981.00 to $302,465.00. The Engineer's Estimate for the project was $141,778.00. The low bid was received from ATH Specialties & Sales, Inc. from Grand Lake, CO. Following review of the bids (and since ATH's bid was under the Engineer's Estimate) it is my recommendation that the Town of Fraser award the US Hwy 40 Stormwater Pipe Crossing project to ATH Specialties &Sales, Inc. 6013 E. Briarwood Drive—Centennial, CO 80112 (303)726-5577 CO ILO R ADO MEMO TO: Mayor Smith and the Board of Trustees FROM: Jeff Durbin, Town Manager DATE: February 28, 2013 SUBJECT: Byers Peak Ranch As you know, the Public Hearing regarding a variety of matters related to the proposed annexation of the property referred to as Byers Peak Ranch was opened on February 6, 2013. After receiving public comment, the hearing was continued to March 6, 2013. We've been working hard with the applicants to finalize all the documents that would be necessary to accomplish the annexation and all other related matters, but given the magnitude of this we simply need a bit more time to wrap all that up. Accordingly, staff is going to be recommending that the hearing be opened, the Board take any public comment, and then continue the hearing to the April 3, 2013 meeting. This memo is intended to provide a summary of questions and concerns identified during the hearing, and to provide the Town Board and community with some additional background and/or information regarding these questions/concerns. What are the financial impacts of the proposed annexation? As you know, this has been a concern since the early stages of annexation negotiations. This organization has evolved and learned many lessons after the development boom of the early 2000's, the opening of City Market, and the recent economic challenges. Fiscal impact analysis of a large development that is projected with a long build out is not an exact science, especially given recent trends in the real estate market. Nonetheless, this was an important component of the Town's analysis of the proposed annexation. As you may recall, the applicant suggested total revenues from the project would exceed $50 million. Staff analysis was far more conservative, but was positive. We project property tax revenues from the project (at build out, assuming current rates) to be within $150,000 to $350,000. These are the revenues that should be relied upon for operational expenditures related to the project. Annual operating expenses related to the development would consist primarily of public works and street operations. We project these expenses to be $175,000 annually. There would be minor increases in administrative and law enforcement service demands, but the development is not expected to require any additional capacity in these areas. PO Box 770.1 Fraser, CO 80442 oFfice 970 726 7491 faix 970 726 7718 We project that use tax revenues from the project would range between $3,000,000 and $12,000,000 (at build out, assuming current rates). These one-time revenues should be used to bridge the property tax lag and reserved for future capital projects. Secondary impacts, such as sales tax revenue increases, should not be relied on for servicing the development. Application fees and service fees cover direct expenses (Building Department, Planning Department, and water/sewer service). The annexation agreement was generally drafted in accordance with the philosophies inherent within our Town Code, such that revenues are generated generally in accordance with service demands. In other words, revenues will be in place generally at the time the Town needs to provide services or expand infrastructure to provide service. This approach is intended to reduce the risk involved with capital outlays in advance of any demands for service. However, recall that this is not currently the case with our water and sewer systems. We currently have water and sewer systems that can serve far more customers, as a result it would be beneficial to our rate payers to add additional customers to these systems to improve cost effectiveness. Also, our current customers have much to gain from this annexation in the form of infrastructure that is necessary that would otherwise be paid via rate payers. While the Rendezvous and Grand Park service areas have funded and constructed Augmentation Water Storage facilities, the rest of Fraser is not currently protected by any such facilities. While we have been working hard to improve the water system, augmentation storage remains a significant weakness in our service reliability. These are expensive facilities to construct, and the availability of the appropriate land is a significant challenge. Construction of these facilities would be estimated to cost our rate payers well in excess of$4,500,000 (not including land acquisition, a significant expense). Is the proposed annexation and zoning consistent with the Comprehensive Plan? Yes, it is. The subject property is currently included within the Town of Fraser Three Mile Planning Area which suggests the following: Higher density residential, mixed use, commercial, and light industrial uses should be directed toward municipal areas. The fiscal impacts of development should be considered as a component of the decision making process. The land use and development policies as outlined for areas within Town should also apply throughout the Three Mile Planning Area. An important premise in the drafting of the proposed annexation agreement has been to base rely on the Town Code for procedural, regulatory, and policy matters wherever possible. What variances from the Fraser Town Code are being requested and how does the proposed land plan compare to other development within the Town? No variances are being requested. In fact, there are provisions within the annexation agreement that would apply standards to this property unlike other properties within Town. TOW11 Offrs ser PO Box 770.1 Fraser, CO 80442 oFfice 970 726 7491 faix 970 726 7718 However, the question may be intended to inquire as to the difference between development standards proposed for this property versus those within other areas of Town. The proposed zoning for the property is Planned Development District (PDD). Two other areas in Town have such zoning, Rendezvous and Grand Park. The development standards in each area are similar. The development standards in the proposed PDD are also similar to the next largest zoning district within Town, the Business District. However, the variety of potential land uses is more restrictive in the proposed PDD. Finally, the PDD would allow a greater range of potential uses (for the entire property) than any of the residential districts elsewhere in Town. The PDD would also allow a greater maximum height, but more open space is required by the PDD. The Planning Commission had recommended approval with, among other things, a maximum height of 45 feet. The applicant has requested that the Town Board allow a maximum height within the development of 55 feet. Rendezvous and Grand Park both have areas within the development that allow up to 55 feet. Was this a fair negotiation and are costs being reimbursed by applicant? I am pleased with our negotiation process. The Town Board noted opportunities that were worth pursuing, and the Annexation Committee, Town Staff, and our consultants all worked very hard toward finding an agreement that would be in the best interests of the community. Outside consultant costs are being reimbursed by the applicant in accordance with the Pre-Annexation Agreement. As of February 6, 2013 the account was current. We will provide a status update again on March 6, 2013. We are proposing that should the Town Board be inclined to approve the agreement, execution of such agreement would not occur until costs are reimbursed. The Town should be concerned about the possibility of litigation as a result of entering into this agreement. As you know, all agreements/contracts are reviewed by counsel to minimize/mitigate our liability. We have had a great team working on this agreement and a guiding principle has been to define matters clearly to minimize the possibility of future misunderstandings. Litigation related to this property could arise regardless of a decision to enter into the proposed agreement. Additionally, whether or not an applicant has litigated other matters has no real bearing on matters before the Board. Why would the Town provide Plant Investment Fee waivers for infrastructure? As outlined above, the Town would benefit from the construction and dedication of public infrastructure (in particular, augmentation storage facilities). Some of the infrastructure would benefit the entire community, and as such would either be paid for by rate payers, or a combination of rate payers and Plant Investment Fees. Infrastructure that is not necessary for Byers Peak Ranch, but necessary for other parts of the community should not be paid for by Byers Peak Ranch. Vown oUrs ser PO Box 770.1 Fraser, CO 80442 oFfice 970 726 7491 faix 970 726 7718 What is going to happen to water flows in St Louis Creek? Describe all of the Town's water rights and how they might impact St Louis Creek. Our Water Commissioner is responsible for administration of all water rights in the Fraser Valley. If desired, we can schedule an executive session for the Board with our water attorney to review our water portfolio. What would the speed limit on the Fraser Valley Parkway be? This is yet to be determined. All streets currently within Town are set at 20 mph. Will all of the conditions of the Grand County Special Use Permit for the Colorado Adventure Park remain in effect after annexation? The Development Permit that has been drafted for consideration concurrent with annexation would apply all of the relevant conditions of the Grand County Special Use Permit. However, note thatjust like the Grand County Permit, the Development Permit could be subject to future amendment. Would the Town consider just saying no to the annexation so the property would remain as it is today? Annexation is a discretionary decision for the Town Board. However, note that the property currently is zoned for unincorporated development, thus a decision not to annex the property does not prevent development of the property. This property should not be referred to as the "Byers Peak Ranch"as the adjacent property is actually "Byers Peak Ranch." The name of a development is not subject to historical accuracy, nor is it typically a matter of municipal concern. The Nature Chicks have not received any monies toward the judgment against Winter Park Market LLC and Winter Park Services LLC. This is a private matter in which the Town has no standing, and this judgment has no relevance on the annexation consideration. None of the above parties are party to the annexation request. The Union Pacific Railroad requests that the Town require a fence along the railroad corridor to protect the railroad from the increased liability that they believe this development presents. It is not the Town's role to protect the Union Pacific Railroad from liability. Grand County notes that Section 7.6 references and Intergovernmental Agreement that does not currently exist. This section does not reference an existing agreement, but suggests that in the future the Town of Fraser and Grand County may enter into agreement. Any such agreement would not include private property owners, nor would the proposed annexation agreement include any third parties. PO Box 770.1 Fraser, CO 80442 oFfice 970 726 5491 faix 970 726 7718 One final note. Public hearings are not intended as forums, debates, or means of convincing the community one way or another. The purpose of public hearings is to ensure that the staff, applicant, and public have an opportunity to provide comment on the matters before the Town Board so the Board has the best possible information for your deliberations such that you can make an informed and responsible decision. 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LLJ W a Uzo W Q Z � L O ¢ ° W �_ �//�� > F V J W F 0 0 ❑ ¢O O � o W z =D Z z _ m a o o kip ti aw f 'f t r <G adOb A1N�W - y4\ I 1 'e e rr 7 v r, a v � a o ' I . } u LL il , o 0 w a , I , , a . r r r ` ' ab, o p o pro, u a m a C 1 y i } Z ocam 2 a awow z a w U a m 0 �maE g ( N LU � ¢ Q 000 = a < a 2 °"- r /w^ o w a z I L J ¢ ° cl) W �_ � > F W 0'tL F o d W Z 'r r 0- o r y m, r' 1 v ZG pyOb AlN�aJ r V , r a os d z r o a iI PD! � r � •n� t m n s- E no Op— o i o it e n o d � 0 o .a ♦. r _ .....••' R, ........ emir�. r no♦ a I 4 0 1144/ 114 HE Hill �dy 5i Ill W! _ •� ... 4 4, d0� All VIII , e 'Iklk I r . � - � ♦♦ �� �dy 12 �I a I IN II H, ♦ � mP 0111 ���. a i�, -.� ♦ ��� u,m i MEMORANDUM February 1, 2013 TO: Mayor and Town Board CC: Jeff Durbin, Catherine Trotter, Allen Nordin FROM: Boots Ferguson and Kylie Crandall RE: Staff Report on Annexation Agreement This memorandum shall serve as a brief staff report that summarizes the provisions of the Annexation Agreement for Byers Peak Ranch that have been negotiated with the owners of the property and presented to the Board for review and consideration. The Annexation Agreement sets forth the various rights and obligations of the parties in connection with the Byers Peak Ranch annexation and development. The annexation is to annex 295 acres comprising the Byers Peak Ranch that is adjacent to the Town. The Agreement is separate from the PDD Plan that establishes the concepts for the development and some parameters. The PDD Plan includes preliminary reports and plans. The Agreement confirms the right of the Developer to develop up to 1435 dwelling units of various types and mixes, 550 hotel/motel/lodging units that would include RV sites, and 270,000 square feet of commercial space to be developed over a 35 year period. The Developer is granted vested rights in these densities and in the zoning under the Planned Development District zoning for the property. Much of the Agreement provides for application of the requirements and provisions of the Municipal Code to the project. By way of brief summary, the Agreement provides as follows: 1. Article 1: The annexation and zoning of the property and the right of Developer not to develop it so long as several of its obligations, including the provision of water storage to the Town, are fulfilled are confirmed. 2. Article 3: a. The Town will provide water service to the project for up to 1897 SFEs upon connection by Developer to the Town's municipal water system. b. The Developer will design, construct, convey and dedicate to the Town 60 acre feet of storage; 25 acre feet will be at the Forest Meadows property site and 35 acre feet will be on Byers Peak Ranch, together with easements for the filling of the ponds and release of water to the Fraser River or its tributaries. C. The Forest Meadows pond will be constructed and conveyed within seven years and the Byers Peak Ranch pond will be constructed and conveyed within 18 years or sooner. An operating agreement that addresses the operation of the ponds if Developer builds them with excess capacity to store its water rights too and allocation of costs. Developer will operate the ditches and the Town will operate the Ponds. The Developer has the right to use Byers Peak Ranch pond water for snowmaking to the extent the Town does not use its water in any given year. d. Water service infrastructure design and construction will comply with the Municipal Code requirements. e. The existing well on the property may be used in the future for non-potable purposes once the potable system is connected to the municipal system; it may continue to be used for potable purposes until such time as the connection is made. f. Any excess capacity in the water system constructed by Developer at the Town's request will be paid by the Town or other developers. g. Water Plant Investment Fees are split between the Town and Developer based on the needs of the Town to serve the project and the desire of Developer to recoup some of the costs of building the storage and water service infrastructure. 3. Article 4: Town will provide sewer service and will retain all plant investment fees. 4. Article 5: This provision requires compliance with the Municipal Code for all utilities. 5. Article 6: This provision requires compliance with the Municipal Code for managing drainage. 6. Article 7: This provision requires a. updating traffic impact analysis as the project is phased in; b. Town will maintain all public streets; C. the Municipal Code will apply to all public street construction and dedication; d. rights of way for the existing streets will be confirmed; e. improvement to the regional roadways is desired and Developer will be responsible for percentage costs of improvements and will provide base work for improvements to Fraser Valley Parkway; f. any private streets will comply with any emergency vehicle standards; g. a pathway along Fraser Valley Parkway will be constructed. 7. Article 8: a. Town will provide normal municipal services to project; b. open space will dedicated to project consistent with PDD Plan; C. a pocket park of 1.5 acres shall be constructed along the Fraser Valley Parkway and dedicated to the Town; d. school impact fee Municipal Code requirements will be met; e. a 6 acre parcel south of old town and west of the railroad tracks will be dedicated to the Town for municipal use. 8. Article 9: a. the PDD Plan sets forth densities and allocation of the same and general land uses for the various planning areas and density transfers; b all pond grading and excavation shall be performed consistent with the Grading and Excavation Plan that also regulates the transport of excess gravel off site for sale; C. a phasing plan will be provided consistent with the Municipal Code; d. the property will be included in the West Mountain Metropolitan District and a cap of 35 mils will be imposed on the property; e. general Town development requirements will be met. 9. Article 10: Agreement provides Developer with PDD Plan approval subject to compliance with Municipal Code requirements for Final PDP. 10. Article 11: Vested rights are created for the densities, zoning and general land use plan of the project for 35 years, the projected buildout of the project. 11. Article 12: Standard additional agreement provisions are set forth include default and remedies provisions. January 23, 2013 DRAFT BYERS PEAK RANCH ANNEXATION AND DEVELOPMENT AGREEMENT Town of Fraser, Colorado ---------------- 2013 This Agreement creates a Vested Property Right Pursuant to C.R.S. Section 24-68-103, as amended and Pursuant to the Terms Hereof {Client/1 3 23 6/1 16/024 1 4663.DOC/161 TABLE OF CONTENTS ANNEXATION AGREEMENT Article 1 ANNEXATION AND ZONING OF THE PROPERTY..................................................2 Section1.1 Ordinances........................................................................................................3 Section 1.2 Effective Date of Agreement............................................................................3 Section1.3 Annexation ............ ..........................................................................................3 Section1.4 Zoning ..............................................................................................................3 Section1.5 Acknowledgements ..........................................................................................3 Section 1.6 No Obligation to Develop ................................................................................3 Article2 DEFINITIONS..................................................................................................................3 Section2.1 Definitions........................................................................................................4 Article3 WATER............................................................................................................................5 Section3.1 Water Service...................................................................................................5 Section 3.2 Dedication of Water Storage Facilities ............................................................6 Section 3.3 Water Service Infrastructure and its Approval and Construction ..................10 Section3.4 On-site Wells..................................................................................................11 Section 3.5 Water Plant Investment Fees..........................................................................12 Section3.6 Excess Capacity..............................................................................................12 Section 3.7 Water Plant Investment Fee Accounting and Credit......................................12 Article4 SEWER...........................................................................................................................13 Section4.1 Sewer Service.................................................................................................13 Section 4.2 Individual Sewage Disposal Systems.............................................................14 Article 5 OTHER UTILITIES .......................................................................................................14 Section 5.1 Other Utilities.................................................................................................14 Article6 DRAINAGE....................................................................................................................14 Section6.1 Drainage .........................................................................................................14 Article 7 STREETS AND TRAFFIC ............................................................................................14 Section 7.1 Grading & Roadway Plan...............................................................................14 Section 7.2 Traffic Impact Analysis..................................................................................14 Section 7.3 Street Designations.........................................................................................15 Section 7.4 Street Maintenance.........................................................................................15 Section 7.5 Street Rights of Way ......................................................................................15 Section 7.6 Regional Roadways........................................................................................16 Section 7.7 Street Standards, Construction, Inspection, and Acceptance.........................16 Section7.8 Pathways.........................................................................................................16 Article 8 SCHOOL IMPACT FEES, GENERAL MATTERS & SUBDIVISION.......................17 Section 8.1 Additional Municipal Services.......................................................................17 Section 8.2 Project Open Space ........................................................................................17 Section8.3 Public Open Space..........................................................................................17 {Client/1 3 23 6/1 16/024 14663.DOC/161 Section 8.4 School Impact Fees ........................................................................................17 Section 8.5 Municipal Parcel Dedication..........................................................................17 Section 8.6 Colorado Adventure Park Facilities and Operations......................................18 Article 9 GENERAL DEVELOPMENT OF THE PROPERTY...................................................18 Section 9.1 Development and Control of Development....................................................18 Section9.2 Densities.........................................................................................................18 Section 9.3 Transfer of Water and Sewer SFEs................................................................19 Section 9.4 Fraser Code Standards, Requirements, Rules and Regulations ofFraser..........................................................................................................20 Section 9.5 Grading and Excavation Operations...............................................................20 Section 9.6 Transfer of Planning Area..............................................................................21 Section9.7 Phasing Plan.......... ........................................................................................21 Section 9.8 Metropolitan District. .....................................................................................21 Section 9.9 Financing of Public Improvements ................................................................22 Section 9.10 Maintenance Cost Offsets ..............................................................................22 Section 9.11 Hospital/Health Services District. ..................................................................22 Section 9.12 Owner's Associations.....................................................................................22 Section 9.13 Rules, Regulations and Official Policies........................................................23 Article 10 COOPER & IMPLEMENTATION..............................................................................23 Section 10.1 Statement of Intent.........................................................................................23 Section 10.2 Scope of this Agreement. ...............................................................................23 Article 11 VESTED RIGHTS........................................................................................................24 Section 11.1 Vesting of Certain Property Rights ................................................................24 Section 11.2 Rights Which Are Vested...............................................................................24 Section 11.3 Term for Vested Rights..................................................................................25 Section 11.4 Compliance with General Regulations and Limitations on TownActions .................................................................................................25 Article 12 MISCELLANEOUS.....................................................................................................26 Section 12.1 Time is of the Essence....................................................................................26 Section12.2 Covenants.......................................................................................................26 Section 12.3 Contractual Obligations..................................................................................27 Section12.4 Term ................. ............................................................................................27 Section 12.5 Amendment of Agreement.............................................................................27 Section 12.6 Default and Remedies ....................................................................................27 Section 12.7 No Joint Venture or Partner shib.....................................................................28 Section 12.8 No Third Party Beneficiaries..........................................................................28 Section12.9 Notices............................................................................................................28 Section 12.10 Assignment ................................................................................................29 Section 12.11 Agricultural Use.........................................................................................30 Section 12.12 Grant or Conveyance. Whenever a............................................................30 Section12.13 Recording...................................................................................................30 Section 12.14 Authorization .............................................................................................30 Section 12.15 Governing Law..........................................................................................30 {Client/1 3 23 6/1 16/024 14663.DOC/161 Section12.16 Severability................................................................................................30 Section 12.17 Waiver of Breach.......................................................................................30 Section 12.18 Entire Agreement.......................................................................................30 Section 12.19 No Additional Annexation Conditions Imposed........................................31 Section 12.20 Drafting of Agreement...............................................................................31 Section 12.21 Execution of Other Documents..................................................................31 Section 12.22 Counterparts; Facsimile.............................................................................31 {Client/1 3 23 6/1 16/024 14663.DOC/161 BYERS PEAK RANCH ANNEXATION AGREEMENT The parties to this Annexation Agreement (this "Agreement") are the TOWN OF FRASER, COLORADO, a municipal corporation of the State of Colorado ("Fraser"), and BYERS PEAK PROPERTIES, LLC, a Colorado limited liability company and BYERS PEAK DOWNHILL ADVENTURES, LLC, a Colorado limited liability company (collectively "Developer"). RECITALS A. Fraser is a municipal corporation existing under the laws of the State of Colorado. Developer is comprised of two limited liability companies organized and existing under the laws of the State of Colorado; B. In 2007, Developer filed a Petition for Annexation (the "Annexation Petition") with Fraser to annex into Fraser approximately 295 acres of land south of Fraser in Grand County commonly known as the Byers Peak Ranch; this property is legally described in Exhibit A to this Agreement (the "Property") and is the subject of the Annexation Resolution and Annexation Ordinance defined below; C. Developer owns 100% of the Property; D. On , 200, the Town Clerk referred the Annexation Petition to Fraser's Board of Trustees (the "Board"); E. On ___, 200, the Board conducted a public hearing at which it adopted Resolution No. , wherein it determined that the Annexation Petition complies with C.R.S. Section 31-12-107, and the Property is eligible for annexation to Fraser; F. Fraser and Developer desire to enter into this Agreement setting forth more fully the terms of the annexation and development of the Property; G. In connection with the annexation of the Property to Fraser, Developer filed its application in February 2011 with Fraser for approval of the Byers Peak Ranch Planned Development District Plan ("PDD Application") for the Property pursuant to Ordinance No. 131, Series of 1985, set forth in Chapter 16, Article 5 of Fraser Municipal Code, as adopted and as amended from time to time by Fraser Board of Trustees ("Fraser Code"), Sections 16-5-10 through Section 16-5-720 (the "PDD Ordinance"); contemporaneously herewith Fraser approves the Byers Peak Ranch Planned Development District Plan with conditions (the "PDD Plan"), which allows a mixture of up to 1,435 dwelling units, 550 hotel/motel/lodging units and 270,000 square feet of commercial space, recreation facilities, and support activities on the Property, a copy of which is attached hereto as Exhibit B and incorporated herein by this reference provided that any amendments thereto may be made without amending this Agreement; {Client/1 3 23 6/1 16/024 14663.DOC/161 1 the Property will be served with municipal water and sewer service by Fraser consistent with the provisions of this Agreement; H. It is the understanding and intent of Developer and Fraser that the PDD Plan is preliminary in nature, as provided in the Fraser Code, and the final approval of the development of the Property, or any portions thereof, is subject to compliance by Developer with conditions set forth in the PDD Plan, applicable provisions of Fraser Code and other applicable regulations, rules and policies and this Agreement; L For the reasons recited herein, Developer and Fraser have determined that the PDD Plan is a development for which this Agreement is appropriate; J. The PDD Plan may contribute substantially to the economic growth of Fraser and, consequently, may increase tax revenues to Fraser; K. Fraser desires to annex the Property in order to provide for orderly growth in and around Fraser; L. Developer desires to receive the assurance that it may proceed with development of the Property pursuant to the terms and conditions contained in this Agreement and in the PDD Plan, consistent with the Fraser Code; M. Development of the Property in accordance with this Agreement will provide for orderly growth in accordance with the policies and goals set forth in Fraser's Master Plan, ensure reasonable certainty, stability and fairness in the land use planning process, stimulate economic growth, provide water storage to Fraser, and foster cooperation between the public and private sectors in the area of land use planning; N. Fraser and Developer mutually agree that the provisions hereinafter set forth are reasonable conditions and requirements in connection with the approval of the Annexation Petition; Fraser recognizing and reciting that such provisions are necessary to protect, promote and enhance the public welfare; and O. The Board approved the Annexation Petition and annexed the Property to Fraser under Resolution No. -- — Series 2013 ("Annexation Resolution") and Ordinance --- ("Annexation Ordinance"). AGREEMENT In consideration of the foregoing recitals, Ten Dollars, the mutual promises contained herein, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: ARTICLE 1 ANNEXATION AND ZONING OF THE PROPERTY {Client/1 3 23 6/1 16/024 1 4663.DOC/161 2 Section 1.1 Ordinances. For purposes of this Agreement, "Ordinances" shall mean collectively the following: (a) the Annexation Ordinance; (b) an ordinance approved by Fraser adopting and approving this Agreement; and (c) an ordinance approved by Fraser adopting and approving the PDD Plan. Section 1.2 Effective Date of Agreement. This Agreement shall become effective as of the date upon which the last of the parties to sign have executed this Agreement after the effective date of the approving ordinance as provided in Fraser Code (the "Effective Date"). This Agreement and such ordinances and other actions taken pursuant hereto may be cancelled and rescinded, at Fraser's option, if Developer fails to sign this Agreement not later than 5 days after the effective date of the ordinance approving this Agreement. Section 1.3 Annexation. Annexation of the Property shall be in accordance with this Agreement and the Colorado Municipal Annexation Act of 1965, as amended (C.R.S. §§ 31-12-101, et seq.). As provided herein, the Property shall be subject to all Fraser ordinances, the Fraser Code, and applicable rules, regulations and policies. Section 1.4 Zoning. Consistent with the requirements of the Act, Fraser contemporaneously herewith zones the Property a PD District and is amending the Official Zoning Map of Fraser accordingly. Section 1.5 Acknowledgements. The parties acknowledge the following: a. Development of the Property pursuant to the PDD Plan is estimated by Developer to have a 35 year build-out period. b. A material consideration for Developer's annexation of the Property and development of the Property consistent with the PDD Plan is Fraser's agreement to permit development of the Property in accordance with (i) the terms and conditions of this Agreement and (ii) the conditions of approval of the PDD Plan, provided that there is subsequent Fraser approval of an FPDP or subdivision within the PDD Plan pursuant to the Fraser Code. Section 1.6 No Obligation to Develop. Developer shall have no obligation under this Agreement to develop all or any portion of the PDD Plan and shall have no liability under this Agreement to Fraser or any other party for its failure to develop all or any part of the PDD Plan, unless otherwise expressly set forth in this Agreement. Nothing in this Agreement shall be construed as a waiver or release by Fraser of its rights to enforce the Fraser Code as provided herein. Developer shall have no liability to Fraser or any other party for not developing all or any part of the Property provided that Fraser and Developer are in full compliance with the terms and conditions of any subdivision improvements agreement(s) and this Agreement. Notwithstanding the foregoing and Developer's decision to delay or not develop the Property, Developer and Fraser agree to perform those specific obligations to be fulfilled that are expressly required and provided for in this Agreement. ARTICLE 2 DEFINITIONS {Client/1 3 23 6/1 16/024 1 4663.DOC/161 3 Section 2.1 Definitions. As used in this Agreement, unless specifically stated otherwise, the words and phrases used shall have the meaning as defined in the Fraser Code, Zoning Regulations, PDD Ordinance and Fraser Subdivision Regulations. For the purpose of this Agreement specific words and phrases in this Agreement shall have the definitions set forth elsewhere in this Agreement and below: a. Density. References to "Density" in the PDD Plan and Agreement are to Parcel Density as defined in the PDD Ordinance. b. Developer. The term "Developer" as defined above shall also include any person or entity who subsequently acquires a fee simple interest of record in any portion of the Property as a transferee, grantee, assignee or successor, but only with respect to the parcel transferred; except that the purchasers of subdivided residential units, lodging/hotel units, or commercial space in an approved FPDP or subdivision shall not be deemed to be a Developer for purposes of this Agreement and the PDD Plan, but shall take their property interests subject to the provisions hereof. C. Drainage Plan. The Conceptual Drainage Plan prepared by Top Knot Engineering, Inc. dated August 2011, and approved by Fraser as part of the PDD Plan. d. FPDP. The Final Planned Development Plan of the Property approved by the Board of Trustees of Fraser in accordance with the requirements of the PDD Ordinance and Fraser Code. e. Improvements Agreement. An agreement or agreements required by the Subdivision and Zoning Regulations of the Fraser Code to provide for the construction of required improvements pursuant to the requirements set forth in the Fraser Code. f. Master Plan. A plan for guiding and controlling the physical development of land use and circulation in Fraser of Fraser and beyond to a limit of three miles, as adopted pursuant to Part 2 of Article 23, Title 31, Colorado Revised Statutes, and any amendment or extension of such a plan. The Master Plan is also known as the "Comprehensive Plan." g. Planning Area. An area specifically identified on the PDD Plan. h. Regional Roadways. This term shall mean the following existing regional roadways, which are located on the Property: (a) the roadway designated on the PDD Plan as Fraser Valley Parkway (the "Parkway"); (b) County Road 72 ("CR 72"); and (c) County Road 73, also known as Mill Avenue ("CR 73"). i. Residential Unit. A residential unit is a "dwelling unit" as defined in the Fraser Code. j. Roadway Plan. The Conceptual Roadway Plan dated August 2011 prepared by Top Knot Engineering, Inc., as approved by Fraser as part of the PDD Plan. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 4 k. Sanitary Sewer Investment Fee. A fee collected by Fraser pursuant to the Fraser Code, Section 13-4-50. 1. Sewer Plan. The Conceptual Sewer Plan prepared by Top Knot Engineering, Inc., dated February 2011, as approved by Fraser as part of the PDD Plan. m. SFE. A "single family equivalent" defined in Section 13-2-10 of the Fraser Code. n. Water Facilities. The Water Facilities include the central potable water supply diversion structures, well pumps and appurtenances, treatment facilities, transmission lines to storage and treatment, raw water storage facilities, potable water storage tanks, and distribution lines, related PRV/booster stations connecting the water source facilities, raw water supplies, and all other physical infrastructure of the Fraser municipal water supply system that Fraser utilizes to provide water service to Fraser, together with the Water Rights, augmentation plans, groundwater wells supplying the central potable water system, raw water diversions and reservoirs including without limitation the Dedicated Storage; Water Facilities do not include individual service lines from a water main to a structure, which facilities shall be owned and maintained by the property owner on which the service line is located. o. Water Infrastructure Plan. The conceptual Water Infrastructure Plan prepared by Top Knot Engineering, Inc., dated March 2011, which describes the water infrastructure serving the Property, as approved by Fraser as part of the PDD Plan. p. Water Plant Investment Fee. A fee collected by Fraser pursuant to Fraser Code. q. Water Rights. The water rights decreed by Fraser for its water supply, including without limitation, the 60 acre feet of storage decreed by Developer for dedication to Fraser pursuant to this Agreement. ARTICLE 3 WATER Section 3.1 Water Service. Upon approval of this Agreement, Fraser will provide municipal potable water service to the Property for up to 1897 SFEs to serve the PDD Plan subject to the terms and conditions set forth herein and the applicable provisions contained in Fraser Code. Fraser's Water Rights are adequate to support the potable municipal water service for up to 1897 SFEs on the Property as described in the PDD Plan, subject to the construction and dedication of the Dedicated Storage to Fraser, the issuance of a decree from the Water Court confirming the as-built locations of the same, and other terms and conditions set forth herein. Fraser shall be responsible for all applicable implementation, operation and accounting requirements necessary to serve the Property pursuant to the PDD Plan. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 5 a. Infrastructure Connections. The water infrastructure connections to the existing Fraser municipal system infrastructure to serve the Property may be made through the infrastructure that serves the "old town" portion of Fraser or the infrastructure associated with the neighboring project known as the Grand Park project. The determination of which point of connection will be made will be based upon the location and phasing of the PDD Plan as set forth in applicable FPDP or subdivision approvals. The Developer will design and construct all required infrastructure to serve the Property as required by the Fraser Code and at its sole cost. The provision of water service is subject to the Developer's obligations to construct or pay for the construction of the necessary Water Facilities to connect to Fraser's municipal water system and to serve the PDD Plan or portions thereof as provided for herein, in applicable Improvements Agreement, and the Fraser Code. Reimbursement or credit to Developer for the costs of infrastructure constructed pursuant to this Section shall be as described in Section 3.6 and Section 3.7 below. b. The Developer agrees to pay Fraser $60,614 for Water Facilities needs in order to provide water service for the initial 711 SFEs of the total 1897 SFE approved herein. By this payment, Developer has no further obligation to reimburse Fraser for legal fees for water court processes as may be required by Fraser regarding the Dedicated Water Rights once they are conveyed to Fraser. Such amount shall be paid upon the Effective Date. C. The costs for water treatment plant improvements and other infrastructure, engineering and legal work that will have to be made from time to time to serve the PDD Plan, or portions thereof, shall be paid through the Water Plant Investment Fees payable to the Town. All Water Plant Investment Fees shall be allocated between the Developer and Fraser as specified in Section 3.7 below. Section 3.2 Dedication of Water Storage Facilities. In satisfaction of Fraser's water dedication requirements in connection with the provision of municipal water service for the PDD Plan, the Developer, at its sole cost, agrees to design and construct water storage facilities (ponds) (the"Dedicated Storage") and the ditches to fill the Dedicated Storage and to release water therefrom into the Fraser River or its tributaries upstream of the confluence of St. Louis Creek and the Fraser River to be located on the Property and/or on adjacent property owned by Cornerstone Winter Park Holdings, LLC, Grand Park Development LLC or affiliates as provided herein. Developer shall dedicate or cause to be dedicated to Fraser decreed water rights for the filling and storage of 60 acre feet of operational storage water in the Dedicated Storage (the "Dedicated Water Rights"). Developer shall also dedicate or cause to be dedicated to Fraser the legal rights to fill and store the Dedicated Water Rights in the Dedicated Storage together with all appropriate easements for such storage space and the operation,repair,replacement, improvement and maintenance thereof, the access rights necessary for the diversion and transportation of water for the filling of such storage and for the release of such stored water and its delivery to the Fraser River, and the rights of access to all facilities and infrastructure necessary and convenient for the full utilization of the Dedicated Water Rights by Fraser as a part of its municipal water system in accordance with the applicable procedures set forth in the Fraser Code and any applicable augmentation plan. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 6 The Dedicated Water Rights shall be conveyed by special warranty deeds and shall be free and clear of all liens and encumbrances. The easement rights for the Dedicated Storage and storage of the Dedicated Water Rights shall include without limitation rights for(a) the diversion and transportation of the same across any portion of the Property for the purposes set forth herein in a location agreed upon by the parties and the filling and storage of water, (b) the access thereto and to all associated facilities and infrastructure, (c) the rights for the operation, maintenance, repair, replacement and improvement thereof, and(d)releases and associated access therefrom to the Fraser River tributaries. The Developer is only required to grant easement rights across the Property. The Town recognizes that Developer is unable to grant or change ditch easements that may currently exist on adjacent property not owned by Developer and can only convey the same interest in easement rights it may have in connection with the water rights to be used for filling the Dedicated Storage. The easement rights shall be free of liens and encumbrances and shall be executed and delivered to Fraser by the owners of the respective properties on which the Dedicated Storage facilities are located concurrent with the dedication and conveyance of the Dedicated Water Rights by the Developer to Fraser, as provided herein. The easement documents for the Byers Peak Ranch Augmentation Pond system described herein shall be substantially in the form attached hereto as Exhibit C. The easement documents for the Forest Meadows Augmentation Plan Pond are attached hereto as Exhibit D. The water rights decreed in Case No. 05CW287 shall be conveyed to the Town by the applicants and owners thereof upon the Effective Date in satisfaction of the obligation to convey the Dedicated Water Rights associated with the Forest Meadows Augmentation Plan Pond. Developer will cause the grant of easement documents for the Forest Meadows Augmentation Plan Pond to be executed and delivered to Fraser by the owners of the Dedicated Water Rights and the property underlying the Dedicated Storage and associated facilities and all related facilities upon the Effective Date. Developer will cause the special warranty deed and grant of easement documents for the Byers Peak Ranch Augmentation Pond to be executed and delivered to Fraser by the owners of such Dedicated Water Rights and the property underlying such Dedicated Storage and associated facilities and all related facilities. Such special warranty deed and grant of easement shall be conveyed and delivered to Fraser immediately upon completion, approval and acceptance by Fraser of the Byers Peak Ranch Augmentation Pond as set forth in the Fraser Code. Such conveyances shall fulfill Fraser's water dedication requirements for the PDD Plan. The obligations set forth in this Section shall be fulfilled irrespective of whether Developer chooses not to develop all or portions of the Property under Section 1.7 hereof. Adequate security for the construction of the Dedicated Storage and associated facilities shall consist of alternative storage that is free and clear of encumbrances. On the Effective Date, Developer will grant an access easements and right of first use agreements to Fraser for up to 60 acre-feet of storage in existing ponds at Grand Park or in a satisfactory alternate facility, which easement shall be effective only in the event the above deadlines are not met and shall only apply to that amount of Dedicated Storage that has not been constructed and operational at the time it becomes effective; this right of first use shall terminate with respect to the amount of Dedicated Storage that has been constructed and operational. It is anticipated that such alternate storage, only to the extent as may be required, shall be in the existing pond commonly known as the {Client/1 3 23 6/1 16/024 1 4663.DOC/161 7 "Wishbone Pond." and associated ponds. A map of the Grand Park Ponds is attached as Exhibit E and the form of easement and use agreement is attached as Exhibit F. The two planned facilities for Dedicated Storage are the Byers Peak Ranch Augmentation Pond and the Forest Meadows Augmentation Plan Pond. The Dedicated Storage may be constructed in multiple ponds so long as the aggregate operational water stored equals 60 acre feet. The Forest Meadows Augmentation Plan Pond will be constructed to have the capacity to store 25 acre feet of the Dedicated Water Rights. It will be designed and located by Developer, subject to Fraser approval, no later than five years after the Effective Date. The location will be consistent with the decree entered in Case No. 83CW362. It will be constructed and all associated rights as provided herein conveyed to Fraser no later than seven years after the Effective Date. The Byers Peak Ranch Augmentation Pond will be constructed to have the capacity to store 35 acre feet of the Dedicated Water Rights. It will be designed, located, and constructed on the Property by Developer, subject to Fraser approval, and conveyed to Fraser no later than the earlier of the following: (a) the discontinuance of gravel and excavation operations consistent with the provisions of Section 9.5.e. or(b) 18 years from the Effective Date. The Developer shall comply with all applicable local, state and federal laws, including securing any required permits, for constructing the Dedicated Storage. Fraser agrees to waive all permit and review fees associated with the permitting for the grading and excavation and construction of the PDD Plan. The Dedicated Storage shall be constructed and operated and all releases of the Dedicated Water Rights made in compliance with the decrees (or pending decree)in Case Nos. 83CW362, 05CW287 or lOCW309, which include provisions to address groundwater that may be intercepted, and applicable augmentation plans. The Dedicated Water Rights to be used to fill the Byers Peak Ranch Augmentation Pond shall be the first rights diverted under Case No. lOCW309. All operations, maintenance, repairs and replacements, and water court or agency filings or activities for such ponds shall be Developer's responsibility at its sole cost until such time as the rights in the Dedicated Storage and the Dedicated Water Rights are conveyed to Fraser. Upon conveyance of the Dedicated Water Rights, Fraser shall be responsible for all operations, maintenance, repairs, and replacements, water court or agency filings or activities of the Dedicated Storage and Dedicated Water Rights stored therein, unless otherwise agreed upon by the parties in writing. The pond(s) may be designed to include the storage of additional water rights, and may include storm water detention capacity or any such other water uses that Developer may require. In such event, the parties shall be responsible for the costs of all operations, maintenance, repairs, and replacements, water court and agency filings or activities in proportion to the amount Developer stores in the subject pond relative to the amount of Dedicated Water Rights stored therein. With respect to any pond that will constitute all or a portion of the Dedicated Storage that also will store Developer storage rights, the first water stored in the same shall be the Dedicated Water Rights and Fraser shall have the priority of right to use the Dedicated Water Rights over any other water stored in the Dedicated Storage. Upon the Effective Date, the parties agree to execute an operating agreement for the Dedicated Storage pond(s) that will provide for Developer's ongoing use of the Byers Peak Ranch Augmentation Pond for snowmaking uses subject to all prior uses of Fraser of the same and that will address the issues associated with either pond being larger than the amount of Dedicated Water Rights to be stored therein to accommodate Developer storage water; it is understood that any such agreement shall provide that Fraser shall have the right to use the Dedicated Water Rights stored in any {Client/1 3 23 6/1 16/024 1 4663.DOC/161 8 such Dedicated Storage ponds with priority over any other water stored in the Dedicated Storage by and for Developer's use. Developer shall pay Fraser $5.00 an acre foot for such snowmaking use on an annual basis. Such fee shall increase by $5.00 an acre foot on each tenth anniversary hereof. If the Byers Peak Ranch pond system is larger than 35 acre feet, then all capacity in excess of 35 operational acre feet shall be retained solely for use by Developer and no fee is required for Developer's use of such excess acre feet and the operation of the same will be as provided herein. A copy of the agreement is attached as Exhibit G. The pond excavation operations for the Property shall be consistent with the recorded PDD maps and approval, Grading and Excavation Operations Plan provided for herein, and the provisions of this Agreement. a. Byers Peak Ranch Augmentation Pond(s). The Byers Peak Ranch Augmentation Pond(s) shall be designed, located, and constructed by the Developer, as provided herein for not less than 35 acre feet, on the Property. The water to fill such pond shall be diverted from St. Louis Creek and shall be capable of being delivered therefrom by gravity to the pond. The water stored therein shall be capable of being released to the Fraser River via its tributaries: Elk Creek or St. Louis Creek consistent with the provisions set forth in Case No. lOCW309, WD 5. The operating agreement attached as Exhibit G provides that Developer may have a right of use to use the Dedicated Water Rights in the Byers Peak Ranch Augmentation Pond for snowmaking purposes on an annual basis subject to the first right of Fraser to meet its needs to use such water for augmentation and other municipal purposes, in Fraser's sole discretion; Developer shall be responsible for all costs associated with its use of such portion of the Dedicated Water Rights. b. Forest Meadows Augmentation Plan Pond(s). The Forest Meadows Augmentation Plan Pond(s) shall be constructed by Developer, as provided herein and consistent with the decreed location described in Case No. 83CW362 as approved by Fraser, on property that is owned by Cornerstone Winter Park Holdings, LLC and included within the Grand Park Planned Development District Plan recorded on November 8, 2005 in the real property records of the Clerk and Recorder of Grand County as Reception No. 2005-012709, as amended from time to time (the "Grand Park PDD Plan"). The water used to fill such shall be diverted and conveyed to such pond through the Elk Creek No. 2 Ditch and Developer shall make such improvements as necessary to implement this diversion and conveyance in connection with the construction of the Forest Meadows Augmentation Plan Pond(s). The water stored therein shall be capable of being released to the Fraser River via its tributary Elk Creek or as consistent with the decrees in Case Nos. 83CW362 and 05CW287, WD 5. Upon Developer's conveyance of the water rights for the 25 acre feet decreed in Case No. 05CW287 to the Town as provided herein, Fraser agrees it will be solely responsible for any and all further water court proceedings and costs related to such water rights, based upon Developer's payment made pursuant to Section 3.1.2. above. Developer agrees it will not oppose any such water court proceedings that may be filed related to such water rights. Developer shall cause Cornerstone Winter Park Holdings, LLC to assist it in fulfilling its obligations hereunder for the Forest Meadows Augmentation Plan Pond(s). To the extent Cornerstone Winter Park Holdings, LLC and Grand Park Development, LLC fail to agree to these requirements as provided herein, the Byers {Client/1 3 23 6/1 16/024 1 4663.DOC/161 9 Peak Ranch Augmentation Pond(s) shall be constructed to an active capacity of 60 acre feet within the time frame required for the Forest Meadows Augmentation Plan Pond. C. Future Water Right Cases. The Developer agrees not to oppose any water rights application filed by Fraser for the purpose of findings of reasonable diligence, making absolute or otherwise utilizing the Dedicated Water Rights and/or utilizing them as a part of its water rights inventory in connection with any plan for augmentation or other water rights that are a part of its municipal water system. In addition, Fraser agrees that it will not file opposition to future diligence cases related to the water rights that serve the Property, including but not limited to Case Nos. IOCW309. The parties agree to discuss whether it is appropriate to file joint applications for diligence and for making the conditional Dedicated Water Rights absolute in the event they both have interests in the same pond(s). The owners of the Grand Park pond facilities may also be included as appropriate in the event they have storage rights decreed to the Forest Meadows Augmentation Pond or any alternative storage that is provided to Fraser if the Forest Meadows Augmentation Pond is not constructed and conveyed to Fraser as provided herein. Section 3.3 Water Service Infrastructure and its Approval and Construction. The infrastructure necessary to enable Fraser to provide municipal water service to the PDD Plan as provided herein includes without limitation the infrastructure described in the Water Infrastructure Plan. The Water Infrastructure Plan is conceptual and will be modified from time to time based on Developer's further engineering as approved by Fraser consistent with the Fraser Code. Within such Water Infrastructure Plan, the parties anticipate construction of the appropriate Water Facilities. In connection with any application for approval of an FPDP or subdivision for all or portions of the PDD Plan under the Fraser Code or with the any separate application for approval for the construction of any Water Facilities or Dedicated Storage, the applicable provisions of Articles 6 and 7 of the Subdivision Regulations, Article 2 of Chapter 13 and Article 3 of Chapter 18 of the Fraser Code and other applicable provisions of the Fraser Code and this Agreement shall apply to the identification, design, approval, construction, inspection, dedication, acceptance, cetera of the Water Facilities or Dedicated Storage that are necessary and convenient to enable Fraser to provide municipal water service to the portions of the PDD Plan that are the subject of such applications. Upon review of such applications and the identification of the Water Facilities submitted by Developer therein, Fraser may determine and require any new Water Facilities, or improvements or additions to existing Water Facilities, in order to provide the municipal water service to such portions of the PDD Plan that are the subject of the applications for approval; provided that Developer shall not be required to construct any Water Facilities unrelated to the PDD Plan except as provided herein or secure any water rights other than the Dedicated Water Rights and associated Dedicated Storage which are to be conveyed and constructed as provided herein. In making such determination, Fraser will also take into account the integration of the Water Facilities with its existing and planned facilities. As a condition of such FPDP or subdivision approval, Developer agrees to construct, at its sole cost and expense, the identified {Client/1 3 23 6/1 16/024 1 4663.DOC/161 10 Water Facilities that are reasonably required to service the property subject to the FPDP or subdivision and as may be identified in any applicable Improvements Agreement. It is important to Fraser to utilize its water rights in St. Louis Creek for their decreed beneficial uses and Developer agrees to assist in enabling Fraser to be able to divert and use the same given that the delivery of water under such rights may need to cross the Property once diverted as further provided in this paragraph. As a part of the construction of the diversion and transmission facilities from St. Louis Creek to the Byers Peak Augmentation Pond and of the construction of sewer lines from such pond site to the east portion of the property as identified on the Sewer Plan or such other alignment that is cost effective for the installation of the St. Louis Creek transmission line as determined by Fraser and Developer, Developer agrees to cooperate with Fraser to include the installation of a raw water transmission line in the trenches for such facilities in order for Fraser to divert its municipal water rights out of St. Louis Creek and convey them to the Municipal Parcel described below or its water treatment facility. Any additional costs incurred by Developer in fulfilling this responsibility will be paid by Fraser at the time that they are incurred. Until such time that Fraser diverts and applies its St. Louis Creek water rights to beneficial use, Fraser agrees that, on an annual basis, Developer may use those portions of its St. Louis Creek water rights not otherwise committed to other uses or parties for decreed purposes on the Property in order to keep such lands properly irrigated and to reduce dust within Fraser pending the development of the PDD Plan as provided herein. Such use is an important municipal use for Fraser to promote the irrigation of fields within the municipality and adjacent to the other residential components of Fraser for aesthetic and dust control purposes, among other municipal purposes. Fraser will notify Developer of the availability of such water and the parties shall discuss its uses each year, as may be appropriate, on or before May 1 of each year. Fraser may notify Developer at any time that such water will no longer be available for use. Section 3.4 On-site Wells. Section 13-2-20 of Fraser Code provides that on-site wells are not permitted on the Property except as approved by Fraser. Fraser acknowledges the Dedicated Storage ponds that are considered to intercept groundwater will require well permits from the State Engineer. While such ponds are technically wells if they intercept groundwater and therefore are subject to the provisions of Section 13-2-20 of the Fraser Code, the Town hereby determines that such "wells" are not within the contemplation of such Section, that a franchise under the laws of the State is not necessary if the ponds are deemed to be"wells," and that the same, if deemed to be "wells"by the State Engineer, are hereby approved as exceptions to the requirements of such Section. Fraser also acknowledges that the Colorado Adventure Park's water supply is provided through a permitted well. The water service for the Adventure Park shall be provided by Fraser upon the earlier of the following events occurring: (a) the installation of water service infrastructure in connection with the development of Planning Area 10 or Planning Area 11; (b) the installation of a municipal water service line within 200 feet of the well; or(c)upon connection to Fraser's municipal water system at any time agreed upon by Developer and Fraser. Until such connection is made as provided herein, the current permitted well is approved as a limited and temporary water source of supply for the Colorado Adventure Park and a franchise is not necessary to be obtained under Section 13-2-20 of the Fraser Code for the same. At the time that such water service connection is made, Fraser and Developer agree Developer may continue the use of such well for equestrian, snowmaking, and other non-potable uses within the Project {Client/1 3 23 6/1 16/024 1 4663.DOC/161 11 as may be appropriate, subject to the final approval of Fraser. There shall be a presumption that the well will be continued for such permitted non-potable uses on the Property and any well permits shall be changed as needed by the Developer, depending upon the ultimate water uses of the same. Under no circumstances shall the well be used for potable purposes after the Colorado Adventure Park is connect to Fraser's municipal water system and there shall be no cross connections. All potable uses of the well shall terminate upon the connection of the Adventure Park potable system to the Fraser municipal water system. Section 3.5 Water Plant Investment Fees. Water Plant Investment Fees associated with the water service to the project shall be due and payable as provided in Section 13-2-210 of Fraser Code. Section 3.6 Excess Capacity. Developer is only responsible for costs associated with Water Facilities that are reasonably required to service the Property. To the extent the costs of any excess capacity of any Water Facilities constructed by Developer at the request of Fraser are the subject of reimbursement agreement with other parties using such excess capacity, Developer shall be entitled to receive all reimbursements received and/or plant investment fees paid in proportion to the excess capacity utilized, but not to exceed such proportionate costs. To the extent Water Facilities constructed by Developer for the Property are utilized to the benefit of other property not within the PDD Plan, Fraser agrees to reimburse Developer for the proportionate cost of such Water Facilities in proportion to the use by such other property based on the cost to Developer of such facilities and limited by the actual reimbursement or plant investment fees paid to Fraser by the owners of such other property. The payment of such reimbursable amounts shall be due to Developer quarterly based on the funds received from other properties beginning with the first quarter after the subject Water Facilities are accepted by Fraser. To the extent that Fraser requests that the Water Facilities be constructed with excess capacity that are not the subject of reimbursement and Fraser, in its discretion, desires to have such excess capacity created, it shall pay the costs of the same at the time that they are incurred. Section 3.7 Water Plant Investment Fee Accounting and Credit. Fraser shall establish a separate water account for Developer and provide a specific accounting for Developer to track all Water Plant Investment Fees paid in connection with the Property and all certified costs incurred by Developer in the construction of Water Facilities and the Dedicated Storage. All reasonable Dedicated Storage construction costs and all reasonable Water Facilities construction costs incurred by Developer in connection with the development of an approved FPDP or subdivision shall be documented and certified by Developer and provided to Fraser for review and approval. The amount of such approved costs shall be credited to the Developer in Developer's water account. The amount of any Water Plant Investment Fees prepaid by Developer shall also be separately credited in the Developer's water account. Any Water Plant Investment Fees in Developer's water account shall not expire. Fraser will collect the Water Plant Investment Fees for residential and commercial water users within the Property as paid in accordance with the Fraser Code. The amounts collected shall be accounted for in Developer's water account. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 12 Developer shall be credited in Developer's water account the Water Plant Investment Fees both prepaid and paid in the amounts paid. Subject to the limitations set forth herein, Developer shall be reimbursed for construction costs of(a) all Water Facilities which are reasonably required to service the FPDP or subdivision and(b) Dedicated Storage. The payment of such reimbursable amounts shall be due to Developer quarterly based on the fees received beginning with the first quarter after the Water Facilities are accepted by Fraser and based upon the certified costs of Developer. Water Plant Investment Fees collected by Fraser for all connections at the Property and due to Developer hereunder shall be paid by Fraser to West Mountain Metropolitan District and the Developer's water account shall reflect the same. The amount of Water Plant Investment Fees to be reimbursed to Developer shall be as follows: a. BPR is reimbursed for all water plant investment fees generated by the BPR project paid from 41 SFE to 4711 SFE; b. BPR and the Town split equally the water plant investment fees generated by the BPR project paid from 4712 SFE to 41,331 SFE; C. BPR is reimbursed for all water plant investment fees generated by the BPR project paid from 41331 SFE to 41,520 to bring to a total of 900 fully reimbursed SFE fees to BPR; d. BPR and the Town split equally the water plant investment fees generated by the BPR project paid from 41,520 to 41,897. In the event all of Developer's certified costs are fully paid, Fraser shall thereafter be entitled to retain all Water Plant Investment Fees paid in connection with the Property. The reimbursement provided for herein shall not exceed the amount of the certified costs of Developer paid in connection with the construction of the Water Facilities and Dedicated Storage. If Fraser hereafter amends its Fraser Code to allocate its Water Plant Investment Fee between a system development fee and a water resource fee, neither Developer nor any other owner within the Property shall be obligated to pay a water resource fee except as otherwise identified by separate agreement between Developer and Fraser. All other hook-up and service fees customarily charged by Fraser to its water customers under the Fraser Code may be charged and collected to water customers within the Property. ARTICLE 4 SEWER Section 4.1 Sewer Service. Upon approval of this Agreement, Fraser will provide municipal sanitary sewer service to the Property to serve the PDD Plan subject to the terms and conditions set forth herein and the applicable provisions of the Fraser Code. To the extent that Fraser requests that the sewer facilities to be constructed to serve the PDD Plan be constructed with excess capacity that are not the subject of reimbursement and Fraser, in its discretion, desires to have such excess capacity created, it shall pay the costs of the {Client/1 3 23 6/1 16/024 1 4663.DOC/161 13 same at the time that they are incurred. To the extent that another property owner requests that the PDD Plan's sewer facilities be constructed with excess capacity to serve such other property, such other property owner shall pay the costs of the same at the time that they are incurred. To the extent that properties outside of the Property utilize any sewer facilities constructed by Developer, the users thereof shall reimburse Developer for the costs of such sewer facilities in proportion to the uses by properties outside the Property and those within. Section 4.2 Individual Sewage Systems.Disposal SyDisposal Systems. Fraser acknowledges and approves the existing Individual Sewage Disposal System as defined by and regulated by Colorado law ("ISDS") that serves the Colorado Adventure Park. Such ISDS may continue in operation until the sooner of the following events occurs: (a) the installation of sanitary sewer service infrastructure in connection with the development of Planning Area 10 or Planning Area 11; (b) the installation of a public main within 200 feet of the ISDS; or(c) at such time that the Colorado Adventure Park facilities are connected to the municipal water system of Fraser. After any one of the above events occurs, the parties agree that the Colorado Adventure Park shall connect to Fraser's municipal sanitary sewer system and the ISDS shall be abandoned. ARTICLE 5 OTHER UTILITIES Section 5.1 Other Utilities. Developer shall comply with the Subdivision Regulations, Chapter 13 of Fraser Code, and other applicable provisions of the Fraser Code regarding the development and extension of utility service to the PDD Plan or portions thereof, as applicable. ARTICLE 6 DRAINAGE Section 6.1 Drainage. Developer has submitted a Conceptual Drainage Plan prepared by Top Knot Engineering, Inc. dated August 2011 and a Preliminary Drainage Plan prepared by Top Knot Engineering, Inc. dated August 1, 2011. The applicable requirements of the Subdivision Regulations and of Section 16-5-440(8) of the Zoning Regulations and other provisions of the Fraser Code pertaining to drainage shall be complied with at the time of the submission of an application for an FPDP or subdivision for all or portions of the PDD Plan. As provided in the PDD Plan, a master drainage study will be submitted with the first application for an FPDP or subdivision ARTICLE 7 STREETS AND TRAFFIC Section 7.1 Grading & Roadway Plan. Developer has submitted a Preliminary Grading & Roadway Plan dated August 1, 2011,prepared by Top Knot Engineering, Inc., as a part of its submission of the PDD Plan ("Roadway Plan"), which has been approved by Fraser Board as part of the PDD Plan, which plan was amended on January 17, 2013. Section 7.2 Traffic Impact Analysis. Developer has provided a Traffic Impact Analysis dated February 2011 prepared by Felsburg Holt and Uhlevig (the "Traffic Impact Analysis"), which has been approved by Fraser's traffic consultants and approved by Fraser Board as a part of the PDD Plan. The Traffic Impact Analysis may be amended and updated from time to time, {Client/1 3 23 6/1 16/024 1 4663.DOC/161 14 including at the time of the filing of an application for an FPDP or a subdivision, as appropriate, in order to update the same as the PDD Plan is implemented over time and to reflect material changes in assumptions (such as the assumption that Fraser Valley Parkway will be completed to the north of the Property past County Road 73) and results of the same and material changes in impacts and conditions of traffic on Fraser. Fraser shall review and approve all such amendments, in its sole discretion, to insure that the traffic impacts of the development of Fraser and the traffic impacts of the implementation of the PDD Plan are identified and appropriately addressed. At the time of an application, the Developer shall provide the engineering and associated information required in Sections 16-5-430(12) and 16-5-440(l 1) of the Zoning Regulations and the information required in the Subdivision Regulations. A memorandum of construction traffic management procedures to address the ongoing impacts of the construction and phasing in of the PDD Plan shall be submitted at the time that an application for a grading and excavation permit is submitted and shall be amended from time as appropriate with the filing of any of the above referenced applications. Section 7.3 Street Designations. Streets within the Property shall be constructed in accordance with Fraser's design and construction standards as provided in Fraser Code and shall be public except as otherwise provided herein. Streets solely serving condominium or townhome projects will be private. There may be other private streets designated by mutual agreement between Fraser and Developer that would be owned by an association or by Developer in connection with the approval of an FPDP or a subdivision. Section 7.4 Street Maintenance. Public streets shall be maintained, repaired and replaced by Fraser. Streets and drives not dedicated to Fraser will be maintained, repaired and replaced by Developer, an applicable association, by Grand County, or by a metropolitan or other special district with the authority to do the same. All private streets and drives shall be maintained as required in Section 17-6-10(g) of the Fraser Code. Fraser shall have no obligation to maintain any non-dedicated streets on the Property unless otherwise agreed to by the parties. An easement shall be dedicated on each final subdivision plat to Fraser over, under, and across all roads not dedicated to Fraser for access to utility infrastructure and facilities, for emergency services, and for Fraser employees, agents, representatives to fulfill normal and ordinary Fraser responsibilities in connection with the construction, inspection, operation, and maintenance of any and all improvements within the PDD Plan, and for any access that is determined to be provided to the public in the course of the approval of an FPDP or subdivision. Section 7.5 Street Rights of Way. Streets to be dedicated to Fraser as public rights of way shall be dedicated in accordance with the provisions of the Fraser Code at the time of an FPDP or subdivision approval. The right of way for the roadway designated as Fraser Valley Parkway was previously dedicated to Fraser. The rights of way for County Road 72 and County Road 73 are owned by Grand County (that portion of County Road 73 within Fraser is commonly known as "Mill Avenue"). The rights of way for these roadways shall be confirmed on each FPDP or subdivision plat that includes the same within its boundaries. The designation of the alignment, location, and widths of all other primary and internal streets and roadways shall be consistent with the planned, designed, engineered and approved standards based on anticipated uses of such streets in connection with the PDD Plan and Fraser traffic needs as identified in the then current Traffic Impact Analysis and Traffic Impact Study. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 15 Section 7.6 Regional Roadways. The improvement of the Regional Roadways is the responsibility of Grand County and Fraser based on intergovernmental agreements and memoranda of agreement or understanding that may exist between them from time to time. Fraser and Grand County shall work together to establish the level of improvements desired for the Regional Roadways and the proportional responsibilities and timing associated with any improvements. Fraser shall reassess the necessity of such improvements at the time Developer submits its application for FPDP or a subdivision under the PDD Plan based on the then current Traffic Impact Analysis and Traffic Impact Study. Improvement to the Regional Roadways may be required by Fraser and Grand County or the Fraser Code or applicable regulations as a result of increases in traffic resulting from regional use or use in connection with the development of the Property. The design, engineering and construction of any required improvements will be the responsibility of Fraser and Grand County. The parties agree that Developer shall only be responsible for costs to improve Regional Roadways based on the percentage of total trips from the development under the PDD Plan to the total trips on the subject Regional Roadway. Such percentage of use is anticipated to increase as the development phases are implemented and shall be considered in connection with the appropriate improvements and allocation of total trips from the Property. It is understood that Developer has equipment and will contribute its portion of the improvements in kind through the use of its equipment to provide the base grading and excavation that may be necessary for such road improvements. No later than upon completion of the pond grading and excavation on the Property, the parties agree Fraser Valley Parkway should be improved by chip and seal, at a minimum. The Town shall provide for the development of the design and engineering of the improvements of such parkway. Developer, at its cost, agrees it will provide the initial grading and roadbase construction and materials necessary to enable chip and seal or paving improvements to be made. A timeline will be developed for Developer's work once the Town has secured appropriate funding for the surfacing improvements and can provide for the same. Section 7.7 Street Standards, Construction, Inspection, and Acceptance. Except as otherwise provided in this Agreement, the design, construction, inspection and acceptance of all public roads shall be consistent with the PDD Plan, approved FPDP or subdivision, and the road standards set forth in the Fraser Code. Developer shall be responsible for the costs of the same as provided in the Fraser Code. The primary access roads serving the Property shall be paved in accordance with applicable Fraser Code standards. The Developer may request alternate road surface designs on local roads and within low-density Planning Areas, in accordance with applicable standards for such surfacing. All private streets shall comply with those standards pertaining to emergency vehicle access and use as determined by the Fire District and consistent with Fraser Code requirements, if any. If any private streets are dedicated to the public, they shall meet all standards applicable to public streets as provided in the Fraser Code. Section 7.8 Pathways. Fraser and Developer agree that a path shall be designed and constructed by Developer along the Fraser Valley Parkway through the Property. It shall be designed in such a manner to have a separated path of sufficient width to reasonably accommodate bicycles and pedestrians. In the event the path is not constructed in connection with the grading and excavation operations for the ponds as set forth in the Grading and {Client/1 3 23 6/1 16/024 1 4663.DOC/161 16 Excavation Operations Plan referred to in Section 9.5, it shall be constructing as public infrastructure under the FPDP or subdivision approval for the first phase of the development. ARTICLE 8 SCHOOL IMPACT FEES, GENERAL MATTERS & SUBDIVISION Section 8.1 Additional Municipal Services. After the Effective Date and subject to the provisions hereof, Fraser agrees to provide the Property such additional municipal services currently provided within Fraser on terms and conditions by which such services are so provided, subject to applicable terms and conditions of any approval of an FPDP or subdivision. Section 8.2 Project Open Space. Developer has submitted and Fraser has approved as a part of the PDD Plan a general open space plan consistent with the requirements of the Fraser Code. Developer agrees to further submit with each application for an FPDP or subdivision refined and detailed provisions of the open space plan for the property that is the subject of such application and an updated open space plan for the PDD Plan consistent with the requirements of the Subdivision Regulations and of the Zoning Regulations. Section 8.3 Public Open Space. During the implementation of that portion of the PDD Plan that includes development adjacent to the Fraser Valley Parkway from the old town south and on the east side and after the improvements to the Fraser Valley Parkway have been made and basic infrastructure installed in either Planning Area 2, 3, or 8 whichever is first, Developer shall create and develop (sod/grass and irrigation infrastructure to be installed) a"pocket"park at the south end of the viewplane shown on the PDD Plan adjacent to the Fraser Valley Parkway for public open space use and shall dedicate the same to the Town. Such park shall be 1.5 acres in size, shall, at a minimum, be in the configuration of a football field. Any other improvements to be made to the park shall be made by the Town at its expense. Any such land so dedicated shall be credited to Developer's park, open space, and other dedication requirements for the Property, as applicable and consistent with Developer's open space plan, in accordance with Fraser Code, including without limitation, Section 17-7-370. The Town shall be responsible for maintaining the same upon its dedication to the Town. Section 8.4 School Impact Fees. At Developer's request and subject to the provisions of Sections 17-7-340 and 17-7-350 of the Fraser Code, Developer may dedicate land for public schools or pay a fee in lieu based upon the calculation of those fees as set forth in Section 17-7- 350 of the Subdivision Regulations. Such fees shall be calculated and due and payable as provided in Section 17-7-350(4) of the Fraser Code or at such other time as agreed upon by the parties. Section 8.5 Municipal Parcel Dedication. On the Effective Date, the Developer agrees to dedicate, or to cause to be dedicated, 6 acres in the PA-1 Planning Area of the PDD Plan ("Municipal Parcel") to Fraser be used for municipal purposes. The Municipal Parcel shall be configured to exclude the detention pond from its boundaries, which detention pond is shown on the PDD Plan Preliminary Drainage Plan The Municipal Parcel is more specifically described in Exhibit H. The dedication will be made by special warranty deed free and clear of liens and encumbrances. A title insurance commitment has been provided to Fraser in connection with the application for subdivision exemption for the Municipal Parcel to be approved by Fraser as of {Client/1 3 23 6/1 16/024 1 4663.DOC/161 17 the Effective Date. It is understood that as of the Effective Date, only very preliminary assessment of drainage and other issues has been conducted. The parties agree that at the time that the land immediately to the west in Planning Area 1 is the subject of an FPDP or subdivision plat, the Municipal Parcel will be included in the analysis and proposed mitigation of such issues. Section 8.6 Colorado Adventure Park Facilities and Operations. The parties acknowledge the facilities and operations of the Colorado Adventure Park("Park")located in Planning Area 8 of the PDD Plan. The Park is an existing business that was the subject of the public review process in Grand County in connection with the issuance of a special use permit therefor. The Park has operated in accordance with the special use permit. The special use permit will terminate upon the Effective Date and Fraser shall approve by resolution, concurrent with the approval of this Agreement, a development permit for the continued operation of the Park consistent with the provisions of the special use permit pending the review and approval of an FPDP that includes the Park ARTICLE 9 GENERAL DEVELOPMENT OF THE PROPERTY Section 9.1 Development and Control of Development. Developer has the right to develop the PDD Plan on the Property subject to the terms and conditions of this Agreement, the land use approvals and the completion of the land use process consistent with the provisions of Fraser Code. This Agreement and the other provisions incorporated as a part of the PDD Plan are intended to prescribe a general plan for the use and development of the Property. Except as expressly provided herein and the other provisions of the PDD Plan, whenever any action is required to be taken by Developer hereunder at the time of or in conjunction with FPDP or subdivision review or approval, and the FPDP and subdivision do not occur concurrently, then the action shall be required at the time of the first approval for FPDP or subdivision for the subject property. Section 9.2 Densities. This Agreement and the approved PDD Plan set forth the number of Residential Units at a maximum of 1,435 dwelling units (as defined in Fraser Code), 550 hotel/motel/lodging house units (as defined in Fraser Code and including without limitation recreational vehicle parking spaces and campsites that are intended for tourist and visitor use only) and 270,000 square feet of commercial space, recreational facilities and appropriate support facilities which Fraser agrees is appropriate for development on the Property subject to the completion of the land use approval process under Fraser Code. The location of such units, the sizes of the various building envelopes, and other pertinent land use requirements shall be determined in the land use approval process as required by Fraser Code and reflected in an approved FPDP, subject to the provisions of the approved PDD Plan, the Fraser Code, and any density transfers properly identified in accordance with the Fraser Code. The PDD Plan is approved concurrently herewith and generally includes without limitation the following: a. a property description; i. land use and development notes referring to matters to be done relating to open space, accessory dwelling units, density transfer, water supply and system, {Client/1 3 23 6/1 16/024 1 4663.DOC/161 18 wastewater collection, grading and drainage, geologic features, development standards, sign guidelines,parking and planning area descriptions; ii. fourteen Planning Areas that are designated areas of land within the project and identified in the PDD Plan and that include residential use with detached, attached and stacked Residential Units (Planning Areas 2, 3, 4, 5, 6, 7, 8, 12, 13, 14); a mix of uses of commercial retail, office, industrial, warehousing, residential, lodging, and institutional uses and municipal purposes and facility uses (Planning Area 1), open space,park, trails and recreational uses (Planning Area 9), lodging, RV, camping, retail, commercial recreation, restaurant uses (Planning Area 10); detached, attached, stacked, RV, camping and cabin units (Planning Area 11); and excavation and grading operations and ponds and gravel operations associated with the pond and Project development (Planning Areas 4, 5, 6, 7, 8, 9, 10, 11) and other limited pond development (Planning Areas 2 and 3); iii. general site analysis; iv. land use plan that is a general map showing the Planning Areas with acres for the same and land use site data chart and two streets; V. preliminary sewer plan showing conceptual main sewer line locations and a reference that a master sewer study will be prepared at platting; vi. preliminary water plan showing conceptual water main locations and a reference that a master water study will be prepared at platting; vii. preliminary grading and roadway plan showing Road A with cross section, CR72, CR73 and Fraser Valley Parkway; viii. Preliminary drainage plan showing general flow directions and outfall points from the Property and proposed water features/detention ponds and a reference that a master drainage study will be prepared at a later date. Section 9.3 Transfer of Water and Sewer SFEs. In addition to the rights to transfer density set forth in Sec. 16-5-630 of the Fraser Code, Developer shall have the right to transfer water and sewer SFEs from the Property to an adjacent property subject to the following conditions: i. The property receiving the transferred SFEs must be within the boundaries of Fraser. ii. The transferred water SFEs shall remain subject to the Water Plant Investment Fee payment structure for the water SFEs set forth in Section 3.6 irrespective of the payment structure for SFEs associated with the receiving property. The transferred sewer SFEs shall remain subject to the payment structure for the sewer SFEs set forth in the Fraser Code irrespective of the payment structure for SFEs associated with the receiving property. iii. The receiving property shall remain subject to all other provisions of the Fraser Code. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 19 iv. Any transfer proposed must be approved by Fraser, which approval shall be based upon confirmation and satisfaction of these conditions. Section 9.4 Fraser Code Standards, Requirements, Rules and Regulations of Fraser. Subject to the provisions of Article 11 hereof, development within the Property shall conform to the development standards approved as part of the PDD Plan and to the applicable provisions of Fraser Code. Prior to Fraser considering and approving an FPDP or subdivision for the Property, Developer shall satisfy all applicable rules and regulations of Fraser, submit all required plans and information,pay all standard fees, and shall satisfy all applicable conditions of approval of the PDD Plan, the requirements set forth herein, and all applicable requirements of the Fraser Code consistent with the provisions hereof. Section 9.5 Grading and Excavation Operations. In connection with any FPDP or subdivision application or other activity associated with the development of the PDD Plan, Developer shall obtain a grading and excavation permit in accordance with the requirements of Article 3 of Chapter 18, Building Regulations, of the Fraser Code. Due to the extent of the grading and excavation activities anticipated on the Property as a result of the development of water storage facilities for Fraser and Developer and roads and other components of the PDD Plan, any permit for the grading, excavation, and stockpiling on the Property or export of excavated material from the Property shall be subject to review and approval by Fraser for compliance with the provisions of the applicable Fraser Grading and Excavation Operations Plan, as it may be amended from time to time, and the requirements and conditions set forth in any applicable permit issued for such activities by State of Colorado Office of Economic Development, Colorado Department of Natural Resources, Division of Mining Reclamation and Safety ("DMRS"). The Grading and Excavation Operations Plan will be used to regulate grading and excavation operations for pond excavation for sale of gravel offsite within Fraser in addition to any DMRS permit that may be required and issued and the provisions hereof. Prior to commencement of any grading and excavation activities on the Property, Developer, its lessee or its operator, as appropriate (references to "Developer" shall include its lessee or operator), shall comply with the following, subject to Developer remaining responsible for insuring that such compliance occurs: i. DMRS Permit. Developer shall submit any required DMRS permit application and permit, if applicable. ii. Fraser Grading and Excavation Permit. Developer shall submit an application for and shall obtain a grading and excavation permit from Fraser in accordance with the requirements of Article 3 of Chapter 18, Building Regulations, of the Fraser Code. Such application shall include, without limitation, a copy of any DMRS permit application. A copy of the DMRS permit shall be filed with Fraser when issued. The grading and excavation permit issued by Fraser shall include a condition that it is subject to the Grading and Excavation Operations Plan. iii. Compliance with Laws. Developer shall comply with all applicable Fraser, state and federal rules, regulations and statutes, including, without limitation, {Client/1 3 23 6/1 16/024 1 4663.DOC/161 20 those enforced by the Colorado Department of Natural Resources, the Colorado Division of Reclamation, and the Colorado Division of Public Health and Environment. The Developer will apply for any other required permits and shall provide such permits to Fraser as a part of its application for or implementation of its grading and excavation permit. iv. Best Management Practices. Best management practices will be employed with regard to soil erosion, drainage, and other impacts on the site and mitigation of the impacts shall be included as a part of such practices; a summary of best management practices will be provided to Fraser with the grading and excavation permit application. V. Duration of Operation. Operations shall commence within six months of obtaining any required permit from the State and a grading and excavation permit from Fraser together with the required surety for Developer's performance, to the extent not previously provided. Developer agrees that any such permits shall be used for not longer than 10 years per permit, and all permitted gravel and excavation operations shall discontinue entirely after the 15 year anniversary of the issuance of the first grading and excavation permit. It is understood that additional grading and excavation activities may occur thereafter in connection with the phasing in of the PDD Plan after the pond(s) construction has been completed. Developer shall apply for and obtain appropriate grading and excavation permits in accordance with the Fraser Code for such activities. During periods of inactivity (six months or more), equipment associated with the grading and excavation operation must be moved off-site. Section 9.6 Transfer of Planning Area. Developer shall have the right to create a separate legal parcel of a Planning Area or portion thereof under the Subdivision Regulations. In the event the subject parcel satisfies the subdivision exemption criteria set forth in Section 17-3-10(a) of the Subdivision Regulations, the plat creating the same shall include a notation that approvals of the plat by Fraser do not indicate an approval of any access rights, availability of utilities or the ability of the parcel or parcels to be served by utilities and that such parcel or parcels are subject to the terms and conditions of this Agreement and the Fraser Code. In the event such parcel or parcels are transferred to a third party, any proposed changes to the PDD Plan by Developer with respect to the remainder of the Property or by the transferee with respect to the transferred parcel or parcels shall require the confirmation of the other party that such changes do not affect their respective property Section 9.7 Phasing Plan. Consistent with the requirements of Section 16-5-430 of the Zoning Regulations, a development schedule indicating an approximate date when construction of the planned development or phases of said development may begin shall be submitted with each application for an FPDP or subdivision, together with proposed amendments to the PDD Plan general phasing plan, as appropriate. Section 9.8 Metropolitan District. Developer has previously organized the West Mountain Metropolitan District (the "District"). The purpose of the District is to provide a means of financing various infrastructure improvements or operating infrastructure for the development within its boundaries but not to compete or conflict with the services and responsibilities of Fraser. Fraser has received a request from the District to include the Property within its service area. Contemporaneously herewith and pursuant to the provisions of C.R.S. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 21 Title 32 Article 1, Special District Act, Fraser has approved by resolution the petition to include the Property in the West Mountain Metropolitan District service area under C.R.S. Section 32-1- 401 and approved by resolution an amendment to the service plan consistent with the requirements of C.R.S. Section 32-1-204.5. It is understood that such service plan amendment includes without limitation an increase of the debt authorization, subject to District voter approval, to be equal to the application of a maximum District tax rate of 35 mills for the Property based upon the financial information provided under C.R.S. Sections 32-1-202(2)(b) and (f) and 32-1-203(3)(4). No more than 35 mills shall be imposed on the Property and this restriction shall run with the land the District shall include this Property with this restriction. Developer shall not be relieved of any of its obligations hereunder or under any land use approvals granted with regard to the Property and hereby guarantees and will execute any additional appropriate documents guaranteeing any financial obligation undertaken by the District in connection with any responsibility agreed to herein or under the Fraser Code, any conditions of approval of any approved FPDP or subdivision, or any conditions of approval of the amendment to the District's service plan. In connection with the approval of an FPDP or subdivision and the negotiations of a subdivision improvements agreement, development improvements agreement or Improvements Agreement, Fraser shall review the financing mechanisms and security proposed by Developer and the District for the financing of the infrastructure required by such agreement and may approve the same if consistent with the requirements and intent of the Fraser Code and this Agreement Section 9.9 Financing of Public Improvements. As requested by Developer from time to time, Fraser, in its discretion, agrees to consider public infrastructure financing techniques to assist in the costs of improvement that are of a regional nature. Section 9.10 Maintenance Cost Offsets. Developer and Fraser recognize and agree that the development contemplated by the PDD Plan may entail significant increased road maintenance and capital expenditures to be the responsibility of Fraser. Fraser may, as a condition of approval of any FPDP or subdivision require that the applicable Improvements Agreement provide for the Developer to provide a means of road maintenance necessary to serve the FPDP or subdivision or utilize other means of addressing the maintenance needs for such roadways other than the Regional Roadways, for a reasonable period of time not to exceed two (2)years. Section 9.11 Hospital/Health Services District. Developer may wish to form a Hospital/Health Services District and currently intends to include the Property within its service area. Fraser agrees to review any service plan prepared for such a special district at the time that it is submitted to Fraser for review and approval in connection with the inclusion of the Property within the district. A condition of approval of the creation of such a district is that the district and Fraser enter into an intergovernmental agreement that restricts the district from entering into any other contracts or assessing any property or sales taxes without subsequent Fraser approval. The district's service plan shall also contain such a restriction. Section 9.12 Owner's Associations. Developer reserves the right to impose covenants upon any portion of the Property and to form one or more owner's associations for all or any portions of the Property which shall assume responsibilities for collecting common expenses and {Client/1 3 23 6/1 16/024 1 4663.DOC/161 22 enforcing restrictive covenants. All such covenants and declarations must be provided as required by the Fraser Code. Section 9.13 Rules, Regulations and Official Policies. i. Fees, Conditions and Dedications. Developer shall make only those dedications and pay only those fees expressly described in this Agreement and the PDD Plan and those otherwise set forth in the Fraser Code, including without limitation the reimbursement of Fraser's expenses incurred in connection with Fraser's review of this Agreement and of any zoning and subdivision applications filed by Developer. Notwithstanding the foregoing, Developer, as appropriate and consistent with the provisions hereof, will be subject to such other normal fees, such as service fees, that all developers and citizens are required to pay for municipal services. ii. Land Use Approvals. Developer agrees to fulfill the provisions, terms and conditions of the PDD Plan as provided therein and as conditioned by Fraser. ARTICLE 10 COOPER & IMPLEMENTATION Section 10.1 Statement of Intent. It is the express intent of Developer and Fraser to cooperate, and work diligently to implement any approved preliminary subdivision plats and final subdivision plats, FPDP and/or other land use approvals, building permits or approvals in compliance with this Agreement and Fraser Code and in substantial conformance with the PDD Plan as such may be amended from time to time. Section 10.2 Scope of this Agreement. i. This Agreement is intended to set forth the parties' understanding and agreements regarding the annexation of the Property pursuant to the Municipal Annexation Act of 1965, as amended, the procedures, limitations and standards applicable to the construction of future improvements that may be installed to serve the Property, the responsibilities of the parties for various costs, fees and charges, and such other matters the parties believe can be addressed at this time. ii. Except as otherwise provided in this Agreement, this Agreement is not intended to address those additional matters which are properly considered at the time Developer submits to Fraser for its review and approval an FPDP, subdivision applications for each development phase of the Property, or both. Contemporaneously herewith, Fraser has approved the PDD Plan. Except as otherwise set forth in this Agreement, Fraser reserves all rights to review, approve or deny any future zoning application, FPDP application, or future subdivision application on any portion of the Property, in accordance with state law and applicable provisions of the Fraser Code, ordinances, rules, regulations, standards, and policies. iii. It is not the intention of the parties in any way to diminish or limit Fraser's legislative,judicial, quasi-judicial or other non-delegable discretionary powers except as to the matters specifically set forth in this Agreement. Except as otherwise provided in this Agreement, it is not the intention of the parties to impose on Fraser any duty, beyond the Fraser {Client/1 3 23 6/1 16/024 1 4663.DOC/161 23 Code and regulations as they may from time to time exist, nor to impose any special obligation on Fraser to approve or accept any items submitted by Developer or its successors and assigns including, but not limited to,plans, drawings, engineering, reports, security documents, improvements, agreements, and conveyances. ARTICLE 11 VESTED RIGHTS Section 11.1 Vesting of Certain Property Rights. The parties hereby agree i. that this Agreement shall constitute a development agreement as defined in C.R.S. 24-68-104(2) and shall constitute a site specific development plan under C.R.S. 24-68-102(4)(a); ii. that certain rights under this Agreement shall be vested property rights to the extent permitted by Colorado law as provided in this Agreement; and iii. because the development of the Property under this Agreement is sizable and requires phasing over 35 years according to the Developer and because of evolving market conditions, a vested property right is hereby established with respect to the Property in connection with the approval of this Agreement to undertake and complete development and use of the Property under the terms and conditions of this Agreement. Section 11.2 Rights Which Are Vested. Having provided notice and conducted a hearing in accordance with the requirements of C.R.S. Sec. 24-68-103(b), only the specific rights which are identified herein and in the PDD Plan attached hereto shall constitute the vested property rights established under this Agreement for the Property. Subject to the terms and conditions set forth in this Agreement and in the approval of the PDD Plan, these rights include the following: a. No Downzoning. Fraser shall not initiate any zoning action to reduce the maximum number and location of residential dwelling units, lodging units or allowable commercial space, to limit the free market nature of the various properties or interests therein offered, to impose any affordable housing fees or housing requirements, to limit sales, or to change or limit the permitted commercial activities as set forth in the PDD Plan. b. Residential Dwelling Units, Lodging and Acreage. The right to develop up to the total number and type of residential dwelling and hotel/motel/lodging units set forth on the PDD Plan and the right to utilize substantially the total gross acres for residential and hotel/motel/lodging use as set forth herein and in the PDD Plan. C. Commercial Acres and Density. The right to utilize substantially the total gross acres for commercial use as set forth on the PDD Plan and the right to develop up to the gross floor area for commercial use as set forth herein and in the PDD Plan. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 24 d. Land Uses. The right to develop land and engage in land uses in the manner and to the extent set forth in the PDD Plan. e. Timing and Development. In recognition of the size of the development contemplated under the PDD Plan, the time required to complete development, the need for development to proceed in phases, and the possible impact of economic conditions and economic cycles and varying market conditions during the course of development, the right to develop the Property in such order and at such time as the market dictates within the structure of this Agreement and the PDD Plan. f. Moratoria. Fraser will not impose a moratorium except Fraser may impose a temporary moratorium if, (i) the moratorium is non-discriminatory, (ii) the moratorium is based upon a set of circumstances or a situation that has created a serious and documented issue that threatens public health and safety and (iii) the moratorium is only so long as required to correct or remedy the situation. In no other event shall any type of general growth moratorium, product type, or building permit limitation of any kind enacted in any manner by Fraser be applicable to the Property. Section 11.3 Term for Vested Rights. In recognition of the size of the development contemplated under the PDD Plan, the time required to undertake and complete development, the need for development to proceed in phases, and the possible impact of economic cycles and varying market conditions during the course of development, Fraser agrees that the rights identified in Section 11.1 and Section 11.2 of this Agreement, as vested property rights, shall continue and have a duration of thirty-five(35) years beginning on the Effective Date. In the event the Developer or its successor(s) in interest does any of the following, the vested rights created herein shall terminate: 1. filing of voluntary petition in bankruptcy or for reorganization or for the adoption of an arrangement under the Bankruptcy Code (as it may be amended from time to time) or an admission of seeking the relief therein provided; 2. making a general assignment for the benefit of its creditors; 3. consenting to the appointment of a receiver for all or a substantial portion of the Property; 4. in the case of the filing of an involuntary petition in bankruptcy, the failure to have such petition stayed or dismissed within 60 days of filing; 5. the entry of a court order appointing a receiver or trustee for all or a substantial part of the Property; or 6. the assumption of custody or sequestration a court of competent jurisdiction of all or substantially all of the Property. Section 11.4 Compliance with General Regulations and Limitations on Town Actions. The Town shall not take any zoning, subdivision or other land use action that would alter, impair,prevent, diminish, impose a moratorium on development, or otherwise delay development or use of the Property in accordance with this Agreement. Except as otherwise provided herein, the Fraser Code, ordinances,policies,procedures, regulations, standards, and requirements in effect as of the Effective Date shall be applicable to the use and development of the Property. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 25 i. The establishment of the rights vested under this Agreement shall not preclude the application of Fraser ordinances,regulations. standards, or requirements which are general in nature and applicable to all properties within Fraser including, but not limited to, public works and sign regulations, impact fees, rate, toll, charge, tax, service fees, user fees, local improvement districts rules and regulations, building permit application requirements, building, fire,plumbing, engineering, electrical and mechanical codes, as such exist on the Effective Date or may be enacted or amended after the Effective Date. ii. In addition, the provisions of the Fraser Code, ordinances,policies, procedures, regulations, standards, and requirements may be amended from time to time and will be applicable to the development of the Property as provided herein if such amendments (i) are consented to by Developer or(ii) are general in nature and applicable to all properties in Fraser and do not have the effect of denying, altering, impairing,preventing, diminishing, imposing a moratorium on development, or otherwise delaying development or use of the Property in accordance with the PDD Plan and this Agreement. The parties understand and agree that the Business District development standards shall be applicable to all mixed use, accommodation, lodging and commercial zoned planning areas in the PDD Plan and shall be incorporated into the FPDP for such areas. Accordingly, the review procedures of the Fraser Code for the PD District shall apply to the approval of any FPDP or subdivision plats for the Property. Within 14 days after Fraser has approved the ordinance approving this Agreement and in accordance with C.R.S. Sec. 24-68-103(1)(c), Fraser shall cause to be published a notice in a newspaper of general circulation advising the general public of the site specific development plan approval and creation of a vested property right pursuant C.R.S. Sec. 24-68-101 through 106. Nothing contained in this Agreement shall constitute or be interpreted as a repeal of existing codes or ordinances or as a waiver or abnegation of Fraser's legislative, governmental or police powers to promote and protect the health, safety, or general welfare of Fraser or its inhabitants. ARTICLE 12 MISCELLANEOUS Section 12.1 Time is of the Essence. Time is of the essence with respect to the performance of each party's obligations hereunder. However, neither party shall be liable for delays or failures to perform due to acts of God, strikes, civil commotions, epidemics, quarantines, freight embargoes, or other cause of similar nature not reasonably within such party's control Section 12.2 Covenants. The provisions of this Agreement shall constitute covenants and servitudes which shall burden and run with the land comprising the Property and the burdens and benefits hereof shall bind and inure to the benefit of all estates and interests in the Property and all assigns and successors in interest to the parties hereto. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 26 Section 12.3 Contractual Obligations. Fraser and Developer agree that the agreements contained herein, are imposed by contract as terms and conditions of Fraser's annexation of the Property, independent of the continued validity or invalidity of any of the provisions of Fraser Code. Each of the Developer entities agrees to be jointly and severally obligated under this Agreement to fulfill the responsibilities, obligations and provisions agreed upon by Developer, including without limitation those provisions relating to default and the remedies and cures associated with the same. Notwithstanding the foregoing, Fraser shall have the right to look to only one Developer entity for compliance herewith, as appropriate, and to seek remedies in the event of a default against only one of the Developer entities and shall not be obligated to include both in any effort,proceeding or action to secure the same. Section 12.4 Term. The term of this Agreement shall commence upon the Effective Date and shall extend until all of the commitments hereunder are satisfied. After the expiration of the term, this Agreement shall be deemed terminated and of no further force or effect; provided however, that such termination shall not affect(a) the annexation of the Property to Fraser or(b) any right arising from Fraser permits, approvals or other entitlements for the Property or the PDD Plan which were granted or approved prior to, concurrently with, or subsequent to the approval of this Agreement. Section 12.5 Amendment of Agreement. Except as otherwise provided herein, this Agreement may be amended from time to time or revoked only by mutual agreement of the parties in writing following the applicable public notice and public hearing procedures required in the Fraser Code for approval of this Agreement by Fraser. Neither any amendment of the PDD Plan nor any approval of an FPDP, subdivision or resubdivision of the Property (or any part thereof) shall require an amendment to this Agreement. Section 12.6 Default and Remedies. i. Default by Fraser. A "breach" or"default"by Fraser under this Agreement shall be defined as (a)pursuant to Section 24-68-105, C.R.S., in effect as of the Effective Date, any zoning or land use action by Fraser or pursuant to an initiated measure that alters, impairs,prevents, diminishes, imposes a moratorium on development, or otherwise delays the development or use of the Property as set forth in the PDD Plan, subject to the exceptions set forth in said statute, or(b) Fraser's failure to fulfill or perform any material obligation of Fraser contained in this Agreement. ii. Default by Developer. A "breach" or"default"by Developer shall be defined as Developer's failure to fulfill or perform any obligation of Developer contained in this Agreement. iii. Notice of Default and Opportunity to Cure. In the event of default by one party in the performance of its obligations under this Agreement, written notice of such default shall be given to the defaulting party by the non-defaulting party. If the default is a failure to pay any amount of money due pursuant to the terms of this Agreement or to post a letter of credit as provided herein, then such default shall be cured within 10 days after notice of default is given to the defaulting party. If such default constitutes a breach or violation of any term or provision of this Agreement other than the payment of a monetary amount or the posting {Client/1 3 23 6/1 16/024 1 4663.DOC/161 27 of a letter of credit, the defaulting party shall have 15 days within which to institute corrective action and shall proceed diligently thereafter to cure the default within no more than 90 days from the date of the notice of default. iv. Remedies. Default by Fraser. In the event of a default by Fraser that is not timely cured as provided herein, the Developer shall be entitled to specific performance and mandatory prohibitory injunction and the remedies set forth in C.R.S. Sec. 24- 68-105, except Fraser shall not be liable for any compensation, if such default pertains to the vested rights established herein. V. Default by Developer. In the event of a default by Developer that is not timely cured as provided herein, Fraser shall be entitled to specific performance, and mandatory prohibitory injunction. Fraser shall also have the right to stop the processing of any application of any type or nature filed or pending before it with regard to the Property. Fraser shall also have the right to pursue any remedies set forth in applicable development or subdivision improvement agreements as provided therein. Section 12.7 No Joint Venture or Partnership. Fraser and Developer hereby agree that nothing contained herein or in any document executed in connection herewith shall be construed as making Fraser and Developer part of a joint venture or partners. Section 12.8 No Third Party Beneficiaries. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon, or to give to, any legal person other than the Parties, any right, remedy, or claim under or by reason of this Agreement or any covenants, terms, conditions or provisions hereof, and all of the covenants, terms, conditions and provisions in this Agreement by and on behalf of the Parties shall be for the sole and exclusive benefit of the Parties. Nothing in this Agreement is intended to interfere with the agreements of the Parties with third parties Section 12.9 Notices. Any notice or communication required hereunder between Fraser and Developer must be in writing, and may be given either personally, overnight by UPS or FedEx, or by registered or certified mail, return receipt requested. If given by registered or certified mail, the same shall be deemed to have been given and received on the first to occur of (i) actual receipt by any of the addressees designated below as the party to whom notices are to be sent, or(ii) five (5) days after a registered or certified letter containing such notice,properly addressed, with postage prepaid, is deposited in the United States mail. If personally or overnight delivered, a notice shall be deemed to have been given when delivered to the party to whom it is addressed. Any party hereto may at any time, by giving written notice to the other party hereto as provided herein, designate any other address in substitution of the address to which such notice or communication shall be given. Such notices or communications shall be given to the parties at their addresses set forth below: If to Fraser: Town of Fraser 153 Fraser Avenue P.O. Box 370 Fraser, CO 80442 Attention: Manager {Client/1 3 23 6/1 16/024 1 4663.DOC/161 28 with a copy to: Rodney R. McGowan, Esq. Cazier, McGowan & Walker P.O. Box 500 Granby, CO 80446 Arthur B. Ferguson, Jr., Esq. Kylie J. Crandall, Esq. Holland & Hart LLP 600 East Main Street, Ste 104 Aspen, CO 81611 If to Developer: Byers Peak Properties, LLC Byers Peak Downhill Adventures, LLC P.O. Box 30 Winter Park, CO 80482 Attention: C. Clark Lipscomb with a copy to: Lee F. Sachnoff, Esq Krendl Krendl Sachnoff& Way, P.C. 370 Seventeenth Street, Suite 5350 Denver, CO 80202 And Ramsey L. Kropf, Esq. Patrick, Miller, Kropf& Noto, P.C. 229 Midland Avenue Basalt, CO 81621 Section 12.10 Assignment. This Agreement shall be binding upon and inure to the benefit of the successors in interest, assigns, transferees or the legal representatives of the parties hereto. Developer shall have the right to assign or transfer any portion of its interests, rights or obligations under this Agreement to third parties acquiring an interest or estate in the Property, including but not limited to purchasers or long-term ground lessees of individual lots,parcels, or of any improvements now or hereafter located within the Property. In connection with any such assignment, the express assumption of any of Developer's obligations under this Agreement and the PDD Plan personally by its assignee or transferee may thereby relieve Developer of any further obligations under this Agreement with respect to the matter so assumed,provided that such assignee or transferee shall have sufficient financial capability and resources to fulfill such obligations as determined by Fraser and confirmed by the Developer. In such event, Fraser agrees to execute a written release of such obligations upon receipt of a written confirmation to undertake such obligations by the assignee thereof. Any approved assignment shall not be effective on Fraser for the transfer of the rights of Developer to such assignee until written notice of the same is delivered to Fraser executed by both the assignor and assignee. {Client/1 3 23 6/1 16/024 1 4663.DOC/161 29 Section 12.11 Agricultural Use. The Property is currently being used in part for agricultural, farm and ranch purposes. Normal non-building agricultural activities historically associated with the use of the land, such as plowing, irrigating, or planting, shall be exempt from Fraser permitting requirements to the extent any may be applicable. Developer may continue such uses during the phasing of the development notwithstanding the zoning of the Property under the PDD Plan. Section 12.12 Grant or Conveyance. Whenever a grant, dedication or conveyance is required in this Agreement free and clear of encumbrances and liens, Developer may make such conveyance subject to encumbrances or liens that Developer is contesting in good faith provided that adequate assurances acceptable to Fraser are given to provide that the lien or encumbrance will be satisfied and released in the event Developer is not ultimately successful in its contest of the lien or encumbrance. Fraser in its sole discretion shall determine whether such assurances are acceptable and accordingly whether the grant, dedication or conveyance will be accepted by Fraser. Section 12.13 Recording. This Agreement shall be recorded with the Clerk and Recorder in Grand County, Colorado. Section 12.14 Authorization. The signatories to this Agreement affirm that they are fully authorized to enter into and execute this Agreement, and all necessary actions, notices, meetings and/or hearings pursuant to any law required to authorize their execution of this Agreement have been made. Section 12.15 Governing g Law. This Agreement shall be construLaw. This Agreement shall be construed and enforced in accordance with the laws of the State of Colorado. Venue for any judicial action filed in connection with this Agreement shall be in the District Court in and for Grand County, Colorado. Section 12.16 Severability. If any term,provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect so long as enforcement of the remaining provisions would not be inequitable to the party against whom they are being enforced under the facts and circumstances then pertaining and the parties shall use good faith efforts to modify such term,provision, covenant or condition to the minimum extent necessary to be enforceable. Section 12.17 Waiver of Breach. The waiver by any party to this Agreement of a breach of any term or provision of this Agreement shall not operate or be construed as a waiver of any other term or provision or of any subsequent breach by any party. Section 12.18 Entire Agreement. This Agreement represents the entire agreement between the parties and incorporates or supersedes any previous oral, written, or collateral agreements, communications, representations or understandings between the parties with respect to the matters set forth in this Agreement excepting those agreements pertaining to the funding of Fraser's cost of review of this Agreement and the PDD Plan. Except as otherwise provided herein, this Agreement does not abrogate or modify any existing improvements agreement, subdivision improvements agreement, development improvements agreement, or other {Client/1 3 23 6/1 16/024 1 4663.DOC/161 30 annexation agreement among the parties pertaining to properties other than the Property. In case of any conflict or inconsistency between the provisions of this Agreement and the provisions of such other graphic and written documents approved as part of the PDD Plan, the provisions of this Agreement shall control. Section 12.19 No Additional Annexation Conditions Imposed. Fraser and Developer acknowledge and affirm that this Agreement does not impose additional terms and conditions within the meaning of Section 31-12-107(1)(g), C.R.S. To the extent that Section 31-12-107(1)(g), C.R.S. might be construed as being ambiguous as to what might be considered additional terms and conditions, Developer, as the owner of 100% of the Property, hereby declares that it has voluntarily entered into this Agreement and states that if an election were held, Developer would approve the terms and conditions of this Agreement at such election. Section 12.20 Draftin _g of Agof Agreement. This Agreement is the product of a cooperative drafting and negotiating effort by Fraser and Developer and shall not be construed or interpreted against either party solely on the basis that one party or its attorney drafted the Agreement or any portion thereof. Section 12.21 Execution of Other Documents. The parties agree to execute any additional documents and to take any additional actions necessary to carry out this Agreement. Section 12.22 Counterparts; Facsimile. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. This Agreement may be executed by copies of signature pages sent by email or facsimile. [Signature Pages Follow] {Client/1 3 23 6/1 16/024 1 4663.DOC/161 31 IN WITNESS WHEREOF, Fraser and Developer have executed this Agreement effective as of TOWN OF FRASER: By: Mayor ATTESTED BY: Town Clerk APPROVED, as to legal form by: Town Attorney DEVELOPER: BYERS PEAK PROPERTIES, LLC By: C. Clark Lipscomb, President BYERS PEAK DOWNHILL ADVENTURES, LLC By: C. Clark Lipscomb, President For good and valuable consideration, Cornerstone Winter Park Holdings, LLC, hereby agrees to be responsible for and fulfill the obligations specifically relating to the conveyance of Forest Meadows Augmentation Plan Pond(s), associated easements, the Dedicated Water Rights that are the subject of Case No. 05CW287, the easements and rights of use in the Grand Park pond system, and related obligations specifically set {Client/1 3 23 6/1 16/024 1 4663.DOC/161 32 forth herein. Its obligations shall be limited to those specifically relating to its properties and water rights and shall not extend to any other of those obligations of Developer set forth in this Agreement. Cornerstone Winter Park Holdings, LLC By: C. Clark Lipscomb, President STATE OF COLORADO ) ) SS COUNTY OF GRAND ) The foregoing instrument was acknowledged before me this day of 2013, by as Mayor, and __, as Town Clerk, of Town of Fraser, a municipal corporation of the State of Colorado. Witness my hand and official seal. My Commission expires: ( S E A L ) Notary Public STATE OF COLORADO ) ) SS COUNTY OF ) The foregoing instrument was acknowledged before me this day of 2013, by C. Clark Lipscomb, as President of BYERS PEAK PROPERTIES, LLC, a Colorado limited liability company. Witness my hand and official seal. My Commission expires: ( S E A L ) Notary Public {Client/1 3 23 6/1 16/024 1 4663.DOC/161 33 STATE OF COLORADO ) ) SS COUNTY OF ) The foregoing instrument was acknowledged before me this day of 2013, by C. Clark Lipscomb, as President of BYERS PEAK DOWNHILL ADVENTURES, LLC, a Colorado limited liability company. Witness my hand and official seal. My Commission expires: ( S E A L ) Notary Public STATE OF COLORADO ) ) SS COUNTY OF ) The foregoing instrument was acknowledged before me this day of 2013, by C. Clark Lipscomb, as President of CORNERSTONE WINTER PARK HOLDINGS, LLC, a Colorado limited liability company. Witness my hand and official seal. My Commission expires: ( S E A L ) Notary Public {Client/1 3 23 6/1 16/024 1 4663.DOC/161 34 BYERS PEAK RANCH ANNEXATION AGREEMENT LIST OF EXHIBITS EXHIBIT A — Legal Description of Property EXHIBIT B — EXHIBIT C — Form of Reservoir Easements EXHIBIT D —Municipal Parcel EXHIBIT E — EXHBIT F — Grading and Excavation Operations Plan 5991316_3 {Client/1 3 23 6/1 16/024 1 4663.DOC/161 35 BOARD OF COMMISSIONERS JAMES L.NEWBERRY PHONE: 970/725-3347 District I,Winter Park 80482 Fax: 970/725-0565 MERRIT LINKE LURLINE UNDERBRINK CURRAN District II,Granby 80446 County Manager GARY BUMGARNER ANTHONY J.DICOLA District III,Hot Sulphur Springs 80451 County Attorney February 19, 2013 Ms. Catherine Trotter Town Planner, Town of Fraser PO Box 120 Fraser, CO 80442 Re: Byers Peak Ranch Annexation Dear Ms. Trotter, Grand County appreciates the opportunity to provide comment on this Annexation Request. As this property is located within the Town of Fraser Urban Growth Area,this annexation request is supported within the Grand County Master Plan. A countywide goal within the Master Plan is to target new development to suitable land in and around towns and existing development areas. The plan states that new development should be served by adequate infrastructure such as roads,water and sewer, and that these types of improvements should be funded by the Developer. Section 2.2.1 supports promoting an overall pattern of development that directs intensive development toward existing towns and communities, and encourages growth in designated growth boundaries. This annexation request is strongly supported by the Grand County Master Plan. Grand County found a copy of the proposed Annexation Agreement between Byers Peak Ranch and the Town of Fraser online. Section 7.6 within the Annexation Agreement found online contains the following statements: "The improvement of the Regional roadways is the responsibility of Grand County and Fraser based on intergovernmental agreement and memoranda of agreement or understanding that may exist between them from time to time." "The design, engineering and construction of any required improvements will be the responsibility of Fraser and Grand County." P.O.BOX 264 HOT SULPHUR SPRINGS CO 80451-0264 County records indicate a meeting was held on October 5, 2012 between Lurline Underbrink Curran, Ken Haynes, Bob Franek, Ed Moyer, Jeff Durbin and Allen Nordin. The memorandum that was provided to the Board of County Commissioners after this meeting is attached for reference. The memo indicates Country Roads 721, 8 and portions of 72 we discussed, although Grand County is unaware of any memorandum of understanding or formal agreements that exist on these roadways. This is not to say that future agreements may or may not occur, but simply that at this time, we are not aware of any that exist. If your information is different, please inform us, and provide the documentation for our records. We applaud the Development Permit required for Colorado Adventure Park. It contains similar condition as the County Special Use Permit, and we appreciate your adoption of those requirements. We appreciate the opportunity to comment on this Annexation request, and believe that the annexation is consistent with the goals of the Grand County Master Plan, and will serve both the citizens of the Town of Fraser, Colorado and unincorporated Grand County. Sincerely, James Newberry Bumga Merrit Linke Chairman jounty Co ssioner County Commissioner P.O.BOX 264 HOT SULPHUR SPRINGS CO 80451-0264 GRAND COUNTY MANAGER'S OFFICE 308 Byers Ave e P.O.Box 264 ® Hot Sulphur Springs a Colorado ® 80451 970-725-3347 MEMORANDUM TO: GRAND COUNTY BOARD OF COUNTY COMMISSIONERS FROM: EDWARD MOYER RE: MEETING WITH TOWN OF FRASER DATE: OCTOBER 5,2012 Lurline Underbrink Curran,Ken Haynes,Bob Franek and I met with Jeff Durbin and Allen Nordin on October 4,2012 and discussed the following roads and infrastructure adjacent to and within the Town of Fraser: County Road 721 (between CR72 and CR72) • Town of Fraser owns this portion of ROW. • County maintains CR721 and collects HUTF dollars. • County doesn't have governmental immunity on this CR721. • Solution:Town of Fraser to deed CR721 ROW to County;discuss with BOCC. • Upon any annexation of Byers Peak Ranch,CR721 would revert back to the Town. County Road 8 (CR8) • Fraser River bridge is owned by Fraser and within the town boundary. • Lifespan of bridge is uncertain at this time. • Both the Fraser and County have proportional bridge traffic and impacts. CR8 provides access to various developments up CR8 and Winter Park Ranch. • Proactive Solution discussed: A. Jointly perform traffic counts along CR8 (at US 40,Quail Drive and above Fox Run)next summer to reach consensus of Town/County proportional share. B. Jointly pay for a preliminary engineering design of the bridge in order for the Town and County to budget accordingly. County Road 72 (US 40 stoplisht to railroad overpass) • Town of Fraser owns majority of this ROW and maintains paved section. • County maintains gravel section. • Discussion on obtaining quote to pave remaining section. • Need to further discuss ownership/IGA of ROW in Town that County is maintaining. County Road 72 (railroad overpass uphill to cemetery) ® County owns this ROW and maintains section. ® Engineered realignment exists for steep section through Town property and incorporates a T- intersection with CR721 as the through road. Lu Berger From: Brad Benson <bbenson @cstoneholdings.com> Sent: Wednesday, February 27, 2013 1:31 PM To: Lu Berger Subject: support letter for Byers Peak Annexation Hi Lu, this is Brad Benson. I'd like to submit this email to the Town of Fraser in support of the Byers Peak annexation. As a resident of Fraser, I've watched several Grand County developments proceed in the last decade. Rendezvous and Grand Park have appeared to be successful thru their continued growth, open space preservation, and pleasant appearance. On the other hand, I have watched projects fail such as James Peak Lodge and Shore Fox. I think we can all agree that development is inevitable, and I would like to support a developer that has a strong track record with successful developments. I feel it would be wise for the Town of Fraser to partner with a developer that will stick around long enough to see the long-term project completed, has the funds to complete the development, and do it in a tasteful manner. Thanks Lu! Brad Benson Accountant Cornerstone II°1oldings 970.28]..4470 ph 970-726-8833 fax 1 Byers Peak Ranch, LLLP Fraser Colorado February 6, 2013 Catherine E. Trotter, AICP Town of Fraser Planning Department PO Box 370 Fraser CO 80442 Via E-mail: etrotter @town.fraser.co.us I am writing on behalf of my family, to comment on the annexation proposal presented by Byers Peak Properties LLC. First we would like to correct some factual errors in the application: I. The property owner on the Land Use Application Form is listed as Byers Peak Ranch LLC. This is incorrect. The applicant Byers Peak Properties LLC owns the property that is the subject of this annexation request. 2. On the Annexation Map provided there are several portions of the property identified as belonging to Delaney Ranch LLP, that are in fact owned by us, Byers Peak Ranch LLLP (formerly Byers Peak Ranch Ltd. Partnership — the same entity). Another portion adjacent to CR72 to the north is identified as belonging to Johns et al, when in fact this is also part of our property. We own most of the abutting land to this project. 3. This project has been titled by the applicant"Byers Peal-,Ranch", and in all of the Annexation meetings it has been referred to as Byers Peak Ranch Annexation. Clearly the applicant is attempting to capitalize on the long history and rich tradition our family, the owners of Byers Peak Ranch, has had in the Valley. The original Byers Peak Ranch for Boys was a much smaller portion of land centrally located in the property we continue to own. Our grandfather, Aksel Nielsen and his partner Carl Norgren purchased Byers Peak Ranch and we have maintained that as the name of our business for 70+years. Over the years, Byers Peak Ranch has bought and sold several parcels of land that adjoined the original Ranch. When portions were sold the new owners have never claimed to "own the ranch" until now. It would be far more accurate to term this project the Byers Peak Properties Annexation request. 1080 COUNTY LINE ROAD 73 • FRASER, CO JUDY PEMSTEIN: PHONE: 508.380.5829 • E-MAIL: JUDITH.PEMSTEIN @GMAIL.COM PAM POWELL: PHONE: 303.798.6096 E-MAIL: PMP1950 @AOL.COM -2— February 6,2013 We urge the Planning Department to carefully consider the overall impact of this project on the Town. We would point out that, while growth and economic development are good for Fraser, it should be done with an eye toward maintaining the scenic beauty of the Valley. This should be an improvement in the true sense of the word. The applicant is proposing an abundance of residential, lodging, and RV sites as well as commercial sites. On only 295.429 acres, the proposal creates a density that does not seem to be in keeping with thoughtful and attractive development that would improve rather than detract from the surrounding beauty. Also explore carefully the promises of ponds and water, that may or may not come to fruition as envisioned; these water rights if granted would be junior to other water rights in the area. In terms of the impact of this development upon Byers Peak Ranch, we would ask that the Planning Department consider requiring open space buffer zone where the residential and recreation uses abut our property. We continue to run a cattle-grazing business on our property and we think this careful planning will eliminate potential danger from the interface of traditional ranching activity with new development. We urge you to deliberate carefully, consider the history of this applicant in creating similar developments, and ask what is best for the Town of Fraser. Thank you for your consideration. Sincerely, �udy ivi Judith M. Pemstein Managing Partner Byers Peak Ranch, LLLP Lu Berger From: Jeff Durbin Sent: Thursday, February 28, 2013 9:26 AM To: Lu Berger Subject: FW: question Jeff Durbin Town Manager Town of Fraser From: chaz and co. [ma i Ito:aranolasandwich(a)hotmaiLcom] Sent: Wednesday, February 27, 2013 9:54 PM To: Jeff Durbin; Nat Havens; Iburaer(a)town.fraser.co.us Subject: question Greetings Gentlemen! And Ms. Berger! Regarding the article on the Sky High News website... Please, briefly, explain to me how this mega expansion of the water infrastructure is not a huge subsidy to Clark?Yes, the town gets its "capital improvements", but most of the projected water taps will to to Byers Peak Ranch, correct? Why should Clark end up with 9.8 million dollars in the end? He should be BEGGING Fraser for annexation, not expecting money out of the deal. What are Clark's projected out of pocket expenses for the initial water infrastructure? Does he stand to DIRECTLY profit from improvements to the municipal infrastructure? Not just through profits from his development, but by his investment in the water upgrades? Is this really in the town's best interest? And as far as roads go, we all know that the maintenance on those roads will end up being a huge burden to the town. It's easier to pave a road than to keep it pothole and snow free for decades to come. Does the tax base from Rendezvous pay for the maintenance there? What are the projected costs to maintain Clark's projected 35 year build out? Anyway, Jeff(and Nat...thanks for the xmas ornament!) I'm not trying to pick a fight, I'm just trying to understand why the town is suddenly so eager to annex the property. And I'm worried about the impact it will have on existing residents like my mother. I especially see no need for the town to kowtow to ANY of Clark's demands. Annexation is exactly what he wants. The town has the power here. Show some backbone. If there is a way to explain this whole thing to me in a couple of paragraphs, I would appreciate it, as the news article is opaque, and in my opinion, leaves many questions unanswered. Hope you guys are well. Please forward this entire email to the Board of Trustees, as per instructions on the Town of Fraser website. And please let me know that you received it, hopefully by sending a thoughtful and insightful reply. Good luck with all this, Charles Clayton Taos, NM Property owner (!) in Fraser i February 13, 2013 Town of Fraser Board of Trustees Jeff Durbin Fraser Town Manager PO Box 370 Fraser, CO 80442 Board of Trustees and Jeff Durbin, Since the Public Hearing on February 6, 2013,I've taken some more time to review document 7b II BPR Water.pdf,Proposed SFE water plant investment fee split structure, and,to some extent, 7b II BPR Draft AA.pdf,Byers Peak Ranch (BPR) Annexation and Development Agreement. I continue to believe that with these agreements,the BPP may not be paying its share of costs and that Town of Fraser may be committing to pay significantly more than its share. Based on my initial review and interpretation of these documents,my calculations suggest the amounts Fraser could be overpaying plus the amounts that BPP may not be paying to the Town that would be appropriate could total millions of dollars. My observations and questions about appropriate payments are presented on the following pages. I hope that we can set up a time to discuss these issues to assess whether my observations are correct or if there are issues that I am not aware of that have led to agreement terms. To the extent that these agreements reflect standard development practices,I believe they may need to be modified to reflect cost and revenue sharing that are more appropriate for the current economic times and expectations. I know that the Town of Fraser and its advisors have devoted a lot of time and effort reviewing the PDD plan. However,given the serious commitment that these agreements represent and the issues I have identified so far,I believe more review is needed. As described below,I would be interested in talking with you about my past experience in similar areas and how I might be able to help with further review. Sincerely, Jane Mather,Ph.D. 451 Muse Drive Fraser, CO 80442 970.726.9500 jmather @criticalcore.com Town of Fraser Board of Trustees 2 February 13, 2013 Comments on 7b BPR Water.pdf-Proposed SFE water plant investment fee split structure and 7b II BPR Draft AA.pdf, Byers Peak Ranch (BPR)Annexation and Development Agreement. Infrastructure Cost Sharing Arrangements As noted at the Public Hearing,it is unclear why the cost sharing arrangements are based on BPR's share of total town usage when the costs incurred are primarily to provide additional water for BPR water and future town growth. To the extent that improvements are needed to provide additional water for BPR and Town growth,it seems the shares paid by each party should reflect their shares of additional water usage, not total water usage. For example,for the first improvements described, the fee split agreement states that BPP should pay 25% of costs based Byers Peak Ranch's (BPR) share of total water usage. But if the improvements are primarily needed to provide additional water for Town and BPR use and would not be needed otherwise (or would not be needed as soon),then cost sharing should be based on the shares of additional water usage. In this case, BPP should pay 70% of these costs not 25% of the costs. To estimate how much more than its share the Town of Fraser might be paying for the improvements in the fee split agreement,one would need to know which improvements would be needed for new water usage and which would be needed for the town as a whole. To the extent that some of these improvements will be completed many years in the future, some of these improvements will benefit the Town as a whole due to the need to repair or replace older equipment. Without knowing the appropriate share of improvements needed for growth versus repair and replacement,I considered the situation in which all of the improvements were needed for growth but the costs were, as in the proposed agreement,based on BPR's share of total usage. In this case,the Town of Fraser would be paying$1.8 million more than its appropriate share of costs. To the extent,that some of the improvements will be needed for repair and replacement rather than growth,the Town's overpayment will be some portion of this amount. Although it may increase the complexity of the agreement,the fact that the Town's overpayment may total more than $1 million would seem to suggest the agreement should include recognition of which improvements are for new water usage and would not be needed otherwise,which are improvements for repair and replacement,and which would be required earlier than without the BPR project. SFE Fee Sharing Arrangements In the 7b II BPR Water.pdf agreement, BPP receives the full portion of the $7,000/ Single Family Equivalent(SFE) fees for the first 900 SFEs,or$6.3 million,before any water plant investment fees are paid to the Town of Fraser other than what the Town receives due to new Town SFEs. I assume that these are the same fees described in the Appendix A, Fee Schedule posted on-line at Town of Fraser Board of Trustees 3 February 13, 2013 http://www.colocode.com/fraser/fraser_19.pdf. Further I assume that if the infrastructure required already existed,these fees would be paid to the Town of Fraser to compensate it for its investment in water provision and treatment facilities and infrastructure that already exists. I have a few questions regarding the proposed approach. 1. According to the Fee Schedule,the water plant investment fee is $7,700 per SFE rather the $7,000 per SFE in the document 7b II BPR Water.pdf. Is there a reason for this difference? The Fee Schedule also shows a fee of$7,500 per SFE for wastewater plant investment. Is there a provision in the agreement that clarifies that the BPP will pay all of these fees to the Town as provided in the Town Fee Schedule? 2. The fact that BPP will receive $6.3 million in fees before the Town of Fraser implies that BPR will not be receiving any benefit from existing Fraser water provision infrastructure. According to Section 3.1 a in the Annexation Agreement,this assumption does not seem to be true. Infrastructure Connections.The water infrastructure connections to the existing Fraser municipal system infrastructure to serve the Property may be made through the infrastructure that serves the"old town"portion of Fraser or the infrastructure associated with the neighboring project known as the Grand Park project. As well,the assumption that all of these fees go first to BPP would seem to imply that Fraser would have no investment costs involved in providing the additional infrastructure that would need to be reimbursed by water plant investment fees, even though Section 3.1 says the following. "Fraser shall be responsible for all applicable implementation,operation and accounting requirements necessary to serve the Property pursuant to the PDD Plan." To the extent that BPR will be benefiting from previous Town investments for which the fees are meant to provide reimbursement and to develop a reserve for repair and replacement,then the fees should be split from the beginning to reflect the need for new infrastructure and the use of existing infrastructure. For example,if the value of the existing improvements is equal to value of required additional improvements,then instead of providing 100% of the fees to BPP for improvements,the fees should be split with 50% to each party. In this case,BPP is not paying the Town of Fraser the $3.15 million that should be paid cover the costs of existing investments and develop a reserve for future repair and replacement. Town of Fraser Board of Trustees 4 February 13, 2013 3. The Annexation Agreement states that BPP will be responsible for the construction of the required water improvements,and that once completed,the improvements will be transferred to the Town of Fraser for operation,maintenance, etc. With one party responsible for construction and another party responsible for operations and maintenance,the party responsible for construction does have the appropriate incentives to make the appropriate choices of what additional construction and improvement costs should be made that would result in lower operations and maintenance costs,especially if those costs are to be shared with other Town residents. I have not yet found the sections that determine what rights the Town of Fraser has to set the standards for this construction to address these incentive issues. Where is this specified and how will it be enforced? Additional Concerns and Related Experience to Address These Concerns While some of my other concerns about these agreements, are simple and will be provided in a separate letter,my initial review suggests that there may be many other issues that may unreasonably burden the Town of Fraser. Due to the complexity of the situation and agreements,I cannot to commit the time for additional review on these more complex issues as a"resident volunteer." I would be willing to provide additional review,evaluation and summary on a paid basis. As you can see from the attached resume,I have significant experience in real estate and financial analysis, including teaching economics and real estate at the MBA program at the University of Chicago Booth School of Business (currently ranked fourth among MBA programs in the US),commercial real estate planning and brokerage in downtown Chicago,and real estate advisory work for Google, Cisco, PacifiCare Health Systems and others. On brokerage deals in Chicago, my contributions included evaluations similar to my comments here -evaluating the real estate market and other aspects of the situation so that eventual agreements reflect as much as possible data and principles rather than some midpoint between initial negotiating positions. As well,if Town staff will not have sufficient time before the March 6, 2013 Public Hearing complete summaries of pro forma revenue and costs and a comparison of the proposed zoning to Town zoning and zoning for other Fraser PDDs,as requested at the last Public Hearing, I can help compile existing information into a format for resident review. My rates range from $150 to $250 per hour depending on the work I am doing. As appropriate,we can discuss how these rates might be modified for this situation. Jane E. Mather, Ph.D. Skills and expertise: Strong organizational, analytical and communication skills with PC Box 187 training and experience in economics,finance, real estate, and software development. Fraser, Colorado 80442 970.726.9500 jmather(a�criticalcore.com EXPERIENCE Corporate Real Estate Management and Consulting Critical Core Founded Critical Core, Inc.to apply approaches from other corporate President, 2002-present disciplines to improve the management of corporate real estate. CoreNet Global Strategy and Portfolio Developed Critical Core's proprietary software, Core Planning,which Planning Community has been used on projects for Google, Cisco Systems, Manulife Co-chair(volunteer), 2010-2012 Insurance, PacifiCare Health Systems and other Fortune 100 Independent consultant, 1995-2001 companies. Results include better solutions,faster analysis, and millions of dollars in savings. LRS Associates,Inc., Vice President, In previous positions,worked with corporate real estate staffs and 1991-1995 commercial real estate brokers on real estate lease negotiations, financial analysis, long-term planning, mergers and consolidations. Write, lecture and facilitate workshops on corporate real estate portfolio management including workshops sponsored by CoreNet Global, the leading industry organization. Litigation Support Chicago Partners,LLC, 1997-1998 Participated in developing litigation support materials and expert Independent expert witness, 1996-1997 witness opinions for corporate valuation, risk assessment, employment discrimination, and real estate valuation cases. Real Estate Investment Analysis And Management LaSalle Partners(now Jones Lang Developed real estate investment strategies for portfolio diversification, LaSalle), Director of Research, 1989-1991 market selection, and acquisition analysis for portfolios worth billions of BCED, (now Brookfield Properties), dollars. Director of Research, 1988-1989 Participated in leasing and property management activities. Academics The University of Chicago Graduate Developed and taught full-quarter MBA course on real estate (1992- School of Business, Lecturer in 1993). Management Studies, 1992-1993, Visiting Taught labor economics, macroeconomics,and microeconomics to Professor, 1987-1988 college and MBA students(1983-88). Zhongnan University of Finance and Participated in one of the first assignments to teach western Economics, Wuhan, People's Republic of economics in China after its opening to foreigners. China, Visiting Professor, 1987 Dartmouth College,Assistant Professor, 1983-1987 COMMUNITY Search and Rescue Dogs of the United States Trained two certified search and rescue dogs, Taz and Shockoe, and Member, Evaluator worked with them on many searches over the last 12 years. Evaluator for certifying handlers and search dogs. EDUCATION Stanford University, Doctor of Philosophy in Economics, 1984. Ph.D. Thesis"A Study of Cyclical Wage Flexibility Using Disaggregated Data." Harvard University, Bachelor of Arts in Economics, Magna cum laude, 1979. February 6, 2013 Town of Fraser Board of Trustees PO Box 370 Fraser,CO 80442 Board of Trustees, I am writing to express my serious concerns about the current proposed agreement for the annexation of the Byers Peak Ranch property. I have two primary concerns,which lead to the specific comments and questions below. 1. I am concerned that the current agreement may lead the Town to talk on financial responsibilities that it will not be able to cover through future receipts. 2. 1 don't want to seethe Town of Fraser approve variances to zoning plans that will lead Fraser to be a less desirable place for those who live here and visit. Based on these concerns and the materials distributed,I have the following comments and questions. I don't believe that residents can appropriately comment and the Board of Trustees can vote until these questions are answered. Thank you for your consideration and I look forward to learning the answers. Sincerely, Jane Mather 451 Muse Drive Fraser, CO 80442 970.726.9500 jmather @criticalcore.com Comments And Questions Regarding the Agreement and Annexation of Byers Peak Ranch Property into the Town of Fraser 1. Financial implications of proposed agreement. In reviewing the the posted package,I saw some costs but no financial summary describing the projected costs and receipts for the Town of Fraser,and the potential risks. I assume that like me,many residents believe this information should be part of the decision-making process and would like to review this information and comment on it at a future Public Hearing before the Board of Trustees votes. Town of Fraser Board of Trustees 2 February 6, 2013 2. Appropriate sharing of costs. As just one concern about the finacial arrangements,if I understand the agreement and costs correctly,the Town of Fraser would be paying signficantly more than its share of the costs if it agrees to the sharing ratios in document"7b II Water.pdf, Proposed SFE water plant investment." It is my understanding that most of the capital improvements described in these agreements are required to provide additional water to the Town of Fraser. If this is true, then I would assume that the share of the costs to provide additional water would be based share of additional water used. Based on my initial reading 70% of the additional water needed will be for BPR usage,with the remainder other town growth. However,through out this document,the proposed split for the costs is based on BPR's share of total Town usage rather than BPR's share of additional usage due to the BPR annexation and the additional town growth. For example on page 2, BPR's share of costs is 25%based on its anticipated share of total Town usage in the future. In fact,if BPR was to pay its share of the costs of the additional water needs based on its share of additional water used, BPR would be responsible for 70% of the costs,not 25% of the costs. 3. Firming water rights and ponds. I understand that one of the benefits of the annexation is the ability to create ponds to firm Fraser's water rights. I am not an expert in this area,but I would like the town to ensure and report to the residents that the agreements in the proposal will actually provide what is needed to firm the Town water rights. In particular,I would like assurances that the following are not problems: 1) the timing of pond completion(within 5 and 18 years) and 2)the use of storage in Grand Park ponds as a solution for the near future,and possibly long-term,if for some reason this contract is terminated and the ponds are not completed. 4. Zoning. I hope that Fraser continues to be a wonderful place to visit and live,within reasonable development constraints. As a resident,I don't believe I can make an informed statement at a public hearing on a project without understanding to what extent the requests are variances from other Town zoning,including comparisons to residential and commercial locations and other PDD developments. I tried to research this in the zoning rules,in the Community Plan,in the Planning Committee review,but it became far more than I could do as resident rather than a paid employee and zoning expert. If the town has already developed this information,can they provide it for residents to review. If this comparison has not been completed, I encourage the Town to complete it so that it can be made available to residents so that they can provide informed comments. Town of Fraser Board of Trustees 3 February 6, 2013 S. Payments of past PD plan review fees. Based on what I have heard at past town meetings,I have been troubled by the fact that the previous proposals for BPR annexation have seemed to represent excessive negotiating positions rather than reasonable requests, so much so that they might considered"frivolous." I understand that the developers are required to pay some portion of plan PD review fees. I would like to know whether these fees have been paid,whether they were paid in a timely manner or whether they required additional amounts of town employee and board time to collect. 6. Expectation of BPR entities following this agreement. A contract is only as good as the trustworthinees of the signatories,the funds that Town can commit to pay for litigation,and the existence of the entity that would be following the agreement and making payments. The advantage to developers of an LLC,which is the structure for Byers Peak Properties, LLC,the signatory to this agreement,is that an LLC can go bankrupt and not have to perform any further responsibilities,make any more payments agreed to in the contract,or pay any judgments against it. After hearing various stories, I reviewed the judicial records to see whether there were any lawsuits against entities that also included members of Byers Peak Properties,LLC,such as Clark Lipscomb. I found numerous lawsuits for which entities that included Clark Lipscomb were the defendants. The concern is not so much the number of lawsuits,but how they are settled. In the cases for which I know some details,the finding have been against the entities that Clark Lipscomb belongs to,the finding require payments by the defendants and the defendants have not made these payments. I do not know the details in this situations, but in similar situations,an organization can avoid paying by continuously appealing, increasing the legal fees that the plaintiff has to pay to collect,or by disbanding the LLC. If the Town has not already done so,I would hope that the Town would recognize that it has a fiduciary responsibility to research the Grand County law suits,and potentially suits in other locations,so that it understands what happened and what the implications might be for this agreement. Given what I know of these law suits,I would not want to sign any agreement with an entity of which Clark Lipscomb is a member unless it was an absolute necessity,there was a clear documentation and evaluation of all financial costs,receipts and risks,that the sharing of costs are fair and reasonable,which does not seem to be the case,and that all funds and responsibilities were provided for up front. Lu Berger Subject: FW: Annexation From: "Steve Morrow" <sdmorrowgmorrowandsons.com> Sent: Monday, March 4, 2013 5:13:19 PM Subject: Annexation Mayor& Council Members Re: Byers Peak Ranch Annexation Draft Agreement I am a land owner in Fraser. After reviewing the Byers Peak Ranch Annexation Agreement, I would like to bring up some points. I see a real positive for the developer and not a lot in it for the town. The utmost concern with the development plan and the ponds on that property, for water storage, is the effect on the area water table. It is widely recognized that the water table in Fraser is very high, especially in spring and early summer. Looking at the topography of the land involved in the proposed annexation, the town is at a lower grade than that of the planned development. Has a non-partisan, licensed hydrologist engineer been retained and asked their opinion of the impact this could have on Fraser? Does the town need water storage of this magnitude? Isn't the town on a well system and all the water has to be potable? Why would the developer not be required to build a storage tank, as has been required in the past? Why would the town want three different storage ponds to have to maintain? It seems as though we have enough visual impact with the ponds along highway 40 from the Alco Center to Winter Park. We have seen the runoff from this area flood the southwest corner of Fraser and The Divide condo complex and homes in that area. Certainly any flood plain designation must be taken into account. The profile showing the proposed ponds' drainage are all directed at this area that is already subject to flooding. Has there been an environmental impact study completed and a wetlands study statement submitted? Are there any endangered species habitat? I know when I was growing up in the fifties we played in those fields and an old gentleman by the name of John Rogel lived in that area and told us of a field mouse(vole)which was particular only to that area. The Special Developer Water Account and reimbursement appears to go against all good annexation practices. The water issue alone appears to be a stumbling block to the whole agreement, and for what reason would Fraser jeopardize its St. Louis Creek water rights by allowing BPR to use this water? With the current economic downturn, I can certainly understand the developer wanting to utilize their own resources for their build out. However, I do take exception to any outside sales from an on site gravel pit operation. You, too, should be opposed to such a commercial operation. Not to mention, the unsightly appearance of aggregate storage from US Highway 40 already apparent on the Grand Park development. There are enough permitted gravel operations in East Grand County to sustain that market for the next 100 yrs. 1 Concerning the PDD plan and the Grading and Excavation Operations Plan, if ever approved, the developer should be obligated to pay for any improvements or paving on County Roads 72, 721, and 73 before any outside sales are allowed. Thank you for your time and consideration. Steve Morrow z Lu Berger From: michael muftic <mufticmd @hotmail.com> Sent: Monday, March 04, 2013 4:19 PM To: Lu Berger Subject: Byers Peak Anexation I am writing to support it. My wife, Felicia Muftic, is joining in, as well. We support it. It will develop regardless since it is already zoned by the County. We, however, would like the supervision and the standards the Town of Fraser would provide. The developer has proved to be a quality one, too, and we look from our house on Meadow Ridge Hill at both Cornerstone and Byers Peak Ranch. It is our view an we find what is going on there to be acceptable and well planned and sensitive to anti urban sprawl. For those who still want open space there, what should be done is for the county or another entity to purchase it, even if it requires a bond issue. The developer has already put in improvements, mitigated fire hazards, and done a great deal of planning. Sincerely, Michael Muftic, MD, and Felicia Muftic Michael Muftic, MD President Melem USA PO Box 146 Winter Park, CO 80482 303 570 1056 Lu Berger From: Stephanie Tuttle <stephanietuttle72 @yahoo.com> Sent: Wednesday, February 06, 2013 3:30 PM To: Lu Berger Subject: The Nature Chicks, Inc.vs.Winter Park Market LLC and Winter Park Services, LLC Attachments: interm award.pdf, Final AAA Award.pdf Dear Town of Fraser Board of Trustees; This email is to give the Town of Fraser an update in regards to The Nature Chicks, Inc. vs. Winter Park Market LLC. and Winter Park Services, LLC. The Nature Chicks, Inc. went into business with the Winter Park Market LLC. and Winter Park Services, LLC. around May of 2009 and as a result of their breakup of the business enterprise in February of 2010, The Nature Chicks, Inc. were awarded a judgment by the American Arbitration Association in June of 2011. Please refer to the attached judgment as a matter of public record to answer any questions you may have. As of today February 6, 2013, The Nature Chicks, Inc. have not received any monies towards this judgment. The Nature Chicks, Inc. would like to request according the Colorado Legislation that this email and attached judgments be read as a matter of public record to the Fraser Board of Trustees in regards to any 3 matters they feel pertinent. Regards, The Nature Chicks, Inc. Stephanie Tuttle President i i AMERICAN ARBITRATION ASSOCIATION COMMERCIAL ARBITRATION TRUBUNAL THE NATURE CHICKS,INC. INTERIM AWARD Claimant, AAA No. 77 517 00359 10 S1M VS. Arbitrator: John A.Adams WINTER PARR MARKET LLC and WINTER PARK SERVICES,LLC, Respondents. I,THE UNDERSIGNED ARBITRATOR,having been designated in accordance with the arbitration agreement entered into between the above named parties and dated May 01,2009,and having been duly swam,and having duly heard the proofs and allegations of the Parties,do hereby issue this i i ' INTERIM AWARD,as follows: Claimant's claims and break u Respondents' counterclaims arise out of the bre p p of their j business enterprise at the end of February of 2010_ The business enterprise.was the Winner Park Market which was designed and constructed as an upscale,organic and natural foods market fiwith deli,fuel station and car wash(the`'Market"). The parties'business relationship formally { began on or about May 1,2009,when they entered into various written agreements,including a I Management Services-Agreement and an Operating Agreement. In approximately April of 2008, Claimant had purchased a nearby organic and natural foods market and had obtained a bank loan E , of$131,458.00 from Grand Mountain Bank(the`Bank")to make the purchase. Claimant's I principals,Stephanie Tuttle("Tuttle")and Tracey Chambers("Chambers'%managed the former market. In the new business enterprise the parties agreed that Claimant would receive a 40°10 interest in Winter Park Market,LLC ("WPM"}based in part on the purchase of the inventory and goodwill of the former market. Tuttle and Chambers also entered into the Management Services Agreement to manage the Market as independent contractors for a fee of$7,000 per month. Respondent Winter Park Services,LLC was the capital funding entity for the Market and in return received a 60%interest in WPM. See Schedule A to Operating Agreement. The Market officially opened on July 24,2009. Not all services and features of the Market were finished or operating at that time. Despite a high quality and well-funded physical facility and business operation,the parties' financial objectives were not realized and the Market incurred significant operating losses. Friction arose between Tuttle and Chambers, on the one hand, and the on-site representative of Respondents,Clark Lipscomb{"Lipscomb'),who had oversight responsibility for the construction of the Market facilities and monitored the financial interests of Respondent Winter Park Services,LLC. On or about February 26,2010,Claimant,through its counsel and in its accordance with its undisputed right under section 6 of the Management Services Agreement to terminate the agreement without cause,gave written notice that it was terminating said agreement in ten days. By Respondents' own admission,Lipscomb tried."numerous"times to persuade Claimant and its principals to continue managing the Market and wanted them to stay on. Nevertheless, Claimant's last services were provided on March 8,2010. According to Claimant,a major reason for its decision to terminate,the Management I Services Agreement was because Respondents allegedly failed to Honor their obligations under section 6.6 of the Operating Agreement{as clarified by the May 1,2009,Side Letter Agreement, 2 { Ex. G)to negotiate with the Bank and offer an entity to become a guarantor on Claimant's outstanding loan. The agreements between the parties contemplated and provided for two options(which the Side Letter Agreement provided could apply either in the disjunctive or conjunctive): First,the Bank,WPM and its members' would negotiate to modify the Loan and add a guarantor. If those negotiations were successful,then WPM would pay the monthly installments on the Loan as modified. Second,if the negotiations were unsuccessful,then one of WPM's affiliates would pay off the Loan. Neither scenario occurred. The facts are in dispute as to what actually happeried and as to whether Respondents met theirs obligations or not. Respondents presented evidence that Lipscomb met before the Market opened with the Bank's manager,Ron Nelson,along with Tuttle and Chambers and the parties agreed at the Bank manager's suggestion to keep making payments on the Loan rather than to modify the Loan. Respondents concede that no offer was made during that conversation for Respondents or one of their affiliates to become a guarantor. Tuttle and Chambers deny they participated in the substantive conversation or were party to any such agreement. Lipscomb further maintains that it was first in December of 2409 that he was notified of a need for another guarantor. Lipscomb testified and a February 23,2410,email exchange between himself and the Bank's president and from the Bank's president to Tuttle and Chambers(Ex.R)confirins that the Loan was not in default at the time and that no negative credit history had been attributed to Claimant. The evidence shows that in the same time period,the Bank,which was apparently i 'Per SeCtLOA 1.32 of the Operating Agreement,"A Person zranst be a Unitholder to boa Member." Schedule A to the Operating Agreement shows that the two members of WPM were Claimant and Respondent Winter Park Services, f LLC. 3 1 undergoing review by government regulators at the time,had requested the tax returns of Tuttle and Chambers but they had failed to provide their returns to the Bank. The,Arbitrator finds on this record that Respondents breached section 6.6 of the Operating Agreement and the Side Letter Agreement by failing to offer a guarantor to the Bank on the Loan. The approach taken by WPM to make monthly installment payments on the Loan without offering a guarantor on the Loan was not approved in writing as required by Section 17.6 of the Operating Agreement that governs amendments or modifications. However,the.Arbitrator also finds that Claimant suffered no injury until April 2009 when WPM ceased making payments. Up until that point in time,WPM had made the monthly payments on the Loan and Claimant was neither in default nor had sustained any negative credit history. Respondents acknowledge and continue to acknowledge that they are responsible for the portion of the Loan that corresponds to the value of the agreed upon inventory and goodwill paid to Claimant at closing in relation to the outstanding balance of the Loan as of the same date. The parties have stipulated that the agreed upon value assigned to the inventory and goodwill at closing was$72,400.59. See Ex. 10. They also agree that the outstanding balance of the Loan at that-time was 125,145.81. See Ex.G. They further agree that as of that time, Respondents were responsible for 57.853 percent of the Loan and Claimant was responsible for 42.147 percent of the Loan. It is stipulated that Respondents made ten payments of$1,522.42 on the Loan for a total of$15,224.20 to the Bank on the Loan. It is further stipulated that 42.147%of that amount is $6,416.54 and represents the portion of the monthly payments for which Claimant had responsibility. In accordance with section 6.6(a)(2)of the Operating Agreement,Claimant 4 i - agreed to pay 12%interest on funds advanced by Respondents on the Loan. 42.147%of the $1,522.42 monthly payment is$641.65. The interest on the$6,416.54 at 12%until March 18, 2010 is$380.61. To summarize with respect to the Loan,the Arbitrator concludes that the amount owed by Respondents to Claimant as to that issue is$56,795.78 which is calculated as follows: $72,400.59 (stipulated value of inventory and goodwill) - 8,807.66 (57.853%of$15,244.20 in WPM payments to Bank) - 6,416.54 (42.147%of$15,244.20 in WPM payments to Bank) - 380.61 (12%interest on ten monthly payments of$641.65—42.147%of $1,522.42 from May 1,2009 through March 18,2010) $56,795.78 Respondents apparently chose not to satisfy their obligation with respect to the Loan at the time of break up because they concluded that they had legitimate offsets against Claimant claimed to total$81,634.87 that they believed exceeded the amount owed as the Loan balance. Toward the end of the Hearing Respondents presented Exhibit VVVV which shows revised counterclaim damages totaling$73,428.29. The Arbitrator finds against Respondents on all their counterclaims except for the amounts shown in numbered paragraphs 5 and 7 of Exhibit XXX. The reason for finding against Respondents on all the numbered paragraphs of Exhibit XXX except for 5 and 7 is that all those claims relate to Claimant's management of the Market. At the time ofbreak up,Respondents had asserted.no breaches of the Management Services Agreement. In fact,Lipscomb thought that Tuttle and Chambers were doing a good job and encouraged them numerous times to stay on. Moreover,paragraph 4 of the Management Services Agreement required Respondents to the extent they were dissatisfied with the method or nature of services provided by Claimant to notify Claimant in writing and give Claimant an opportunity to correct any problem identified-by Respondents. Respondents never followed that contractual procedure. 5 To the extent there were shortcomings in Claimant's management practices or decisions,the Arbitrator finds that both sides were working together for their mutual economic advantage to try and make the Market profitable. It was a new business model that involved a significant learning curve with significant risk for both sides. The Arbitrator Ends.for Respondents on numbered paragraph 5 of Exhibit XXX in the amount of$4,748.29 because these are accounts receivable amounts admittedly incurred by Tuttle and Chambers. They contend that these were individual obligations,not Claimant's obligations and that they are not parties to this proceeding. While that argument has some technical validity,the Arbitrator finds that Tuttle and Chambers were only in a position to incur those obligations without immediate payment by virtue of their roles within Claimant as the manager of the Market. The Arbitrator assumes that there was never a motive on Claimant's part as a business partner of Respondents to allow its employees to evade their financial obligations to the Market. As to numbered paragraph 7 of Exhibit XXX,it is undisputed that Respondents paid the sales tax of$1,508 owed by the former market. Claimant also asserts a claim in the amount of$273,000 against Respondents for claimed lost management fees through the end of a four-year so-called"stabilization period'. The Arbitrator denies that claim. Claimant was an independent contractor,not an employee. The bargain struck by the parties is that either side could terminate the Management Services Agreement at any time without cause upon giving ten days'notice. Claimant voluntarily chose for its own reasons to exercise that right. It has no valid claim for management fees beyond its last date of service. However,Respondent WPM did not pay Claimant the agreed upon f r management fee for February of 2010 or for the first eight days of March 2010. Respondent r 6 I I t WPM'S failure to pay was a breach of paragraph 5 of the Management Services Agreement Accordingly, Claimant is entitled to the$7,000 management fee for February and a prorated portion for March,in the amount of$1,806,for a total of$8,806. Paragraph 14(e)of the Management Services Agreement entitles the prevailing party in a dispute arising under or relating to said agreement to recover from the other party its costs and expenses,including reasonable attorneys'fees. In addition,Section 17.13 of the Operating Agreement requires each Unitholder(Claimant and Winter Park Services,LLC are both Unitholders under the Operating Agreement)to indemnify the other and hold it"harmless from and against all losses, costs,liabilities,damages, and expenses(including,without limitation, costs of suit and attorneys'fees)they may incur on account of any breach by that Unitholder"of the Operating Agreement The Arbitrator concludes that Claimant is entitled to recover its reasonable attorneys' fees,costs,expenses and damages from March 8,2010 forward. The basis for this ruling is that Respondents owed Claimant a substantial sum(both in connection with the unpaid management fees and that portion of the Loan that represented the amount to be paid for inventory and goodwill)when the business relationship ended. Respondents caused harm to Claimant and breached their obligations under the Management Services Agreement and the Operating Agreement by failing to make those two payments. Respondents maintain that they have no responsibility for any of the subsequent interest and Bank late charges incurred by Claimant from April 2010 going forward,contending that they were not signatories to the Loan and therefore have no responsibility for interest and late fees. The Arbitrator finds that the late fees constitute either expenses or damages for which i Respondents are responsible because of their breach of the Management Services Agreement 7 and/or-the Operating Agreement. The Arbitrator awards late fees in the amount of$913.44 from April 16,2410 through March 16,2011. Because Claimant did not take care of satisfying its portion of the Loan at the time of break up of the business relationship,the Arbitrator does not award any interest. By stipulation of the parties at the Hearing and prior order of the Arbitrator,Claimant and its counsel are to submit Claimant's claimed reasonable attorneys'fees and costs to the American Arbitration Association,Administrator and Respondents'counsel within five business days of the date of this Interim Award. Respondents and their counsel shall have five business days from the date of Claimant's submission in which to file objections,which objections shall not exceed five pages,double-spaced. Claimant and its counsel shall then have three business days from the date of Respondents'objections in which to file a response,if they choose,which shall not exceed three pages,double-spaced. 1. Respondents shall pay to Claimant the sum of$61,766.93 ($56,795.78 on the Loan,$8,806 on unpaid management fees,$913.44 on late fees in connection with the Loan less $4,748.29 on Respondents'counterclaims in paragraphs 5 and 7). F 2. The Arbitrator's award as to attorneys' fees,costs, expenses and administrative fees of the American Arbitration Association will be set forth in the Final Award, This Award shall remain in full force and effect until such time as a final.Award is rendered. i DATED: Inlay 23,2011. A� v John A.Adams,Arbitrator 8 4 AMERICAN ARBITRATION ASSOCIATION COMMERCIAL ARBITRATION TRIBUNAL THE NATURE CHICKS, INC. FINAL AWARD Claimant, AAA No. 77 517 00369 10 S1M V. Arbitrator: John A. Adams WINTER PARK MARKET LLC and WINTER PARK SERVICES,LLC, Respondents. I,TIC UNDERSIGNED ARBITRATOR,having been designated in accordance with the arbitration agreement entered into by the above-named parties and dated December 18,2007, and having been duly sworn,and having duly heard the proofs and allegations of the Parties, and having previously rendered an Interim Award dated do hereby, AWARD, as follows: In the Interim Award dated May 4,2011,the Arbitrator directed Claimant to submit its attorneys' fees and costs. On May 31,2011, Claimant filed its Affidavit of Attorneys' Fees. On June 6,2011,Respondents filed their Objection to Claimant's Attorneys'Fees and Costs. I,under the undersigned Arbitrator,having been designated in accordance with the arbitration agreement in Section 16.1 of the May 1,2009 Operating Agreement, and having been duly sworn and having duly heard the proofs of the allegations of Claimant and Respondents, hereby makes the following Final Award: 1. Numbered paragraph 1 on page 8 of the Arbitrator's Interim Award is affirmed and remains in effect in all respects. 2. Respondents shall pay to Claimant$27,563.14 in attorneys' fees(75%of $20,950.75,75% of$980.00 and 50%of$22,230.15)and$1,764.00 in costs (75%of 2,352.00). 3. The administrative filing and case service fees of the AAA,totaling$6,500.00, and the other administrative fees of the AAA,totaling$6,800.00, shall be borne equally. The fees and expenses of the arbitrator,totaling$19,027.04, shall be borne as follows: 25.00%by Claimant, 75.00%by Respondent. Therefore,Respondent shall reimburse Claimant the additional sum of$4,756.76, representing that portion of said fees and expenses in excess of the apportioned costs previously incurred by Claimant. This Award is in full settlement of all claims and counterclaims submitted to this Arbitration. All claims not expressly granted herein are hereby,denied. Dated: . w'q � -- ohn A.Adams,Arbitrator 1141151vl 2 Lu Berger From: Susan Koeneke <koenekes @gmail.com> Sent: Wednesday, February 27, 2013 4:18 PM To: Lu Berger Subject: BPR Annexation Support Dear Fraser Town Board of Trustees: This letter is in support of the Byers Peak Ranch annexation. I read the article in today's Sky-Hi Daily News which stated the plans and details of the project. I agree with Jeff Durbin's statement that"there are significant benefits to the community". The plan includes new construction of residential and commercial units, open space, a park, and recreational uses of the ponds. When I moved to Grand County 14 years ago I lived in a condo in Fraser. I enjoyed the ammenities that Fraser had to offer such as the Fraser River Trail for hiking and biking, Safeway, local restaurants, and more recently the soccer and softball fields, Grand Park Community Rec Center, and The Foundry. To offer newly constructed quality residential units with maintained streets seems to be a positive opportunity for the Town of Fraser and its residents. Sincerely, Susan Koeneke i UNION PACIFIC RAILROAD 1331 17th Street Alice M.Destigter General Attorney Denver,Colorado 80202 P 303 405 5406 February 4, 2013 Town of Fraser Planning Department P.O. Box 370, Fraser, CO 80442 RE: Union Pacific Railroad Company's Public Hearing Comment to Byers Peak Ranch Annexation and Planned Development District Proposal at the Public Hearing to be held at the Town Hall offices of the Town of Fraser on February 6, 2013 at 7:00 p.m. Dear Sir/Madam: Union Pacific Railroad Company("Union Pacific" or"the Railroad") hereby reiterates to the Town of Fraser("the Town") its continuing safety concerns regarding the above referenced plans, submitted by Byers Peak Properties("the Developer"). Specifically, the Railroad requests that the Town address the significantly increased potential for trespass onto the right of way and tracks that border the entire east side of the planned development. The present barbed wire cattle fence between the two properties will not be sufficient to exclude trespassers of the human kind coming from the planned development. Union Pacific receives no benefit from the development of this property to the west of its tracks. It follows that the Railroad should not be required to absorb the cost of protecting itself from the increased liability this development presents. Therefore, Union Pacific requests that the Town require the Developer to include the installation of fencing in its plans. Fencing should be at Developer's sole cost and expense and should be designed to prevent trespassing on railroad right of way where the property lines abut one another. Resp ully submitted, • (f lice Marie de Stigter ' General Attorney Union Pacific Railroad Law Dept. 1331 17th Street, Suite 406 Denver, Colorado 80202 Phone: 303-405-5406 Fax: 303-405-5413 cc: David E. Peterson www.up.com BUILDING AMERICA Byers Peak Ranch Grading and Excavation Operations Plan —2-1-13 This Grading and Excavation Operations Plan (the "Plan") regulates grading and excavation for the specific Planning Areas defined in the Byers Peak Ranch Planned Development District Plan ("Byers Peak Ranch PDD Plan") in addition to those provision set forth in the Byers Peak Ranch Annexation and Development Agreement between the Town of Fraser(the "Town"), Byers Peak Properties, LLC and Byers Peak Downhill Adventures, LLC (collectively, the "Developer") dated and recorded at in the public records of Grand County, Colorado (the "Annexation Agreement"). The term Developer as used herein shall include any party, including without limitation contractors, subcontractors, and lessees, conducting grading and excavating operations within the specific Planning Areas within the Byers Peak Ranch PDD Plan. Compliance Requirements: 1. The Developer shall be responsible for insuring compliance with all applicable Fraser, state and federal rules, regulations and statutes, including,without limitation, those enforced by the Colorado Department of Natural Resources,the Colorado Division of Reclamation, and the Colorado Department of Health and Environment. The Developer shall obtain any required permits and shall provide such permits to the Town of Fraser. Best management practices will be employed with regard to soil erosion and prevention at all times. 2. Water Used in Grading and Excavation Operations. If ground water is exposed or required for grading and excavation operations, Developer shall obtain well permits issued by the State Engineer,and shall provide such permits to the Town. The Developer shall comply with all applicable provisions in the decree entered in Case No, 10CW309, Water Div 5, and any other applicable water court decrees. If necessary,the Developer shall apply to the Water Court, Division 5 for a water court decree granting underground or surface water rights for use in grading and excavation operations. 3. Duration of Grading and Excavation Operations. The Developer shall commence grading and excavation operations within six months of obtaining any required permit from the State and a Grading Permit from the Town together with the providing to the Town the required surety for the Developer's performance. The Developer shall only use each such permit for 10 years and shall discontinue any and all grading, gravel and excavations operations after the 15 year anniversary of the issuance of the first Grading Permit. During periods of inactivity (six months or more), the Developer shall move all equipment associated with grading and excavation operations off site. 4. Hours of Operation. Monday through Saturday, 7:00 AM to 7:00 PM. There shall be no truck traffic on Fraser Valley Parkway on Saturdays unless and until the path for bicycles and pedestrians provided for in Section 7.8 of the Annexation Agreement is constructed and approved by the Town. 5. Management of Grading and Excavation Operations. a. The Developer shall identify the land on which it will carry out grading and excavations operations in the Grading Permit application. Such land shall be limited to an area of disturbance of 10 acres for each water storage facility, with no more than 5 separate acres of grading and excavation at any one 1 time. To the extent a water storage facility requires more than 10 acres of disturbance, any one area of disturbance may be greater than 10 acres as identified in the application; provided than no more than a total of 50 acres is being disturbed at any one time. b. The location of any stockpiling of material on the Property shall be identified on the Grading Permit. The total amount of stockpiled material will be kept to a minimum and each pile may be no more than 40 feet high and have a life of no more than 24 months. C. The developer shall limit the amount of equipment on the property and minimize any potential impact on views. 6. Distance from Residential Use. Grading and excavation operations shall be at least 1000 feet from any existing residential use(s)within the Town boundary or at least 1000 feet from any residential use(s) approved as a part of an FPDP or a final subdivision plat at the time the Grading Permit Application is submitted. 7. Inspection. Town staff may inspect the grading and excavation operations during normal business hours to ensure that the Developer is complying with these requirements and any other conditions imposed by the Town. 8. Truck Traffic. Truck traffic to and from the grading and excavation operations(s) shall not create hazards in Town. It is contemplated that the Developer shall use County Road 72, 73 and 721 to transport materials. No transport of material will be allowed on Mill Avenue-east of Carriage Rd.; Carriage Rd. — north of Mill Avenue; Norgren Road — north of Mill Avenue, Leonard Lane—north of Mill Avenue; and Eisenhower Drive unless there is a delivery in Town or extenuating circumstances relating to road closures. 18 wheel trucks (i.e. belly trucks) shall not exceed 80,000 Ibs GVW, 3 or more axle single unit vehicles(i.e. dump trucks) shall not exceed 54,000 Ibs GVW and 2 axle single unit vehicles (smaller dump trucks) shall not exceed 36,000 Ibs GVW. Any load in excess of these`requirements shall require the appropriate permit from Town of Fraser Public Works. 9. Public Street Damage. Traffic from grading and excavation operations shall not damage public streets. Developer shall be responsible for the costs incurred by the Town in repairing damage to the public roadways beyond the ordinary wear and tear along the designated route(s) resulting from truck traffic associated with the grading and excavation operations, as determined by the Town. Town staff will conduct annual assessments of the designated roadways. To the extent that there is identifiable damage from the grading and excavation operations that the Town determines needs to be repaired in order to prevent further damage, the Town shall document the damage and repair the same. The costs of all repairs shall be billed to and paid by the Developer. 10. Signage. 2 Developer will provide necessary signage and barricades approved by the Town along designated route(s)for safety and traffic control to insure that truck traffic does not create a hazard. 11. Impacts. Developer shall control and mitigate noise, dust, glare, odor and noxious weeds on the site and shall not allow noise, dust, glare, odor and noxious weeds to create a nuisance to adjoining properties. Developer shall provide adequate screening of the grading and excavation operations by means of berming and existing vegetation, such that the use is not objectionable to adjacent properties or the traveling public. 12. Grading and excavation operations are limited to the specific Planning Areas as defined in the Byers Peak Ranch PDD Plan. 3 Clerks Update March 6, 2013 I've received liquor license renewal requests from Bottle Pass Liquors and Azteca, both have been administratively approved and forwarded onto the State. Gearing up for Snowball, I will be working that weekend with the police department, helping administratively with the paperwork and whatever other tasks they may need help with. We have a current list of vendors from Snowball, we will be working with them to ensure everyone is properly licensed for the event. Lu C OIL OR ADO Finance Update: 03/06/2013 Prepared: 02/28/2013 Transmitted with this week's packet are four sets of financials— Final December 2012 Financials and January 2013 Financials for both the Town and the Joint Facility. The last few weeks Nancy and I have been wrapping up the fiscal year 2012, clarifying and debating audit entries, getting all the records re-sorted and stored and then I was able to get the years closed for both the town and the facility, get the year rolled forward, confirm balances and budget amounts and we are now good to go! Now we wait to receive the audit documents, will then get those proofed and corrected with the hopes of an audit presentation in April or May—fingers crossed. Will receive January Sales Tax on March 8th, and I am very excited to see how the new year is progressing, so can't wait to see that report. As always please contact me with any questions or concerns you might have: 726-5491 X206 or at nhavens(a)town.fraser.co.us. TOW11 Offrs ser PO Box 770.1 Frn iser.l CO 80442 office 970 726 7491 fatx 970 726 7718 TOF-JOINT FACILITIES FUND BALANCE SHEET DECEMBER 31,2012 JOINT FACILITIES FUND ASSETS 40-10210 JFOC CHECKING-GMB 0318047507 96,509.90 40-10215 GMB MONEY MARKET-O&M RESERVE 52,929.42 40-11550 A/R-WPR 11,527.26 40-11560 A/R-GC#1 18,387.78 40-11570 A/R-TOF 9,971.68 TOTAL ASSETS 189,326.04 LIABILITIES AND EQUITY LIABILITIES 40-20920 JFOC O&M RESERVE 186,804.02 TOTAL LIABILITIES 186,804.02 FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 2,522.02 BALANCE-CURRENT DATE 2,522.02 TOTAL FUND EQUITY 2,522.02 TOTAL LIABILITIES AND EQUITY 189,326.04 TOF-JOINT FACILITIES FUND REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 JOINT FACILITIES FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 40-30-100 INTEREST-O&M ACCOUNTS 18.90 485.52 600.00 114.48 80.9 40-30-200 O&M REIMBURSEMENT-WPR 11,527.26 158,642.18 214,500.00 55,857.82 74.0 40-30-210 O&M REIMBURSEMENT-GC#1 18,387.78 251,653.95 341,600.00 89,946.05 73.7 40-30-220 O&M REIMBURSEMENT-TOF 9,971.68 137,552.28 183,500.00 45,947.72 75.0 40-30-230 STUDY REIMBURSEMENT-WP .00 2,360.77 .00 ( 2,360.77) .0 40-30-235 STUDY REIMBURSEMENT-GRANBY .00 2,360.76 .00 ( 2,360.76) .0 40-30-900 MISCELLANEOUS REVENUE ( 5.00) 2,036.50 .00 ( 2,036.50) .0 40-30-999 CARRYOVER BALANCE .00 .00 254,379.00 254,379.00 .0 TOTAL REVENUE 39,900.62 555,091.96 994,579.00 439,487.04 55.8 TOTAL FUND REVENUE 39,900.62 555,091.96 994,579.00 439,487.04 55.8 TOF-JOINT FACILITIES FUND EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 JOINT FACILITIES FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT PLANT EXPENDITURES 40-85-110 SALARIES 13,103.38 161,551.24 180,000.00 18,448.76 89.8 40-85-210 HEALTH INSURANCE 2,798.77 32,081.63 48,407.00 16,325.37 66.3 40-85-220 FICA TAX 937.57 11,595.58 13,770.00 2,174.42 84.2 40-85-230 RETIREMENT 385.02 4,906.28 7,200.00 2,293.72 68.1 40-85-250 UNEMPLOYMENT TAX 39.31 484.70 540.00 55.30 89.8 40-85-260 WORKERS COMP CLAIMS .00 179.95 .00 ( 179.95) .0 40-85-280 TRAINING PROGRAMS .00 653.27 4,000.00 3,346.73 16.3 40-85-290 TRAVEL-MEALS AND LODGING 8.88 575.82 3,000.00 2,424.18 19.2 40-85-295 MEALS-LOCAL BUSINESS .00 14.66 200.00 185.34 7.3 40-85-310 LEGAL FEES .00 153.50 5,000.00 4,846.50 3.1 40-85-320 AUDIT FEE .00 3,900.00 6,000.00 2,100.00 65.0 40-85-330 ENGINEERING FEES .00 4,043.06 15,000.00 10,956.94 27.0 40-85-350 SLUDGE REMOVAL .00 19,499.87 65,000.00 45,500.13 30.0 40-85-370 PROFESSIONAL SERVICES 232.00 2,784.00 36,500.00 33,716.00 7.6 40-85-375 REIMBURSABLE PROF SERVICES .00 6,015.30 1,000.00 ( 5,015.30) 601.5 40-85-410 BANK CHARGES .00 .00 100.00 100.00 .0 40-85-430 INSURANCE-PLANT .00 24,588.11 28,000.00 3,411.89 87.8 40-85-440 ADVERTISING .00 89.76 .00 ( 89.76) .0 40-85-460 PLANT MAINTENANCE AND REPAIR 225.93 15,746.14 40,000.00 24,253.86 39.4 40-85-475 GROUNDS MAINTENANCE .00 1,077.68 2,000.00 922.32 53.9 40-85-480 EQUIPMENT RENTAL .00 .00 500.00 500.00 .0 40-85-490 PROFESSIONAL MEMBERSHIPS .00 72.00 500.00 428.00 14.4 40-85-500 OPERATING SUPPLIES 72.39 4,805.59 20,000.00 15,194.41 24.0 40-85-506 OPERATING SUPPLIES-CHEMICALS 6,293.42 74,082.12 75,000.00 917.88 98.8 40-85-510 EQUIPMENT PURCHASE AND REPAIR .00 9,187.92 20,000.00 10,812.08 45.9 40-85-520 TESTING 2,109.27 37,598.06 40,000.00 2,401.94 94.0 40-85-525 PERMITS .00 8,811.00 18,000.00 9,189.00 49.0 40-85-560 UTILITIES-TELEPHONE 379.66 2,750.28 5,500.00 2,749.72 50.0 40-85-562 UTILITIES-ELECTRICITY 11,620.29 112,852.37 90,000.00 ( 22,852.37) 125.4 40-85-565 UTILITIES-NATURAL GAS 348.61 2,981.34 9,000.00 6,018.66 33.1 40-85-567 UTILITIES-PLANT GENERATOR .00 1,801.52 2,500.00 698.48 72.1 40-85-569 UTILITIES-TRASH REMOVAL 134.87 1,618.44 3,500.00 1,881.56 46.2 40-85-650 VEHICLE EXPENSES 1,132.35 5,177.83 6,000.00 822.17 86.3 40-85-690 MISCELLANEOUS EXPENSE 65.00 890.92 1,000.00 109.08 89.1 TOTAL PLANT EXPENDITURES 39,886.72 552,569.94 747,217.00 194,647.06 74.0 TOTAL FUND EXPENDITURES 39,886.72 552,569.94 747,217.00 194,647.06 74.0 NET REVENUE OVER EXPENDITURES 13.90 2,522.02 247,362.00 244,839.98 1.0 TOF-JOINT FACILITIES FUND BALANCE SHEET DECEMBER 31,2012 JFF-CRR/CIP FUND ASSETS 47-10220 COLOTRUST 8006-CRR 188,641.85 47-10310 CB MONEY MARKET-CRR 243,748.91 47-10410 GMB MONEY MARKET-CRR 85,722.48 47-10510 CDARS-1012191266-CRR 471,452.33 47-10515 CDARS-1012193366-CRR 471,452.32 47-10521 CDARS-1014540756-CRR 379,072.37 47-10522 CDARS-1014540802-CRR 379,072.38 47-10523 CDARS-1014540837-CRR 379,021.59 TOTAL ASSETS 2,598,184.23 LIABILITIES AND EQUITY LIABILITIES 47-20910 JFOC-CRR FUNDS 2,612,244.28 TOTAL LIABILITIES 2,612,244.28 FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD ( 14,060.05) BALANCE-CURRENT DATE ( 14,060.05) TOTAL FUND EQUITY ( 14,060.05) TOTAL LIABILITIES AND EQUITY 2,598,184.23 TOF-JOINT FACILITIES FUND REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 JFF-CRR/CIP FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CRR AND CIP FUND REVENUES 47-30-100 INTEREST INCOME-CRR ACCOUNTS 1,788.38 25,343.44 15,000.00 ( 10,343.44) 169.0 47-30-990 CRR CARRYOVER BALANCE .00 .00 2,653,000.00 2,653,000.00 .0 TOTAL CRR AND CIP FUND REVENUES 1,788.38 25,343.44 2,668,000.00 2,642,656.56 1.0 TOTAL FUND REVENUE 1,788.38 25,343.44 2,668,000.00 2,642,656.56 1.0 TOF-JOINT FACILITIES FUND EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 JFF-CRR/CIP FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT CAPITAL RPLMNTRESERVE PROJECTS 47-60-370 ENG,LEGAL&OTHER PROF SRVCS .00 75.63 .00 ( 75.63) .0 47-60-730 CRR PROJECTS .00 10,777.06 173,500.00 162,722.94 6.2 TOTAL CAPITAL RPLMNTRESERVE PROJECTS .00 10,852.69 173,500.00 162,647.31 6.3 CAPITAL IMPROVEMENT PROJECTS 47-65-370 ENG,LEGAL&OTHER PROF SRVCS .00 15,607.98 .00 ( 15,607.98) .0 47-65-730 CIP PROJECTS .00 7,377.82 .00 ( 7,377.82) .0 TOTAL CAPITAL IMPROVEMENT PROJECTS .00 22,985.80 .00 ( 22,985.80) .0 CAPITAL PURCHASES 47-69-740 CAPITAL PURCHASES .00 5,565.00 20,000.00 14,435.00 27.8 TOTAL CAPITAL PURCHASES .00 5,565.00 20,000.00 14,435.00 27.8 TOTAL FUND EXPENDITURES .00 39,40149 193,500.00 154,096.51 20.4 NET REVENUE OVER EXPENDITURES 1,788.38 ( 14,060.05) 2,474,500.00 2,488,560.05 ( .6) TOF-JOINT FACILITIES FUND BALANCE SHEET JANUARY 31,2013 JOINT FACILITIES FUND ASSETS 40-10210 JFOC CHECKING-GMB 0318047507 82,340.07 40-10215 GMB MONEY MARKET-O&M RESERVE 52,939.06 40-11550 A/R-WPR 15,629.44 40-11560 A/R-GC#1 24,931.39 40-11570 A/R-TOF 13,520.27 TOTAL ASSETS 189,360.23 LIABILITIES AND EQUITY LIABILITIES 40-20920 JFOC O&M RESERVE 189,326.02 TOTAL LIABILITIES 189,326.02 FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 34.21 BALANCE-CURRENT DATE 34.21 TOTAL FUND EQUITY 34.21 TOTAL LIABILITIES AND EQUITY 189,360.23 TOF-JOINT FACILITIES FUND REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 JOINT FACILITIES FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 40-30-100 INTEREST-O&M ACCOUNTS 29.19 29.19 600.00 570.81 4.9 40-30-200 O&M REIMBURSEMENT-WPR 6,922.13 6,922.13 216,742.00 209,819.87 3.2 40-30-210 O&M REIMBURSEMENT-GC#1 11,041.87 11,041.87 345,737.00 334,695.13 3.2 40-30-220 O&M REIMBURSEMENT-TOF 5,987.99 5,987.99 187,493.00 181,505.01 3.2 40-30-900 MISCELLANEOUS REVENUE 5.00 5.00 .00 ( 5.00) .0 40-30-999 CARRYOVER BALANCE .00 .00 247,362.00 247,362.00 .0 TOTAL REVENUE 23,986.18 23,986.18 997,934.00 973,947.82 2.4 TOTAL FUND REVENUE 23,986.18 23,986.18 997,934.00 973,947.82 2.4 TOF-JOINT FACILITIES FUND EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 JOINT FACILITIES FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT PLANT EXPENDITURES 40-85-110 SALARIES 12,579.07 12,579.07 181,440.00 168,860.93 6.9 40-85-210 HEALTH INSURANCE 2,798.77 2,798.77 45,000.00 42,201.23 6.2 40-85-220 FICA TAX 896.55 896.55 13,880.00 12,983.45 6.5 40-85-230 RETIREMENT 503.16 503.16 7,258.00 6,754.84 6.9 40-85-250 UNEMPLOYMENT TAX 37.74 37.74 544.00 506.26 6.9 40-85-280 TRAINING PROGRAMS .00 .00 3,000.00 3,000.00 .0 40-85-290 TRAVEL-MEALS AND LODGING .00 .00 2,500.00 2,500.00 .0 40-85-295 MEALS-LOCAL BUSINESS .00 .00 200.00 200.00 .0 40-85-310 LEGAL FEES .00 .00 5,000.00 5,000.00 .0 40-85-320 AUDIT FEE .00 .00 5,000.00 5,000.00 .0 40-85-330 ENGINEERING FEES .00 .00 15,000.00 15,000.00 .0 40-85-350 SLUDGE REMOVAL .00 .00 65,000.00 65,000.00 .0 40-85-370 PROFESSIONAL SERVICES 232.00 232.00 20,000.00 19,768.00 1.2 40-85-375 REIMBURSABLE PROF SERVICES .00 .00 1,000.00 1,000.00 .0 40-85-410 BANK CHARGES .00 .00 100.00 100.00 .0 40-85-430 INSURANCE-PLANT .00 .00 32,000.00 32,000.00 .0 40-85-440 ADVERTISING .00 .00 50.00 50.00 .0 40-85-460 PLANT MAINTENANCE AND REPAIR 197.85 197.85 40,000.00 39,802.15 .5 40-85-475 GROUNDS MAINTENANCE .00 .00 2,000.00 2,000.00 .0 40-85-480 EQUIPMENT RENTAL .00 .00 500.00 500.00 .0 40-85-490 PROFESSIONAL MEMBERSHIPS .00 .00 500.00 500.00 .0 40-85-500 OPERATING SUPPLIES 119.49 119.49 20,000.00 19,880.51 .6 40-85-506 OPERATING SUPPLIES-CHEMICALS 6,133.42 6,133.42 85,000.00 78,866.58 7.2 40-85-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 20,000.00 20,000.00 .0 40-85-520 TESTING 115.26 115.26 55,000.00 54,884.74 .2 40-85-525 PERMITS .00 .00 10,000.00 10,000.00 .0 40-85-560 UTILITIES-TELEPHONE 143.04 143.04 5,500.00 5,356.96 2.6 40-85-562 UTILITIES-ELECTRICITY .00 .00 95,000.00 95,000.00 .0 40-85-565 UTILITIES-NATURAL GAS .00 .00 6,000.00 6,000.00 .0 40-85-567 UTILITIES-PLANT GENERATOR .00 .00 2,500.00 2,500.00 .0 40-85-569 UTILITIES-TRASH REMOVAL 134.87 134.87 3,500.00 3,365.13 3.9 40-85-650 VEHICLE EXPENSES 60.75 60.75 6,500.00 6,439.25 .9 40-85-690 MISCELLANEOUS EXPENSE .00 .00 1,000.00 1,000.00 .0 TOTAL PLANT EXPENDITURES 23,951.97 23,951.97 749,972.00 726,020.03 3.2 TOTAL FUND EXPENDITURES 23,951.97 23,951.97 749,972.00 726,020.03 3.2 NET REVENUE OVER EXPENDITURES 34.21 34.21 247,962.00 247,927.79 .0 TOF-JOINT FACILITIES FUND BALANCE SHEET JANUARY 31,2013 JFF-CRR/CIP FUND ASSETS 47-10220 COLOTRUST 8006-CRR 188,670.40 47-10310 CB MONEY MARKET-CRR 243,883.47 47-10410 GMB MONEY MARKET-CRR 85,748.77 47-10510 CDARS-1012191266-CRR 471,910.40 47-10515 CDARS-1012193366-CRR 471,910.39 47-10521 CDARS-1014540756-CRR 379,297.03 47-10522 CDARS-1014540802-CRR 379,297.03 47-10523 CDARS-1014540837-CRR 379,246.21 TOTAL ASSETS 2,599,963.70 LIABILITIES AND EQUITY LIABILITIES 47-20910 JFOC-CRR FUNDS 2,598,184.23 TOTAL LIABILITIES 2,598,184.23 FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 1,779.47 BALANCE-CURRENT DATE 1,779.47 TOTAL FUND EQUITY 1,779.47 TOTAL LIABILITIES AND EQUITY 2,599,963.70 TOF-JOINT FACILITIES FUND REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 JFF-CRR/CIP FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CRR AND CIP FUND REVENUES 47-30-100 INTEREST INCOME-CRR ACCOUNTS 1,779.47 1,779.47 20,000.00 18,220.53 8.9 47-30-990 CRR CARRYOVER BALANCE .00 .00 2,447,244.00 2,447,244.00 .0 TOTAL CRR AND CIP FUND REVENUES 1,779.47 1,779.47 2,467,244.00 2,465,464.53 .1 TOTAL FUND REVENUE 1,779.47 1,779.47 2,467,244.00 2,465,464.53 .1 TOF-JOINT FACILITIES FUND EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 JFF-CRR/CIP FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT CAPITAL RPLMNTRESERVE PROJECTS 47-60-730 CRR PROJECTS .00 .00 34,000.00 34,000.00 .0 TOTAL CAPITAL RPLMNTRESERVE PROJECTS .00 .00 34,000.00 34,000.00 .0 CAPITAL IMPROVEMENT PROJECTS 47-65-730 CIP PROJECTS .00 .00 320,000.00 320,000.00 .0 TOTAL CAPITAL IMPROVEMENT PROJECTS .00 .00 320,000.00 320,000.00 .0 CAPITAL PURCHASES 47-69-740 CAPITAL PURCHASES .00 .00 25,000.00 25,000.00 .0 TOTAL CAPITAL PURCHASES .00 .00 25,000.00 25,000.00 .0 TOTAL FUND EXPENDITURES .00 .00 379,000.00 379,000.00 .0 NET REVENUE OVER EXPENDITURES 1,779.47 1,779.47 2,088,244.00 2,086,464.53 .1 TOWN OF FRASER COMBINED CASH INVESTMENT DECEMBER 31,2012 COMBINED CASH ACCOUNTS 01-10200 GENERAL CHECKING#878-000884 30,809.27 01-10220 GENERAL CO-01-0160-8001 6,563,914.77 TOTAL COMBINED CASH 6,594,724.04 01-10100 CASH ALLOCATED TO OTHER FUNDS ( 6,594,724.04) TOTAL UNALLOCATED CASH .00 CASH ALLOCATION RECONCILIATION 10 ALLOCATION TO GENERAL FUND 2,703,718.90 20 ALLOCATION TO CONSERVATION TRUST FUND 15,877.41 30 ALLOCATION TO CAPITAL EQUIP REPLACEMENT FUND 524,585.35 32 ALLOCATION TO CAPITAL ASSET FUND 40,065.68 40 ALLOCATION TO DEBT SERVICE FUND 561,988.96 50 ALLOCATION TO WATER FUND 533,729.66 55 ALLOCATION TO WASTEWATER FUND 2,214,758.08 TOTAL ALLOCATIONS TO OTHER FUNDS 6,594,724.04 ALLOCATION FROM COMBINED CASH FUND-01-10100 ( 6,594,724.04) ZERO PROOF IF ALLOCATIONS BALANCE .00 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:1 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 GENERALFUND ASSETS 10-10100 CASH-COMBINED FUND 2,703,718.90 10-10290 CASH WITH TREASURER 1,039.18 10-11100 PROPERTY TAXES RECEIVABLE 218,291.00 10-11110 SALES TAXES RECEIVABLE 285,161.22 10-11190 OTHER TAXES RECEIVABLE 15,292.07 10-11550 ACCTS REC-BILLINGS 77,646.87 10-12000 ALLOWANCE FOR DOUBTFUL ACCTS. ( 20,409.55) 10-12500 FORFETURES DUE TOF FROM CCOERA ( 4,810.58) TOTAL ASSETS 3,275,929.11 LIABILITIES AND EQUITY LIABILITIES 10-20200 ACCOUNTS PAYABLE TRADE 281,339.07 10-21740 UNEMPLOYMENT TAXES PAYABLE ( 83.05) 10-21760 HEALTH INSURANCE PAYABLE ( 15,556.06) 10-21773 DEPENDENT CARE PAYABLE ( 2,169.55) 10-21775 FLEX HEALTH PLAN PAYABLE 3,608.35 10-22210 DEFERRED TAXES 218,291.35 10-22920 SUBDIVISION IMP SECURITY DEP 18,238.20 10-22930 DRIVEWAY PERMIT SURETY 6,000.00 10-22940 PRE-ANNEXATION DEPOSIT-BPR 10,000.00 10-22950 RENTAL PROPERTY DEPOSITS HELD 750.00 TOTAL LIABILITIES 520,418.31 FUND EQUITY 10-27000 RESFUND BAL-SAVINGS 750,000.00 10-27100 RESTRICTED FUND BALANCE 223,805.00 UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 1,781,705.80 BALANCE-CURRENT DATE 1,781,705.80 TOTAL FUND EQUITY 2,755,510.80 TOTAL LIABILITIES AND EQUITY 3,275,929.11 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:2 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT TAXES 10-31-100 GENERAL FUND PROPERTY TAX .00 217,361.40 216,500.00 ( 861.40) 100.4 10-31-200 SPECIFIC OWNERSHIP TAX .00 9,186.36 8,000.00 ( 1,186.36) 114.8 10-31-300 MOTOR VEHICLE TAX .00 4,477.00 4,000.00 ( 477.00) 111.9 10-31-400 TOWN SALES TAX .00 1,590,245.26 1,550,000.00 ( 40,245.26) 102.6 10-31-410 USE TAX-BUILDING MATERIALS .00 28,658.19 30,000.00 1,341.81 95.5 10-31-420 USE TAX-MOTOR VEHICLE SALES .00 51,808.93 25,000.00 ( 26,808.93) 207.2 10-31-430 STATE CIGARETTE TAX .00 5,081.45 5,000.00 ( 81.45) 101.6 10-31-800 FRANCHISE FEES .00 49,520.71 40,000.00 ( 9,520.71) 123.8 TOTAL TAXES .00 1,956,339.30 1,878,500.00 ( 77,839.30) 104.1 LICENSES&PERMITS 10-32-100 BUSINESS LICENSE FEES .00 10,980.00 9,000.00 ( 1,980.00) 122.0 10-32-110 LIQUOR LICENSE FEES .00 2,677.50 1,500.00 ( 1,177.50) 178.5 TOTAL LICENSES&PERMITS .00 13,657.50 10,500.00 ( 3,157.50) 130.1 CHARGES FOR SERVICES 10-34-100 ANNEXATION FEES .00 50.00 1,000.00 950.00 5.0 10-34-110 ZONING FEES .00 700.00 1,500.00 800.00 46.7 10-34-120 SUBDIVISION FEES .00 2,350.00 1,500.00 ( 850.00) 156.7 10-34-130 MISCELLANEOUS PLANNING FEES .00 2,147.00 1,000.00 ( 1,147.00) 214.7 TOTAL CHARGES FOR SERVICES .00 5,247.00 5,000.00 ( 247.00) 104.9 MISCELLANEOUS REVENUE 10-36-100 INTEREST EARNINGS .00 6,249.53 4,000.00 ( 2,249.53) 156.2 10-36-300 RENTAL INCOME .00 9,025.00 9,000.00 ( 25.00) 100.3 10-36-610 REIMBURSABLE-PROF SERVICES .00 87,569.91 55,000.00 ( 32,569.91) 159.2 10-36-900 MISCELLANEOUS REVENUE .00 42,613.75 35,000.00 ( 7,613.75) 121.8 TOTAL MISCELLANEOUS REVENUE .00 145,458.19 103,000.00 ( 42,458.19) 141.2 OTHER SOURCES&TRANSFERS 10-39-999 CARRYOVER BALANCE .00 2,139,298.83 2,055,383.00 ( 83,915.83) 104.1 TOTAL OTHER SOURCES&TRANSFERS .00 2,139,298.83 2,055,383.00 ( 83,915.83) 104.1 TOTAL FUND REVENUE .00 4,260,000.82 4,052,383.00 ( 207,617.82) 105.1 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:3 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT TOWN BOARD 10-41-110 SALARIES .00 15,060.00 26,000.00 10,940.00 57.9 10-41-220 FICA TAX .00 1,152.09 1,989.00 836.91 57.9 10-41-280 TRAINING PROGRAMS .00 1,686.69 2,000.00 313.31 84.3 10-41-290 TRAVEL,MEALS AND LODGING 157.62 940.88 3,000.00 2,059.12 31.4 10-41-295 MEALS AND ENTERTAINMENT 881.09 5,660.94 6,000.00 339.06 94.4 10-41-690 MISCELLANEOUS EXPENSE .00 2,817.57 2,500.00 ( 317.57) 112.7 10-41-860 GRANTS AND AID TO AGENCIES .00 .00 2,500.00 2,500.00 .0 10-41-861 INTERGOVERNMENTAL AGREEMENTS .00 15,000.00 25,000.00 10,000.00 60.0 10-41-862 FRASER/WINTER PARK POLICE DEPT .00 372,060.00 395,000.00 22,940.00 94.2 10-41-863 STREET LIGHTING AND SIGNALS 1,360.80 13,842.85 18,000.00 4,157.15 76.9 10-41-864 SPECIAL EVENTS .00 10,000.00 10,000.00 .00 100.0 10-41-866 WOOD STOVE REBATES .00 .00 1,000.00 1,000.00 .0 10-41-867 CHAMBER OF COMMERCE-IGA 8,687.54 95,755.17 111,615.00 15,859.83 85.8 10-41-868 WINTER SHUTTLE-IGA .00 50,000.00 52,000.00 2,000.00 96.2 10-41-870 BUSINESS DISTSTREETSCAPE .00 1,226.07 .00 ( 1,226.07) .0 10-41-871 BUSINESS ENHANCEMENT PROGRAMS 162.41 10,092.41 15,000.00 4,907.59 67.3 10-41-872 IMPROVEMENT AWARDS-BUSINESS .00 50.00 .00 ( 50.00) .0 TOTAL TOWN BOARD 11,249.46 595,344.67 671,604.00 76,259.33 88.7 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:4 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT ADMINISTRATION 10-45-110 SALARIES .00 204,604.63 215,250.00 10,645.37 95.1 10-45-210 HEALTH INSURANCE .00 33,853.48 45,340.00 11,486.52 74.7 10-45-220 FICA TAX .00 14,630.20 16,467.00 1,836.80 88.9 10-45-230 RETIREMENT .00 8,036.63 8,610.00 573.37 93.3 10-45-250 UNEMPLOYMENT TAX .00 613.85 646.00 32.15 95.0 10-45-280 TRAINING PROGRAMS .00 1,260.00 4,000.00 2,740.00 31.5 10-45-290 TRAVEL,MEALS AND LODGING .00 4,009.61 4,000.00 ( 9.61) 100.2 10-45-295 MEALS AND ENTERTAINMENT 1,196.46 2,990.86 3,000.00 9.14 99.7 10-45-310 LEGAL FEES 4,740.00 78,189.40 50,000.00 ( 28,189.40) 156.4 10-45-320 AUDIT FEES .00 14,900.00 18,720.00 3,820.00 79.6 10-45-330 ENGINEERING FEES 48.00 6,449.27 5,000.00 ( 1,449.27) 129.0 10-45-360 COMPUTERS-NETWORKS AND SUPPORT 200.00 23,891.00 35,000.00 11,109.00 68.3 10-45-370 OTHER PROFESSIONAL SERVICES 1,000.00 25,777.27 40,000.00 14,222.73 64.4 10-45-375 REIMBURSABLE PROF SERVICES 92,735.46 160,604.69 55,000.00 ( 105,604.69) 292.0 10-45-380 JANITORIAL SERVICES 775.00 8,548.13 15,000.00 6,451.87 57.0 10-45-385 TREASURER'S FEES .00 4,347.22 6,495.00 2,147.78 66.9 10-45-395 RECORDING FEES .00 .00 1,000.00 1,000.00 .0 10-45-410 BANK CHARGES .00 585.80 800.00 214.20 73.2 10-45-420 ELECTIONS .00 1,093.94 2,500.00 1,406.06 43.8 10-45-430 INSURANCE-ALL DEPARTMENTS .00 38,318.85 56,000.00 17,681.15 68.4 10-45-440 ADVERTISING 35.30 2,077.06 1,500.00 ( 577.06) 138.5 10-45-490 PROFESSIONAL MEMBERSHIPS .00 6,000.31 7,000.00 999.69 85.7 10-45-500 OPERATING SUPPLIES 321.50 8,249.97 16,000.00 7,750.03 51.6 10-45-510 EQUIPMENT PURCHASE AND REPAIR 112.05 8,060.96 20,000.00 11,939.04 40.3 10-45-550 POSTAGE 5.75 1,847.04 3,000.00 1,152.96 61.6 10-45-560 UTILITIES-TELEPHONE 286.31 5,806.84 8,000.00 2,193.16 72.6 10-45-561 UTILITIES-NATURAL GAS .00 3,162.14 6,000.00 2,837.86 52.7 10-45-562 UTILITIES-ELECTRICITY 513.04 5,640.74 7,000.00 1,359.26 80.6 10-45-569 UTILITIES-TRASH REMOVAL .00 1,385.56 2,000.00 614.44 69.3 10-45-670 PROP MGMT-117 EISENHOWER DR 671.25 10,349.17 20,000.00 9,650.83 51.8 10-45-671 PROP MGMT-105 FRASER AVE .00 42.22 1,000.00 957.78 4.2 10-45-673 PROP MGMT-153 FRASER AVE .00 7,812.50 12,000.00 4,187.50 65.1 10-45-674 PROP MGMT-200 EISENHOWER DR .00 28.13 2,000.00 1,971.87 1.4 10-45-676 PROP MGMT-400 DOC SUSIE AVE 200.57 1,400.77 1,000.00 ( 400.77) 140.1 10-45-690 MISCELLANEOUS EXPENSE .00 7,620.91 8,000.00 379.09 95.3 10-45-810 LEASE/PURCHASE-PRINCIPAL .00 17,475.40 17,476.00 .60 100.0 10-45-820 LEASE/PURCHASE-INTEREST .00 20,898.36 20,899.00 .64 100.0 TOTAL ADMINISTRATION 102,840.69 740,562.91 735,703.00 ( 4,859.91) 100.7 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:5 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT PUBLIC WORKS 10-60-110 SALARIES .00 348,140.55 410,000.00 61,859.45 84.9 10-60-210 HEALTH INSURANCE .00 63,336.08 63,000.00 ( 336.08) 100.5 10-60-220 FICA TAX .00 25,123.86 31,365.00 6,241.14 80.1 10-60-230 RETIREMENT .00 10,500.65 16,400.00 5,899.35 64.0 10-60-250 UNEMPLOYMENTTAX .00 1,044.44 1,230.00 185.56 84.9 10-60-260 WORKERS COMP CLAIMS .00 1,044.75 .00 ( 1,044.75) .0 10-60-280 TRAINING PROGRAMS .00 1,191.57 2,000.00 808.43 59.6 10-60-290 TRAVEL,MEALS AND LODGING .00 227.73 2,000.00 1,772.27 11.4 10-60-295 MEALS AND ENTERTAINMENT .00 493.17 500.00 6.83 98.6 10-60-330 ENGINEERING FEES 1,498.00 33,073.05 20,000.00 ( 13,073.05) 165.4 10-60-360 COMPUTER NETWORK SUPPORT .00 634.13 .00 ( 634.13) .0 10-60-370 OTHER PROFESSIONAL SERVICES .00 21,148.61 2,500.00 ( 18,648.61) 845.9 10-60-480 EQUIPMENT RENTAL .00 1,072.00 5,000.00 3,928.00 21.4 10-60-490 PROFESSIONAL MEMBERSHIPS .00 100.00 500.00 400.00 20.0 10-60-500 OPERATING SUPPLIES 5,474.06 63,459.66 65,000.00 1,540.34 97.6 10-60-506 PLANTS/PLANTER SUPPLIES .00 13,789.11 10,000.00 ( 3,789.11) 137.9 10-60-510 EQUIPMENT PURCHASE AND REPAIR 2,683.17 29,289.17 40,000.00 10,710.83 73.2 10-60-560 UTILITIES-TELEPHONE 41.67 2,359.89 3,000.00 640.11 78.7 10-60-561 UTILITIES-NATURAL GAS .00 3,606.71 7,000.00 3,393.29 51.5 10-60-562 UTILITIES-ELECTRICITY 181.46 1,734.30 3,500.00 1,765.70 49.6 10-60-569 UTILITIES-TRASH REMOVAL .00 920.14 2,500.00 1,579.86 36.8 10-60-670 PROP MGMT-125 FRASER AVE .00 2,545.52 5,000.00 2,454.48 50.9 10-60-673 PROP MGMT-FRASER RIVER TRAIL .00 25,628.69 35,000.00 9,371.31 73.2 10-60-674 PROP MGMT-HWY 40 PEDESTRIAN .00 .00 5,000.00 5,000.00 .0 10-60-676 PROP MGMT-OLD SCHLHOUSE PK .00 480.95 500.00 19.05 96.2 10-60-679 PROP MGMT-SCHOOL BUS GARAGE 65.04 2,933.58 8,000.00 5,066.42 36.7 10-60-681 PROP MGMT-COZENS RANCH PARK .00 3,516.67 10,000.00 6,483.33 35.2 10-60-682 PROPMGMT-AMTRAK STATION .00 26.97 1,500.00 1,473.03 1.8 10-60-683 PROP MGMT-PTARMIGAN OS .00 .00 1,500.00 1,500.00 .0 10-60-684 PROP MGMT-FRODO .00 .00 3,500.00 3,500.00 .0 10-60-685 MOUNTAIN MAN PARK .00 .00 1,000.00 1,000.00 .0 10-60-690 MISCELLANEOUS EXPENSE 11.09 1,321.00 5,000.00 3,679.00 26.4 10-60-725 STREET IMPROVEMENTS 1,875.83 65,725.50 150,000.00 84,274.50 43.8 TOTAL PUBLIC WORKS 11,830.32 724,468.45 911,495.00 187,026.55 79.5 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:6 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT 120 ZEREX AVENUE 10-65-370 OTHER PROFESSIONAL SERVICES .00 615.00 1,500.00 885.00 41.0 10-65-380 JANITORIAL SERVICES 450.00 5,372.94 5,000.00 ( 372.94) 107.5 10-65-500 OPERATING SUPPLIES .00 .00 1,000.00 1,000.00 .0 10-65-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 5,000.00 5,000.00 .0 10-65-560 UTILITIES-TELEPHONE 41.67 534.26 1,000.00 465.74 53.4 10-65-561 UTILITIES-NATURAL GAS .00 1,112.56 1,200.00 87.44 92.7 10-65-562 UTILITIES-ELECTRICITY 90.18 1,064.07 1,000.00 ( 64.07) 106.4 10-65-665 WTHP EXPENSES .00 .00 1,000.00 1,000.00 .0 10-65-670 PROP MGMT-120 ZEREX .00 755.16 2,000.00 1,244.84 37.8 10-65-690 MISCELLANEOUS EXPENSE .00 25.00 5,000.00 4,975.00 .5 TOTAL 120 ZEREX AVENUE 581.85 9,478.99 23,700.00 14,221.01 40.0 TRANSFERS 10-90-920 TRANSFER TO CERF-POLICE DEPT .00 36,190.00 45,000.00 8,810.00 80.4 10-90-930 TRANSFER TO CERF-PUBLICWORKS .00 50,000.00 50,000.00 .00 100.0 10-90-935 TRANSFER TO CAF .00 75,000.00 75,000.00 .00 100.0 10-90-940 TRANSFER TO DEBT SERVICE FUND .00 247,250.00 247,250.00 .00 100.0 TOTAL TRANSFERS .00 408,440.00 417,250.00 8,810.00 97.9 TOTAL FUND EXPENDITURES 126,502.32 2,478,295.02 2,759,752.00 281,456.98 89.8 NET REVENUE OVER EXPENDITURES ( 126,502.32) 1,781,705.80 1,292,631.00 ( 489,074.80) 137.8 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:7 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 CONSERVATION TRUST FUND ASSETS 20-10100 CASH-COMBINED FUND 15,877.41 TOTAL ASSETS 15,877.41 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 15,877.41 BALANCE-CURRENT DATE 15,877.41 TOTAL FUND EQUITY 15,877.41 TOTAL LIABILITIES AND EQUITY 15,877.41 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:8 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CONSERVATION TRUST FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 20-30-100 CONS TRUST(LOTTERY)PROCEEDS .00 6,110.80 5,900.00 ( 210.80) 103.6 20-30-800 INTEREST EARNINGS .00 57.66 60.00 2.34 96.1 20-30-999 CARRYOVER BALANCE .00 25,045.95 26,723.00 1,677.05 93.7 TOTAL REVENUE .00 31,214.41 32,683.00 1,468.59 95.5 TOTAL FUND REVENUE .00 31,214.41 32,683.00 1,468.59 95.5 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:9 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CONSERVATION TRUST FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 20-40-920 TRANSFER TO OTHER FUNDS .00 15,337.00 15,337.00 .00 100.0 TOTAL EXPENDITURES .00 15,337.00 15,337.00 .00 100.0 TOTAL FUND EXPENDITURES .00 15,337.00 15,337.00 .00 100.0 NET REVENUE OVER EXPENDITURES .00 15,877.41 17,346.00 1,468.59 91.5 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:10 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 CAPITAL EQUIP REPLACEMENT FUND ASSETS 30-10100 CASH-COMBINED FUND 524,585.35 30-11500 CERF FUND RECEIVABLE 3,346.12 TOTAL ASSETS 527,931.47 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 527,931.47 BALANCE-CURRENT DATE 527,931.47 TOTAL FUND EQUITY 527,931.47 TOTAL LIABILITIES AND EQUITY 527,931.47 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:11 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CAPITAL EQUIP REPLACEMENT FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 30-30-100 HWY USE TAX PROCEEDS .00 45,107.97 42,844.00 ( 2,263.97) 105.3 30-30-800 INTEREST EARNINGS .00 1,069.30 300.00 ( 769.30) 356.4 30-30-900 TRANSFER FROM G/F-POLICEDEPT .00 36,190.00 45,000.00 8,810.00 80.4 30-30-910 TRANSFER FROM G/F-PUBLICWORK .00 50,000.00 50,000.00 .00 100.0 30-30-920 TRANSFER FROM UTILITY FUNDS .00 20,000.00 20,000.00 .00 100.0 30-30-999 CARRYOVER BALANCE .00 411,752.31 408,619.00 ( 3,133.31) 100.8 TOTAL REVENUE .00 564,119.58 566,763.00 2,643.42 99.5 TOTAL FUND REVENUE .00 564,119.58 566,763.00 2,643.42 99.5 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:12 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CAPITAL EQUIP REPLACEMENT FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 30-40-745 PUBLIC SAFETY FLEET PURCHASE .00 36,188.11 45,000.00 8,811.89 80.4 30-40-755 HEAVY EQUIPMENT PURCHASE .00 .00 200,000.00 200,000.00 .0 TOTAL EXPENDITURES .00 36,188.11 245,000.00 208,811.89 14.8 TOTAL FUND EXPENDITURES .00 36,188.11 245,000.00 208,811.89 14.8 NET REVENUE OVER EXPENDITURES .00 527,931.47 321,763.00 ( 206,168.47) 164.1 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:13 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 CAPITAL ASSET FUND ASSETS 32-10100 CASH-COMBINED FUND 40,065.68 TOTAL ASSETS 40,065.68 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: REVENUE OVER EXPENDITURES-YTD 40,065.68 BALANCE-CURRENT DATE 40,065.68 TOTAL FUND EQUITY 40,065.68 TOTAL LIABILITIES AND EQUITY 40,065.68 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:14 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CAPITAL ASSET FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CAPITAL ASSET REVENUE 32-30-800 INTEREST EARNINGS .00 290.35 50.00 ( 240.35) 580.7 32-30-910 TRANSFER IN FROM GENERAL FUND .00 75,000.00 75,000.00 .00 100.0 32-30-940 TRANSFER IN FROM DSF .00 175,000.00 175,000.00 .00 100.0 32-30-999 CARRYOVER FUND BALANCE .00 59,299.59 61,761.00 2,461.41 96.0 TOTAL CAPITAL ASSET REVENUE .00 309,589.94 311,811.00 2,221.06 99.3 TOTAL FUND REVENUE .00 309,589.94 311,811.00 2,221.06 99.3 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:15 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 CAPITAL ASSET FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT CAPITAL ASSET EXPENDITURES 32-40-810 CAPITAL PROJ-STREETS EXISTING .00 269,524.26 275,000.00 5,475.74 98.0 TOTAL CAPITAL ASSET EXPENDITURES .00 269,524.26 275,000.00 5,475.74 98.0 TOTAL FUND EXPENDITURES .00 269,524.26 275,000.00 5,475.74 98.0 NET REVENUE OVER EXPENDITURES .00 40,065.68 36,811.00 ( 3,254.68) 108.8 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:16 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 DEBT SERVICE FUND ASSETS 40-10100 CASH-COMBINED FUND 561,988.96 40-10290 CASH WITH TREASURER 257.20 40-11100 PROPERTY TAXES RECEIVABLE 80,000.00 TOTAL ASSETS 642,246.16 LIABILITIES AND EQUITY LIABILITIES 40-22210 DEFERRED PROPERTY TAXES 80,000.00 TOTAL LIABILITIES 80,000.00 FUND EQUITY 40-27000 RESFUND BAL-1 YEARS PAYMENT 300,000.00 40-27100 RESTRICTED FUND BALANCE 204,358.00 UNAPPROPRIATED FUND BALANCE: 40-29800 FUND BALANCE-BEGINNING OF YR 29,779.88 REVENUE OVER EXPENDITURES-YTD 28,108.28 BALANCE-CURRENT DATE 57,888.16 TOTAL FUND EQUITY 562,246.16 TOTAL LIABILITIES AND EQUITY 642,246.16 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:17 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 DEBT SERVICE FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 40-30-100 PROPERTY TAX .00 80,187.24 80,000.00 ( 187.24) 100.2 40-30-200 SPECIFIC OWNERSHIP TAX .00 3,388.95 3,000.00 ( 388.95) 113.0 40-30-800 INTEREST EARNINGS .00 1,453.32 400.00 ( 1,053.32) 363.3 40-30-910 TRANSFER IN FROM GENERAL FUND .00 247,250.00 247,250.00 .00 100.0 40-30-990 TRANSFER IN FROM DSF RESERVES .00 175,000.00 175,000.00 .00 100.0 TOTAL REVENUE .00 507,279.51 505,650.00 ( 1,629.51) 100.3 TOTAL FUND REVENUE .00 507,279.51 505,650.00 ( 1,629.51) 100.3 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:18 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 DEBT SERVICE FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 40-40-385 TREASURER'S FEES GO BOND .00 1,603.73 2,000.00 396.27 80.2 40-40-810 BOND PRINCIPAL-02 S&U ISSUE .00 20,000.00 20,000.00 .00 100.0 40-40-811 BOND PRINCIPAL-98 GO ISSUE .00 40,000.00 40,000.00 .00 100.0 40-40-812 BOND PRINCIPAL-98 S&U ISSUE .00 155,000.00 155,000.00 .00 100.0 40-40-820 BOND INTEREST-02 S&U ISSUE .00 9,475.50 9,476.00 .50 100.0 40-40-821 BOND INTEREST-98 GO ISSUE .00 13,975.00 13,976.00 1.00 100.0 40-40-822 BOND INTEREST-98 S&U ISSUE .00 62,775.00 62,775.00 .00 100.0 40-40-850 BOND AGENT FEES .00 1,342.00 2,500.00 1,158.00 53.7 40-40-910 TRANSFER TO DSF RESERVES .00 .00 24,923.00 24,923.00 .0 40-40-920 TRANSFER TO OTHER FUNDS .00 175,000.00 175,000.00 .00 100.0 TOTAL EXPENDITURES .00 479,171.23 505,650.00 26,478.77 94.8 TOTAL FUND EXPENDITURES .00 479,171.23 505,650.00 26,478.77 94.8 NET REVENUE OVER EXPENDITURES .00 28,108.28 .00 ( 28,108.28) .0 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:19 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 WATER FUND ASSETS 50-10100 CASH-COMBINED FUND 533,729.66 50-10290 CASH W/TREASURER-COLLECTIONS 8,451.80 50-11500 A/R CUSTOMER SERVICE CHARGES 146,434.27 50-16100 LAND 100,000.00 50-16200 BUILDINGS 2,915,858.49 50-16203 WELLS SYSTEM 768,371.74 50-16212 WATER DISTRIBUTION/STORAGE 9,845,211.82 50-16213 WELLS 1,063,119.43 50-16400 EQUIPMENT 239,923.02 50-16500 WATER RIGHTS 19,775.86 50-17900 ACCUMULATED DEPRECIATION ( 3,120,670.67) TOTAL ASSETS 12,520,205.42 LIABILITIES AND EQUITY LIABILITIES 50-21100 ACCRUED PTO AND BENEFITS 7,820.91 TOTAL LIABILITIES 7,820.91 FUND EQUITY 50-27000 RESFUND BAL-O&M 260,000.00 UNAPPROPRIATED FUND BALANCE: 50-29800 RETAINED EARNINGS 12,246,833.40 REVENUE OVER EXPENDITURES-YTD 5,551.11 BALANCE-CURRENT DATE 12,252,384.51 TOTAL FUND EQUITY 12,512,384.51 TOTAL LIABILITIES AND EQUITY 12,520,205.42 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:20 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 WATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT LICENSES&PERMITS 50-32-100 EXCAVATION PERMIT FEES .00 550.00 200.00 ( 350.00) 275.0 TOTAL LICENSES&PERMITS .00 550.00 200.00 ( 350.00) 275.0 CHARGES FOR SERVICES 50-34-100 CUSTOMER SERVICE CHARGES .00 612,703.81 605,000.00 ( 7,703.81) 101.3 50-34-150 PENALTIES&INTEREST .00 9,320.44 1,000.00 ( 8,320.44) 932.0 50-34-200 PLANT INVESTMENT FEES .00 .00 8,000.00 8,000.00 .0 50-34-300 WATER METER SALES .00 2,980.00 1,000.00 ( 1,980.00) 298.0 TOTAL CHARGES FOR SERVICES .00 625,004.25 615,000.00 ( 10,004.25) 101.6 MISCELLANEOUS REVENUE 50-36-100 INTEREST EARNINGS .00 1,377.79 300.00 ( 1,077.79) 459.3 50-36-900 MISCELLANEOUS REVENUE .00 3,168.00 5,000.00 1,832.00 63.4 TOTAL MISCELLANEOUS REVENUE .00 4,545.79 5,300.00 754.21 85.8 OTHER SOURCES&TRANSFERS 50-39-999 CARRYOVER BALANCE .00 .00 393,020.00 393,020.00 .0 TOTAL OTHER SOURCES&TRANSFERS .00 .00 393,020.00 393,020.00 .0 TOTAL FUND REVENUE .00 630,100.04 1,013,520.00 383,419.96 62.2 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:21 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 WATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 50-40-110 SALARIES .00 166,059.51 170,000.00 3,940.49 97.7 50-40-210 HEALTH INSURANCE .00 28,762.14 32,000.00 3,237.86 89.9 50-40-220 FICA TAX .00 11,731.18 13,005.00 1,273.82 90.2 50-40-230 RETIREMENT .00 5,945.51 6,800.00 854.49 87.4 50-40-250 UNEMPLOYMENT TAX .00 494.42 510.00 15.58 97.0 50-40-280 TRAINING PROGRAMS .00 610.96 3,500.00 2,889.04 17.5 50-40-290 TRAVEL,MEALS AND LODGING .00 74.26 3,500.00 3,425.74 2.1 50-40-295 MEALS AND ENTERTAINMENT 1,500.00 1,866.55 2,000.00 133.45 93.3 50-40-310 LEGAL FEES 22,047.84 74,401.03 35,000.00 ( 39,401.03) 212.6 50-40-330 ENGINEERING FEES 738.00 2,244.50 40,000.00 37,755.50 5.6 50-40-360 COMPUTERS-NETWORKS AND SUPPORT .00 3,669.80 10,000.00 6,330.20 36.7 50-40-370 OTHER PROFESSIONAL SERVICES 2.42 909.58 15,000.00 14,090.42 6.1 50-40-430 INSURANCE .00 16,116.00 20,000.00 3,884.00 80.6 50-40-440 ADVERTISING .00 154.22 500.00 345.78 30.8 50-40-460 SYSTEM REPAIR AND MAINT-PROD .00 11,395.11 30,000.00 18,604.89 38.0 50-40-465 SYSTEM REPAIR AND MAINT-DIST 11,209.73 39,342.99 30,000.00 ( 9,342.99) 131.1 50-40-490 PROFESSIONAL MEMBERSHIPS .00 5,070.00 8,000.00 2,930.00 63.4 50-40-500 OPERATING SUPPLIES-PRODUCTION .00 11,963.24 30,000.00 18,036.76 39.9 50-40-505 OPERATING SUPPLIES-DISTRIB .00 3,076.52 25,000.00 21,923.48 12.3 50-40-510 EQUIPMENT PURCHASE AND REPAIR .00 937.90 5,000.00 4,062.10 18.8 50-40-520 TESTING 180.00 1,317.79 5,000.00 3,682.21 26.4 50-40-550 POSTAGE&BILLING SUPPLIES .00 1,530.06 3,500.00 1,969.94 43.7 50-40-560 UTILITIES-TELEPHONE 206.98 3,038.65 5,500.00 2,461.35 55.3 50-40-562 UTILITIES-ELECTRICITY 3,371.06 34,328.87 45,000.00 10,671.13 76.3 50-40-670 PROP MGMT-FRASER WTP .00 .00 6,000.00 6,000.00 .0 50-40-680 PROP MGMT-MARYVALE WTP .00 549.31 6,000.00 5,450.69 9.2 50-40-685 PROP MGMT-ST.LOUIS HEADGATE .00 7,135.45 .00 ( 7,135.45) .0 50-40-690 MISCELLANEOUS EXPENSE .00 125.00 2,000.00 1,875.00 6.3 50-40-715 WATER RIGHTS-DIVERSION&DEV .00 7,627.88 235,000.00 227,372.12 3.3 50-40-730 CAPITAL PROJECTS 105,156.63 114,070.50 150,000.00 35,929.50 76.1 50-40-930 TRANSFER TO CERF .00 10,000.00 10,000.00 .00 100.0 50-40-970 TRANSFER TO O&M RESERVES .00 60,000.00 60,000.00 .00 100.0 TOTAL EXPENDITURES 144,412.66 624,548.93 1,007,815.00 383,266.07 62.0 TOTAL FUND EXPENDITURES 144,412.66 624,548.93 1,007,815.00 383,266.07 62.0 NET REVENUE OVER EXPENDITURES ( 144,412.66) 5,551.11 5,705.00 153.89 97.3 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:20AM PAGE:22 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 WASTEWATER FUND ASSETS 55-10100 CASH-COMBINED FUND 2,214,758.08 55-10290 CASH W/TREASURER-COLLECTIONS 5,060.18 55-11500 A/R CUSTOMER SERVICE CHARGES 160,503.44 55-11550 A/R-BILLINGS 7,105.50 55-15950 CAP REPL RES HELD W/JFOC 839,294.00 55-15955 O&M RESERVE HELD W/JFOC 52,364.00 55-16100 LAND 144,320.40 55-16200 SEWER TREATMENT PLANT 3,219,129.79 55-16210 METER BUILDING&IMPROVEMENTS 8,056.39 55-16220 SEWER COLLECTION SYSTEM 10,768,408.30 55-16250 CONSOLIDATED COLLECTION SYSTEM 279,069.00 55-16400 EQUIPMENT 35,489.17 55-17900 ACCUMULATED DEPRECIATION ( 637,212.97) 55-17905 ACCUM DEPR-PLANT/JFOC ( 38,370.80) 55-17910 ACCUM DEPR-SEWER COLLECT-FSD ( 2,591,354.35) 55-17915 ACCUM DEPR-EQUIPMENT ( 35,489.48) TOTAL ASSETS 14,431,130.65 LIABILITIES AND EQUITY LIABILITIES 55-20210 ACCRUED A/P-AUDIT 12,600.00 55-21100 ACCRUED PTO AND BENEFITS 7,689.72 TOTAL LIABILITIES 20,289.72 FUND EQUITY UNAPPROPRIATED FUND BALANCE: 55-29800 RETAINED EARNINGS 13,599,201.01 55-29810 RETAINED EARNINGS-UNRESTRICT ( 53,572.01) 55-29820 RETAINED EARNINGS-RESTRICTED 654,109.00 REVENUE OVER EXPENDITURES-YTD 211,102.93 BALANCE-CURRENT DATE 14,410,840.93 TOTAL FUND EQUITY 14,410,840.93 TOTAL LIABILITIES AND EQUITY 14,431,130.65 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:23 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 WASTEWATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CHARGES FOR SERVICES 55-34-100 CUSTOMER SERVICE CHARGES .00 606,257.72 604,000.00 ( 2,257.72) 100.4 55-34-150 PENALTIES&INTEREST .00 3,110.10 1,000.00 ( 2,110.10) 311.0 55-34-200 PLANT INVESTMENT FEES .00 15,700.00 7,500.00 ( 8,200.00) 209.3 TOTAL CHARGES FOR SERVICES .00 625,067.82 612,500.00 ( 12,567.82) 102.1 MISCELLANEOUS REVENUE 55-36-100 INTEREST EARNINGS .00 4,824.62 2,000.00 ( 2,824.62) 241.2 55-36-500 JFF MANAGEMENT FEE .00 28,422.00 28,420.00 ( 2.00) 100.0 TOTAL MISCELLANEOUS REVENUE .00 33,246.62 30,420.00 ( 2,826.62) 109.3 OTHER SOURCES&TRANSFERS 55-39-999 CARRYOVER BALANCE .00 .00 2,077,233.00 2,077,233.00 .0 TOTAL OTHER SOURCES&TRANSFERS .00 .00 2,077,233.00 2,077,233.00 .0 TOTAL FUND REVENUE .00 658,314.44 2,720,153.00 2,061,838.56 24.2 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:24 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 WASTEWATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 55-40-110 SALARIES .00 162,821.91 180,000.00 17,178.09 90.5 55-40-210 HEALTH INSURANCE .00 23,994.60 30,000.00 6,005.40 80.0 55-40-220 FICA TAX .00 11,871.14 13,770.00 1,898.86 86.2 55-40-230 RETIREMENT .00 5,767.76 7,200.00 1,432.24 80.1 55-40-250 UNEMPLOYMENT TAX .00 483.20 540.00 56.80 89.5 55-40-280 TRAINING PROGRAMS .00 60.00 2,000.00 1,940.00 3.0 55-40-290 TRAVEL,MEALS AND LODGING .00 22.32 2,000.00 1,977.68 1.1 55-40-295 MEALS AND ENTERTAINMENT 450.00 497.54 500.00 2.46 99.5 55-40-310 LEGAL FEES .00 .00 5,000.00 5,000.00 .0 55-40-330 ENGINEERING FEES .00 4,093.22 20,000.00 15,906.78 20.5 55-40-360 COMPUTERS-NETWORKS AND SUPPORT .00 2,145.20 6,000.00 3,854.80 35.8 55-40-370 OTHER PROFESSIONAL SERVICES 2.41 4,017.95 10,000.00 5,982.05 40.2 55-40-410 BANK CHARGES .00 .00 100.00 100.00 .0 55-40-430 INSURANCE .00 3,892.00 5,500.00 1,608.00 70.8 55-40-460 SYSTEM REPAIR AND MAINT-COLLEC .00 31,899.03 50,000.00 18,100.97 63.8 55-40-490 PROFESSIONAL MEMBERSHIPS .00 5,410.00 6,000.00 590.00 90.2 55-40-500 OPERATING SUPPLIES-COLLECTIONS .00 239.04 5,000.00 4,760.96 4.8 55-40-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 5,500.00 5,500.00 .0 55-40-520 TESTING .00 230.00 1,000.00 770.00 23.0 55-40-550 POSTAGE&BILLING SUPPLIES .00 1,323.50 2,500.00 1,176.50 52.9 55-40-560 UTILITIES-TELEPHONE .00 268.49 1,500.00 1,231.51 17.9 55-40-650 WW TREATMENT CHARGES/JFOC 9,971.68 127,266.78 185,310.00 58,043.22 68.7 55-40-660 JFF CAPREPL RESERVE .00 50,783.00 .00 ( 50,783.00) .0 55-40-690 MISCELLANEOUS EXPENSE ( .17) 124.83 3,000.00 2,875.17 4.2 55-40-730 CAPITAL PROJECTS .00 .00 75,000.00 75,000.00 .0 55-40-930 TRANSFER TO CERF .00 10,000.00 10,000.00 .00 100.0 TOTAL EXPENDITURES 10,423.92 447,211.51 627,420.00 180,208.49 71.3 TOTAL FUND EXPENDITURES 10,423.92 447,211.51 627,420.00 180,208.49 71.3 NET REVENUE OVER EXPENDITURES ( 10,423.92) 211,102.93 2,092,733.00 1,881,630.07 10.1 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:25 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 PETERSEN TRUST PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 70-30-100 PETERSEN TRUST+LEVERAGE .00 4,408.81 4,409.00 .19 100.0 70-30-800 INTEREST EARNINGS .00 20.23 20.00 ( .23) 101.2 70-30-920 TRANSFER IN FROM OTHER FUNDS .00 15,337.00 15,337.00 .00 100.0 70-30-999 CARRYOVER BALANCE .00 11,582.35 11,582.00 ( .35) 100.0 TOTAL REVENUE .00 31,348.39 31,348.00 ( .39) 100.0 TOTAL FUND REVENUE .00 31,348.39 31,348.00 ( .39) 100.0 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:26 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 12 MONTHS ENDING DECEMBER 31,2012 PETERSEN TRUST PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 70-40-670 PETERSEN TRUST EXP-TRAIL .00 31,348.39 31,348.00 ( .39) 100.0 TOTAL EXPENDITURES .00 31,348.39 31,348.00 ( .39) 100.0 TOTAL FUND EXPENDITURES .00 31,348.39 31,348.00 ( .39) 100.0 NET REVENUE OVER EXPENDITURES .00 .00 .00 .00 .0 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:27 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 GENERAL FIXED ASSETS ASSETS 91-16100 LAND 730,630.35 91-16200 ADMINISTRATION BUILDING 208,379.39 91-16203 MAINTENANCE BUILDING 57,722.51 91-16208 HOUSE-400 DOC SUSIE AVE 54,839.27 91-16209 VISITOR CENTER 183,895.00 91-16211 BUSBARN&105 FRASER AVE HOUSE 100,000.00 91-16250 CHURCH 267,000.00 91-16306 PARKS 367,800.08 91-16311 STREET IMPROVEMENTS 3,439,840.00 91-16312 HIGHWAY 40 PATH 8,872.00 91-16490 EQUIPMENT-OTHER 872,015.00 91-16500 OFFICE EQUIPMENT 57,261.75 91-17900 ACCUMULATED DEPRECIATION ( 2,260,048.61) TOTAL ASSETS 4,088,206.74 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: 91-29800 INVESTMENT IN FIXED ASSETS 4,088,206.74 BALANCE-CURRENT DATE 4,088,206.74 TOTAL FUND EQUITY 4,088,206.74 TOTAL LIABILITIES AND EQUITY 4,088,206.74 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:28 TOWN OF FRASER BALANCE SHEET DECEMBER 31,2012 GENERAL LONG-TERM DEBT ASSETS 95-18100 AMOUNT TO BE PROVIDED 3,131,161.31 TOTAL ASSETS 3,131,161.31 LIABILITIES AND EQUITY LIABILITIES 95-25050 2002 SERIAL BONDS 360,000.00 95-25060 1998 REVENUE REFUNDING BONDS 2,035,000.00 95-25070 1998 GENERAL OBLIGATION BONDS 475,000.00 95-25200 ACCRUED COMPENSATED ABSENCES 15,677.17 95-25500 CAPITAL LEASES KOMATSU LOADER 245,484.14 TOTAL LIABILITIES 3,131,161.31 TOTAL LIABILITIES AND EQUITY 3,131,161.31 FOR ADMINISTRATION USE ONLY 100%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:21AM PAGE:29 TOWN OF FRASER COMBINED CASH INVESTMENT JANUARY 31,2013 COMBINED CASH ACCOUNTS 01-10200 GENERAL CHECKING#878-000884 256,308.81 01-10220 GENERAL CO-01-0160-8001 6,476,506.29 TOTAL COMBINED CASH 6,732,815.10 01-10100 CASH ALLOCATED TO OTHER FUNDS ( 6,732,815.10) TOTAL UNALLOCATED CASH .00 CASH ALLOCATION RECONCILIATION 10 ALLOCATION TO GENERAL FUND 2,579,234.81 20 ALLOCATION TO CONSERVATION TRUST FUND 15,879.38 30 ALLOCATION TO CAPITAL EQUIP REPLACEMENT FUND 528,010.19 32 ALLOCATION TO CAPITAL ASSET FUND 40,071.58 40 ALLOCATION TO DEBT SERVICE FUND 562,329.80 50 ALLOCATION TO WATER FUND 659,966.56 55 ALLOCATION TO WASTEWATER FUND 2,347,322.78 TOTAL ALLOCATIONS TO OTHER FUNDS 6,732,815.10 ALLOCATION FROM COMBINED CASH FUND-01-10100 ( 6,732,815.10) ZERO PROOF IF ALLOCATIONS BALANCE .00 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:1 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 GENERALFUND ASSETS 10-10100 CASH-COMBINED FUND 2,579,234.81 10-11100 PROPERTY TAXES RECEIVABLE 218,291.00 10-11110 SALES TAXES RECEIVABLE 178,196.23 10-11190 OTHER TAXES RECEIVABLE 2,883.78 10-11550 ACCTS REC-BILLINGS 142,959.64 10-12000 ALLOWANCE FOR DOUBTFUL ACCTS. ( 20,409.55) TOTAL ASSETS 3,101,155.91 LIABILITIES AND EQUITY LIABILITIES 10-20200 ACCOUNTS PAYABLE TRADE 30,138.71 10-21730 STATE WITHHOLDING PAYABLE 2,238.00 10-21740 UNEMPLOYMENT TAXES PAYABLE 133.07 10-21760 HEALTH INSURANCE PAYABLE 2,438.29 10-21773 DEPENDENT CARE PAYABLE ( 2,092.55) 10-21775 FLEX HEALTH PLAN PAYABLE 3,966.48 10-22210 DEFERRED TAXES 218,291.35 10-22920 SUBDIVISION IMP SECURITY DEP 18,238.20 10-22930 DRIVEWAY PERMIT SURETY 6,000.00 10-22940 PRE-ANNEXATION DEPOSIT-BPR 10,000.00 10-22950 RENTAL PROPERTY DEPOSITS HELD 750.00 TOTAL LIABILITIES 290,101.55 FUND EQUITY 10-27000 RESFUND BAL-SAVINGS 750,000.00 10-27100 RESTRICTED FUND BALANCE 223,805.00 UNAPPROPRIATED FUND BALANCE: 10-29800 FUND BALANCE-BEGINNING OF YR 1,859,551.16 REVENUE OVER EXPENDITURES-YTD ( 22,301.80) BALANCE-CURRENT DATE 1,837,249.36 TOTAL FUND EQUITY 2,811,054.36 TOTAL LIABILITIES AND EQUITY 3,101,155.91 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:2 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT TAXES 10-31-100 GENERAL FUND PROPERTY TAX .00 .00 218,500.00 218,500.00 .0 10-31-200 SPECIFIC OWNERSHIP TAX .00 .00 8,000.00 8,000.00 .0 10-31-300 MOTOR VEHICLE TAX .00 .00 4,000.00 4,000.00 .0 10-31-400 TOWN SALES TAX .00 .00 1,600,000.00 1,600,000.00 .0 10-31-410 USE TAX-BUILDING MATERIALS 542.84 542.84 40,000.00 39,457.16 1.4 10-31-420 USE TAX-MOTOR VEHICLE SALES .00 .00 35,000.00 35,000.00 .0 10-31-430 STATE CIGARETTE TAX .00 .00 4,500.00 4,500.00 .0 10-31-800 FRANCHISE FEES .00 .00 40,000.00 40,000.00 .0 TOTAL TAXES 542.84 542.84 1,950,000.00 1,949,457.16 .0 LICENSES&PERMITS 10-32-100 BUSINESS LICENSE FEES 40.00 40.00 10,500.00 10,460.00 .4 10-32-110 LIQUOR LICENSE FEES .00 .00 2,000.00 2,000.00 .0 TOTAL LICENSES&PERMITS 40.00 40.00 12,500.00 12,460.00 .3 CHARGES FOR SERVICES 10-34-100 ANNEXATION FEES .00 .00 1,000.00 1,000.00 .0 10-34-110 ZONING FEES .00 .00 1,500.00 1,500.00 .0 10-34-120 SUBDIVISION FEES .00 .00 1,500.00 1,500.00 .0 10-34-130 MISCELLANEOUS PLANNING FEES .00 .00 1,000.00 1,000.00 .0 TOTAL CHARGES FOR SERVICES .00 .00 5,000.00 5,000.00 .0 MISCELLANEOUS REVENUE 10-36-100 INTEREST EARNINGS 381.95 381.95 5,500.00 5,118.05 6.9 10-36-300 RENTAL INCOME 715.00 715.00 9,000.00 8,285.00 7.9 10-36-610 REIMBURSABLE-PROF SERVICES 20,810.50 20,810.50 25,000.00 4,189.50 83.2 10-36-900 MISCELLANEOUS REVENUE 12,686.36 12,686.36 35,000.00 22,313.64 36.3 TOTAL MISCELLANEOUS REVENUE 34,593.81 34,593.81 74,500.00 39,906.19 46.4 OTHER SOURCES&TRANSFERS 10-39-900 TRANSFERS IN FROM OTHER FUNDS .00 .00 21,500.00 21,500.00 .0 10-39-999 CARRYOVER BALANCE .00 .00 1,718,462.00 1,718,462.00 .0 TOTAL OTHER SOURCES&TRANSFERS .00 .00 1,739,962.00 1,739,962.00 .0 TOTAL FUND REVENUE 35,176.65 35,176.65 3,781,962.00 3,746,785.35 .9 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:3 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT TOWN BOARD 10-41-110 SALARIES .00 .00 26,000.00 26,000.00 .0 10-41-220 FICA TAX .00 .00 1,989.00 1,989.00 .0 10-41-280 TRAINING PROGRAMS .00 .00 2,000.00 2,000.00 .0 10-41-290 TRAVEL,MEALS AND LODGING 96.12 96.12 3,000.00 2,903.88 3.2 10-41-295 MEALS AND ENTERTAINMENT .00 .00 6,000.00 6,000.00 .0 10-41-690 MISCELLANEOUS EXPENSE .00 .00 3,000.00 3,000.00 .0 10-41-861 INTERGOVERNMENTAL AGREEMENTS .00 .00 14,500.00 14,500.00 .0 10-41-862 FRASER/WINTER PARK POLICE DEPT .00 .00 404,000.00 404,000.00 .0 10-41-863 STREET LIGHTING AND SIGNALS .00 .00 15,000.00 15,000.00 .0 10-41-864 SPECIAL EVENTS .00 .00 30,000.00 30,000.00 .0 10-41-867 CHAMBER OF COMMERCE-IGA .00 .00 53,280.00 53,280.00 .0 10-41-868 WINTER SHUTTLE-IGA .00 .00 50,000.00 50,000.00 .0 10-41-871 BUSINESS ENHANCEMENT PROGRAMS .00 .00 10,000.00 10,000.00 .0 TOTAL TOWN BOARD 96.12 96.12 618,769.00 618,672.88 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:4 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT ADMINISTRATION 10-45-110 SALARIES 14,823.72 14,823.72 202,250.00 187,426.28 7.3 10-45-210 HEALTH INSURANCE 2,722.27 2,722.27 40,000.00 37,277.73 6.8 10-45-220 FICA TAX 1,060.20 1,060.20 15,472.00 14,411.80 6.9 10-45-230 RETIREMENT 582.18 582.18 8,090.00 7,507.82 7.2 10-45-250 UNEMPLOYMENT TAX 44.46 44.46 607.00 562.54 7.3 10-45-280 TRAINING PROGRAMS 225.00 225.00 2,000.00 1,775.00 11.3 10-45-290 TRAVEL,MEALS AND LODGING .00 .00 2,000.00 2,000.00 .0 10-45-295 MEALS AND ENTERTAINMENT 8.09 8.09 3,000.00 2,991.91 .3 10-45-310 LEGAL FEES .00 .00 35,000.00 35,000.00 .0 10-45-320 AUDIT FEES .00 .00 15,496.00 15,496.00 .0 10-45-330 ENGINEERING FEES .00 .00 5,000.00 5,000.00 .0 10-45-360 COMPUTERS-NETWORKS AND SUPPORT 2,792.44 2,792.44 25,000.00 22,207.56 11.2 10-45-370 OTHER PROFESSIONAL SERVICES 1,000.00 1,000.00 40,000.00 39,000.00 2.5 10-45-375 REIMBURSABLE PROF SERVICES .00 .00 25,000.00 25,000.00 .0 10-45-380 JANITORIAL SERVICES .00 .00 15,000.00 15,000.00 .0 10-45-385 TREASURER'S FEES .00 .00 6,555.00 6,555.00 .0 10-45-395 RECORDING FEES .00 .00 1,000.00 1,000.00 .0 10-45-410 BANK CHARGES 113.40 113.40 800.00 686.60 14.2 10-45-420 ELECTIONS .00 .00 2,500.00 2,500.00 .0 10-45-430 INSURANCE-ALL DEPARTMENTS .00 .00 40,000.00 40,000.00 .0 10-45-440 ADVERTISING .00 .00 1,500.00 1,500.00 .0 10-45-490 PROFESSIONAL MEMBERSHIPS 3,573.00 3,573.00 7,000.00 3,427.00 51.0 10-45-500 OPERATING SUPPLIES 497.59 497.59 12,000.00 11,502.41 4.2 10-45-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 10,000.00 10,000.00 .0 10-45-550 POSTAGE .00 .00 1,500.00 1,500.00 .0 10-45-560 UTILITIES-TELEPHONE 75.00 75.00 6,000.00 5,925.00 1.3 10-45-561 UTILITIES-NATURAL GAS .00 .00 5,500.00 5,500.00 .0 10-45-562 UTILITIES-ELECTRICITY .00 .00 6,500.00 6,500.00 .0 10-45-569 UTILITIES-TRASH REMOVAL 75.00 75.00 2,000.00 1,925.00 3.8 10-45-670 PROP MGMT-117 EISENHOWER DR .00 .00 10,000.00 10,000.00 .0 10-45-671 PROP MGMT-105 FRASER AVE .00 .00 500.00 500.00 .0 10-45-673 PROP MGMT-153 FRASER AVE .00 .00 6,000.00 6,000.00 .0 10-45-674 PROP MGMT-200 EISENHOWER DR .00 .00 500.00 500.00 .0 10-45-676 PROP MGMT-400 DOC SUSIE AVE .00 .00 500.00 500.00 .0 10-45-690 MISCELLANEOUS EXPENSE .00 .00 7,500.00 7,500.00 .0 10-45-810 LEASE/PURCHASE-PRINCIPAL .00 .00 18,343.00 18,343.00 .0 10-45-820 LEASE/PURCHASE-INTEREST .00 .00 20,032.00 20,032.00 .0 TOTAL ADMINISTRATION 27,592.35 27,592.35 600,145.00 572,552.65 4.6 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:5 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT PUBLIC WORKS 10-60-110 SALARIES 22,076.68 22,076.68 360,000.00 337,923.32 6.1 10-60-210 HEALTH INSURANCE 4,799.22 4,799.22 69,500.00 64,700.78 6.9 10-60-220 FICA TAX 1,584.80 1,584.80 27,540.00 25,955.20 5.8 10-60-230 RETIREMENT 777.93 777.93 14,400.00 13,622.07 5.4 10-60-250 UNEMPLOYMENTTAX 66.22 66.22 1,080.00 1,013.78 6.1 10-60-280 TRAINING PROGRAMS 50.00 50.00 1,000.00 950.00 5.0 10-60-290 TRAVEL,MEALS AND LODGING .00 .00 1,000.00 1,000.00 .0 10-60-295 MEALS AND ENTERTAINMENT .00 .00 500.00 500.00 .0 10-60-330 ENGINEERING FEES .00 .00 10,000.00 10,000.00 .0 10-60-360 COMPUTER NETWORK SUPPORT .00 .00 1,500.00 1,500.00 .0 10-60-370 OTHER PROFESSIONAL SERVICES .00 .00 2,500.00 2,500.00 .0 10-60-480 EQUIPMENT RENTAL .00 .00 2,500.00 2,500.00 .0 10-60-490 PROFESSIONAL MEMBERSHIPS .00 .00 250.00 250.00 .0 10-60-500 OPERATING SUPPLIES 109.93 109.93 60,000.00 59,890.07 .2 10-60-506 PLANTS/PLANTER SUPPLIES .00 .00 10,000.00 10,000.00 .0 10-60-510 EQUIPMENT PURCHASE AND REPAIR 207.00 207.00 30,000.00 29,793.00 .7 10-60-560 UTILITIES-TELEPHONE .00 .00 2,500.00 2,500.00 .0 10-60-561 UTILITIES-NATURAL GAS .00 .00 5,500.00 5,500.00 .0 10-60-562 UTILITIES-ELECTRICITY .00 .00 2,500.00 2,500.00 .0 10-60-569 UTILITIES-TRASH REMOVAL 78.70 78.70 2,000.00 1,921.30 3.9 10-60-670 PROP MGMT-125 FRASER AVE 39.50 39.50 2,500.00 2,460.50 1.6 10-60-673 PROP MGMT-FRASER RIVER TRAIL .00 .00 5,000.00 5,000.00 .0 10-60-676 PROP MGMT-OLD SCHLHOUSE PK .00 .00 500.00 500.00 .0 10-60-679 PROP MGMT-SCHOOL BUS GARAGE .00 .00 6,000.00 6,000.00 .0 10-60-681 PROP MGMT-COZENS RANCH PARK .00 .00 5,000.00 5,000.00 .0 10-60-684 PROP MGMT-FRODO .00 .00 21,500.00 21,500.00 .0 10-60-690 MISCELLANEOUS EXPENSE .00 .00 1,000.00 1,000.00 .0 10-60-725 STREET IMPROVEMENTS .00 .00 25,000.00 25,000.00 .0 TOTAL PUBLIC WORKS 29,789.98 29,789.98 670,770.00 640,980.02 4.4 120 ZEREX AVENUE 10-65-370 OTHER PROFESSIONAL SERVICES .00 .00 10,000.00 10,000.00 .0 10-65-380 JANITORIAL SERVICES .00 .00 5,500.00 5,500.00 .0 10-65-560 UTILITIES-TELEPHONE .00 .00 500.00 500.00 .0 10-65-561 UTILITIES-NATURAL GAS .00 .00 1,500.00 1,500.00 .0 10-65-562 UTILITIES-ELECTRICITY .00 .00 1,000.00 1,000.00 .0 TOTAL 120 ZEREX AVENUE .00 .00 18,500.00 18,500.00 .0 TRANSFERS 10-90-935 TRANSFER TO CAF .00 .00 75,000.00 75,000.00 .0 10-90-940 TRANSFER TO DEBT SERVICE FUND .00 .00 247,610.00 247,610.00 .0 TOTAL TRANSFERS .00 .00 322,610.00 322,610.00 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:6 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 GENERALFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT TOTAL FUND EXPENDITURES 57,478.45 57,478.45 2,230,794.00 2,173,315.55 2.6 NET REVENUE OVER EXPENDITURES ( 22,301.80) ( 22,301.80) 1,551,168.00 1,573,469.80 ( 1.4) FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:7 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 CONSERVATION TRUST FUND ASSETS 20-10100 CASH-COMBINED FUND 15,879.38 TOTAL ASSETS 15,879.38 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: 20-29800 FUND BALANCE-BEGINNING OF YR 15,877.41 REVENUE OVER EXPENDITURES-YTD 1.97 BALANCE-CURRENT DATE 15,879.38 TOTAL FUND EQUITY 15,879.38 TOTAL LIABILITIES AND EQUITY 15,879.38 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:8 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CONSERVATION TRUST FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 20-30-100 CONS TRUST(LOTTERY)PROCEEDS .00 .00 6,000.00 6,000.00 .0 20-30-800 INTEREST EARNINGS 1.97 1.97 60.00 58.03 3.3 20-30-999 CARRYOVER BALANCE .00 .00 15,669.00 15,669.00 .0 TOTAL REVENUE 1.97 1.97 21,729.00 21,727.03 .0 TOTAL FUND REVENUE 1.97 1.97 21,729.00 21,727.03 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:9 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CONSERVATION TRUST FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 20-40-910 TRANSFER TO GENERAL FUND .00 .00 21,500.00 21,500.00 .0 TOTAL EXPENDITURES .00 .00 21,500.00 21,500.00 .0 TOTAL FUND EXPENDITURES .00 .00 21,500.00 21,500.00 .0 NET REVENUE OVER EXPENDITURES 1.97 1.97 229.00 227.03 .9 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:10 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 CAPITAL EQUIP REPLACEMENT FUND ASSETS 30-10100 CASH-COMBINED FUND 528,010.19 TOTAL ASSETS 528,010.19 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: 30-29800 FUND BALANCE-BEGINNING OF YR 527,931.47 REVENUE OVER EXPENDITURES-YTD 78.72 BALANCE-CURRENT DATE 528,010.19 TOTAL FUND EQUITY 528,010.19 TOTAL LIABILITIES AND EQUITY 528,010.19 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:11 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CAPITAL EQUIP REPLACEMENT FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 30-30-100 HWY USE TAX PROCEEDS .00 .00 44,152.00 44,152.00 .0 30-30-800 INTEREST EARNINGS 78.72 78.72 300.00 221.28 26.2 30-30-920 TRANSFER FROM UTILITY FUNDS .00 .00 20,000.00 20,000.00 .0 30-30-999 CARRYOVER BALANCE .00 .00 525,548.00 525,548.00 .0 TOTAL REVENUE 78.72 78.72 590,000.00 589,921.28 .0 TOTAL FUND REVENUE 78.72 78.72 590,000.00 589,921.28 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:12 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CAPITAL EQUIP REPLACEMENT FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 30-40-745 PUBLIC SAFETY FLEET PURCHASE .00 .00 40,000.00 40,000.00 .0 30-40-750 REGULAR FLEET PURCHASE .00 .00 40,000.00 40,000.00 .0 30-40-755 HEAVY EQUIPMENT PURCHASE .00 .00 150,000.00 150,000.00 .0 TOTAL EXPENDITURES .00 .00 230,000.00 230,000.00 .0 TOTAL FUND EXPENDITURES .00 .00 230,000.00 230,000.00 .0 NET REVENUE OVER EXPENDITURES 78.72 78.72 360,000.00 359,921.28 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:13 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 CAPITAL ASSET FUND ASSETS 32-10100 CASH-COMBINED FUND 40,071.58 TOTAL ASSETS 40,071.58 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: 32-29800 FUND BALANCE-BEGINNING OF YR 40,065.68 REVENUE OVER EXPENDITURES-YTD 5.90 BALANCE-CURRENT DATE 40,071.58 TOTAL FUND EQUITY 40,071.58 TOTAL LIABILITIES AND EQUITY 40,071.58 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:14 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CAPITAL ASSET FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CAPITAL ASSET REVENUE 32-30-800 INTEREST EARNINGS 5.90 5.90 425.00 419.10 1.4 32-30-910 TRANSFER IN FROM GENERAL FUND .00 .00 75,000.00 75,000.00 .0 32-30-940 TRANSFER IN FROM DSF .00 .00 175,000.00 175,000.00 .0 32-30-999 CARRYOVER FUND BALANCE .00 .00 40,900.00 40,900.00 .0 TOTAL CAPITAL ASSET REVENUE 5.90 5.90 291,325.00 291,319.10 .0 TOTAL FUND REVENUE 5.90 5.90 291,325.00 291,319.10 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:15 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 CAPITAL ASSET FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT CAPITAL ASSET EXPENDITURES 32-40-810 CAPITAL PROJ-STREETS EXISTING .00 .00 250,000.00 250,000.00 .0 TOTAL CAPITAL ASSET EXPENDITURES .00 .00 250,000.00 250,000.00 .0 TOTAL FUND EXPENDITURES .00 .00 250,000.00 250,000.00 .0 NET REVENUE OVER EXPENDITURES 5.90 5.90 41,325.00 41,319.10 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:16 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 DEBT SERVICE FUND ASSETS 40-10100 CASH-COMBINED FUND 562,329.80 40-11100 PROPERTY TAXES RECEIVABLE 80,000.00 TOTAL ASSETS 642,329.80 LIABILITIES AND EQUITY LIABILITIES 40-22210 DEFERRED PROPERTY TAXES 80,000.00 TOTAL LIABILITIES 80,000.00 FUND EQUITY 40-27000 RESFUND BAL-1 YEARS PAYMENT 300,000.00 40-27100 RESTRICTED FUND BALANCE 204,358.00 UNAPPROPRIATED FUND BALANCE: 40-29800 FUND BALANCE-BEGINNING OF YR 57,888.16 REVENUE OVER EXPENDITURES-YTD 83.64 BALANCE-CURRENT DATE 57,971.80 TOTAL FUND EQUITY 562,329.80 TOTAL LIABILITIES AND EQUITY 642,329.80 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:17 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 DEBT SERVICE FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUE 40-30-100 PROPERTY TAX .00 .00 80,000.00 80,000.00 .0 40-30-200 SPECIFIC OWNERSHIP TAX .00 .00 3,000.00 3,000.00 .0 40-30-800 INTEREST EARNINGS 83.64 83.64 250.00 166.36 33.5 40-30-910 TRANSFER IN FROM GENERAL FUND .00 .00 247,610.00 247,610.00 .0 40-30-990 TRANSFER IN FROM DSF RESERVES .00 .00 175,000.00 175,000.00 .0 TOTAL REVENUE 83.64 83.64 505,860.00 505,776.36 .0 TOTAL FUND REVENUE 83.64 83.64 505,860.00 505,776.36 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:18 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 DEBT SERVICE FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 40-40-385 TREASURER'S FEES GO BOND .00 .00 2,000.00 2,000.00 .0 40-40-810 BOND PRINCIPAL-02 S&U ISSUE .00 .00 25,000.00 25,000.00 .0 40-40-811 BOND PRINCIPAL-98 GO ISSUE .00 .00 40,000.00 40,000.00 .0 40-40-812 BOND PRINCIPAL-98 S&U ISSUE .00 .00 160,000.00 160,000.00 .0 40-40-820 BOND INTEREST-02 S&U ISSUE .00 .00 8,338.00 8,338.00 .0 40-40-821 BOND INTEREST-98 GO ISSUE .00 .00 11,826.00 11,826.00 .0 40-40-822 BOND INTEREST-98 S&U ISSUE .00 .00 54,270.00 54,270.00 .0 40-40-850 BOND AGENT FEES .00 .00 2,500.00 2,500.00 .0 40-40-910 TRANSFER TO DSF RESERVES .00 .00 26,926.00 26,926.00 .0 40-40-920 TRANSFER TO OTHER FUNDS .00 .00 175,000.00 175,000.00 .0 TOTAL EXPENDITURES .00 .00 505,860.00 505,860.00 .0 TOTAL FUND EXPENDITURES .00 .00 505,860.00 505,860.00 .0 NET REVENUE OVER EXPENDITURES 83.64 83.64 .00 ( 83.64) .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:19 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 WATER FUND ASSETS 50-10100 CASH-COMBINED FUND 659,966.56 50-10290 CASH W/TREASURER-COLLECTIONS 8,451.80 50-11500 A/R CUSTOMER SERVICE CHARGES 5,593.23 50-11550 A/R-BILLINGS 160.52 50-16100 LAND 100,000.00 50-16200 BUILDINGS 2,915,858.49 50-16203 WELLS SYSTEM 768,371.74 50-16212 WATER DISTRIBUTION/STORAGE 9,845,211.82 50-16213 WELLS 1,063,119.43 50-16400 EQUIPMENT 353,994.02 50-16500 WATER RIGHTS 19,775.86 50-17900 ACCUMULATED DEPRECIATION ( 3,517,338.67) TOTAL ASSETS 12,223,164.80 LIABILITIES AND EQUITY LIABILITIES 50-21100 ACCRUED PTO AND BENEFITS 5,935.91 TOTAL LIABILITIES 5,935.91 FUND EQUITY 50-27000 RESFUND BAL-O&M 260,000.00 UNAPPROPRIATED FUND BALANCE: 50-29800 RETAINED EARNINGS 11,971,672.51 REVENUE OVER EXPENDITURES-YTD ( 14,443.62) BALANCE-CURRENT DATE 11,957,228.89 TOTAL FUND EQUITY 12,217,228.89 TOTAL LIABILITIES AND EQUITY 12,223,164.80 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:20 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 WATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT LICENSES&PERMITS 50-32-100 EXCAVATION PERMIT FEES .00 .00 200.00 200.00 .0 TOTAL LICENSES&PERMITS .00 .00 200.00 200.00 .0 CHARGES FOR SERVICES 50-34-100 CUSTOMER SERVICE CHARGES .00 .00 643,364.00 643,364.00 .0 50-34-150 PENALTIES&INTEREST 1,169.07 1,169.07 1,000.00 ( 169.07) 116.9 50-34-200 PLANT INVESTMENT FEES .00 .00 8,000.00 8,000.00 .0 50-34-300 WATER METER SALES .00 .00 500.00 500.00 .0 TOTAL CHARGES FOR SERVICES 1,169.07 1,169.07 652,864.00 651,694.93 .2 MISCELLANEOUS REVENUE 50-36-100 INTEREST EARNINGS 101.36 101.36 1,000.00 898.64 10.1 50-36-900 MISCELLANEOUS REVENUE 568.94 568.94 2,500.00 1,931.06 22.8 TOTAL MISCELLANEOUS REVENUE 670.30 670.30 3,500.00 2,829.70 19.2 OTHER SOURCES&TRANSFERS 50-39-999 CARRYOVER BALANCE .00 .00 337,393.00 337,393.00 .0 TOTAL OTHER SOURCES&TRANSFERS .00 .00 337,393.00 337,393.00 .0 TOTAL FUND REVENUE 1,839.37 1,839.37 993,957.00 992,117.63 .2 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:21 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 WATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 50-40-110 SALARIES 11,115.84 11,115.84 165,000.00 153,884.16 6.7 50-40-210 HEALTH INSURANCE 2,350.81 2,350.81 30,000.00 27,649.19 7.8 50-40-220 FICA TAX 779.94 779.94 11,000.00 10,220.06 7.1 50-40-230 RETIREMENT 435.56 435.56 6,600.00 6,164.44 6.6 50-40-250 UNEMPLOYMENT TAX 33.40 33.40 495.00 461.60 6.8 50-40-280 TRAINING PROGRAMS .00 .00 3,000.00 3,000.00 .0 50-40-290 TRAVEL,MEALS AND LODGING .00 .00 3,000.00 3,000.00 .0 50-40-295 MEALS AND ENTERTAINMENT .00 .00 2,000.00 2,000.00 .0 50-40-310 LEGAL FEES .00 .00 35,000.00 35,000.00 .0 50-40-330 ENGINEERING FEES .00 .00 20,000.00 20,000.00 .0 50-40-360 COMPUTERS-NETWORKS AND SUPPORT 197.44 197.44 10,000.00 9,802.56 2.0 50-40-370 OTHER PROFESSIONAL SERVICES .00 .00 5,000.00 5,000.00 .0 50-40-430 INSURANCE .00 .00 20,000.00 20,000.00 .0 50-40-440 ADVERTISING .00 .00 500.00 500.00 .0 50-40-460 SYSTEM REPAIR AND MAINT-PROD .00 .00 35,000.00 35,000.00 .0 50-40-465 SYSTEM REPAIR AND MAINT-DIST .00 .00 30,000.00 30,000.00 .0 50-40-490 PROFESSIONAL MEMBERSHIPS 1,370.00 1,370.00 8,000.00 6,630.00 17.1 50-40-500 OPERATING SUPPLIES-PRODUCTION .00 .00 25,000.00 25,000.00 .0 50-40-505 OPERATING SUPPLIES-DISTRIB .00 .00 20,000.00 20,000.00 .0 50-40-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 5,000.00 5,000.00 .0 50-40-520 TESTING .00 .00 3,000.00 3,000.00 .0 50-40-550 POSTAGE&BILLING SUPPLIES .00 .00 3,500.00 3,500.00 .0 50-40-560 UTILITIES-TELEPHONE .00 .00 3,500.00 3,500.00 .0 50-40-562 UTILITIES-ELECTRICITY .00 .00 50,000.00 50,000.00 .0 50-40-670 PROP MGMT-FRASER WTP .00 .00 2,000.00 2,000.00 .0 50-40-680 PROP MGMT-MARYVALE WTP .00 .00 10,000.00 10,000.00 .0 50-40-690 MISCELLANEOUS EXPENSE .00 .00 2,000.00 2,000.00 .0 50-40-715 WATER RIGHTS-DIVERSION&DEV .00 .00 260,000.00 260,000.00 .0 50-40-730 CAPITAL PROJECTS .00 .00 91,000.00 91,000.00 .0 50-40-930 TRANSFER TO CERF .00 .00 10,000.00 10,000.00 .0 50-40-970 TRANSFER TO O&M RESERVES .00 .00 100,000.00 100,000.00 .0 TOTAL EXPENDITURES 16,282.99 16,282.99 969,595.00 953,312.01 1.7 TOTAL FUND EXPENDITURES 16,282.99 16,282.99 969,595.00 953,312.01 1.7 NET REVENUE OVER EXPENDITURES ( 14,443.62) ( 14,443.62) 24,362.00 38,805.62 ( 59.3) FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:22 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 WASTEWATER FUND ASSETS 55-10100 CASH-COMBINED FUND 2,347,322.78 55-10290 CASH W/TREASURER-COLLECTIONS 5,060.18 55-11500 A/R CUSTOMER SERVICE CHARGES 21,032.40 55-15950 CAP REPL RES HELD W/JFOC 885,201.23 55-15955 O&M RESERVE HELD W/JFOC 45,070.00 55-16100 LAND 144,320.40 55-16200 SEWER TREATMENT PLANT 3,230,658.56 55-16210 METER BUILDING&IMPROVEMENTS 8,056.39 55-16220 SEWER COLLECTION SYSTEM 10,755,808.30 55-16250 CONSOLIDATED COLLECTION SYSTEM 279,069.00 55-16400 EQUIPMENT 37,385.17 55-17900 ACCUMULATED DEPRECIATION ( 718,254.97) 55-17905 ACCUM DEPR-PLANT/JFOC ( 41,859.16) 55-17910 ACCUM DEPR-SEWER COLLECT-FSD ( 2,942,788.35) 55-17915 ACCUM DEPR-EQUIPMENT ( 35,868.68) TOTAL ASSETS 14,020,213.25 LIABILITIES AND EQUITY LIABILITIES 55-21100 ACCRUED PTO AND BENEFITS 6,103.72 TOTAL LIABILITIES 6,103.72 FUND EQUITY UNAPPROPRIATED FUND BALANCE: 55-29800 RETAINED EARNINGS 13,090,317.86 55-29820 RETAINED EARNINGS-RESTRICTED 930,271.23 REVENUE OVER EXPENDITURES-YTD ( 6,479.56) BALANCE-CURRENT DATE 14,014,109.53 TOTAL FUND EQUITY 14,014,109.53 TOTAL LIABILITIES AND EQUITY 14,020,213.25 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:23 TOWN OF FRASER REVENUES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 WASTEWATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT CHARGES FOR SERVICES 55-34-100 CUSTOMER SERVICE CHARGES .00 .00 616,580.00 616,580.00 .0 55-34-150 PENALTIES&INTEREST 671.65 671.65 1,000.00 328.35 67.2 55-34-200 PLANT INVESTMENT FEES .00 .00 7,500.00 7,500.00 .0 TOTAL CHARGES FOR SERVICES 671.65 671.65 625,080.00 624,408.35 .1 MISCELLANEOUS REVENUE 55-36-100 INTEREST EARNINGS 332.60 332.60 2,000.00 1,667.40 16.6 55-36-500 JFF MANAGEMENT FEE .00 .00 28,420.00 28,420.00 .0 55-36-900 MISCELLANEOUS REVENUE .00 .00 1,500.00 1,500.00 .0 TOTAL MISCELLANEOUS REVENUE 332.60 332.60 31,920.00 31,587.40 1.0 OTHER SOURCES&TRANSFERS 55-39-999 CARRYOVER BALANCE .00 .00 2,092,733.00 2,092,733.00 .0 TOTAL OTHER SOURCES&TRANSFERS .00 .00 2,092,733.00 2,092,733.00 .0 TOTAL FUND REVENUE 1,004.25 1,004.25 2,749,733.00 2,748,728.75 .0 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:24 TOWN OF FRASER EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 1 MONTHS ENDING JANUARY 31,2013 WASTEWATER FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENDITURES 55-40-110 SALARIES 11,444.48 11,444.48 170,000.00 158,555.52 6.7 55-40-210 HEALTH INSURANCE 2,065.92 2,065.92 25,500.00 23,434.08 8.1 55-40-220 FICA TAX 829.54 829.54 12,500.00 11,670.46 6.6 55-40-230 RETIREMENT 444.41 444.41 6,500.00 6,055.59 6.8 55-40-250 UNEMPLOYMENT TAX 34.30 34.30 510.00 475.70 6.7 55-40-280 TRAINING PROGRAMS .00 .00 2,000.00 2,000.00 .0 55-40-290 TRAVEL,MEALS AND LODGING .00 .00 2,000.00 2,000.00 .0 55-40-295 MEALS AND ENTERTAINMENT .00 .00 500.00 500.00 .0 55-40-310 LEGAL FEES .00 .00 5,000.00 5,000.00 .0 55-40-330 ENGINEERING FEES .00 .00 10,000.00 10,000.00 .0 55-40-360 COMPUTERS-NETWORKS AND SUPPORT 197.44 197.44 6,000.00 5,802.56 3.3 55-40-370 OTHER PROFESSIONAL SERVICES .00 .00 10,000.00 10,000.00 .0 55-40-410 BANK CHARGES .00 .00 100.00 100.00 .0 55-40-430 INSURANCE .00 .00 5,500.00 5,500.00 .0 55-40-440 ADVERTISING .00 .00 500.00 500.00 .0 55-40-460 SYSTEM REPAIR AND MAINT-COLLEC .00 .00 60,000.00 60,000.00 .0 55-40-490 PROFESSIONAL MEMBERSHIPS .00 .00 6,000.00 6,000.00 .0 55-40-500 OPERATING SUPPLIES-COLLECTIONS .00 .00 5,000.00 5,000.00 .0 55-40-510 EQUIPMENT PURCHASE AND REPAIR .00 .00 2,500.00 2,500.00 .0 55-40-520 TESTING .00 .00 1,000.00 1,000.00 .0 55-40-550 POSTAGE&BILLING SUPPLIES .00 .00 2,500.00 2,500.00 .0 55-40-560 UTILITIES-TELEPHONE .00 .00 500.00 500.00 .0 55-40-650 WW TREATMENT CHARGES/JFOC ( 7,532.28) ( 7,532.28) 188,000.00 195,532.28 ( 4.0) 55-40-690 MISCELLANEOUS EXPENSE .00 .00 3,000.00 3,000.00 .0 55-40-730 CAPITAL PROJECTS .00 .00 135,000.00 135,000.00 .0 55-40-930 TRANSFER TO CERF .00 .00 10,000.00 10,000.00 .0 TOTAL EXPENDITURES 7,483.81 7,483.81 670,110.00 662,626.19 1.1 TOTAL FUND EXPENDITURES 7,483.81 7,483.81 670,110.00 662,626.19 1.1 NET REVENUE OVER EXPENDITURES ( 6,479.56) ( 6,479.56) 2,079,623.00 2,086,102.56 ( .3) FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:25 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 GENERAL FIXED ASSETS ASSETS 91-16100 LAND 730,630.35 91-16200 ADMINISTRATION BUILDING 208,379.39 91-16203 MAINTENANCE BUILDING 57,722.51 91-16208 HOUSE-400 DOC SUSIE AVE 54,839.27 91-16209 VISITOR CENTER 183,895.00 91-16211 BUSBARN&105 FRASER AVE HOUSE 100,000.00 91-16250 CHURCH 267,000.00 91-16306 PARKS 367,800.08 91-16311 STREET IMPROVEMENTS 3,439,840.00 91-16312 HIGHWAY 40 PATH 8,872.00 91-16490 EQUIPMENT-OTHER 872,015.00 91-16500 OFFICE EQUIPMENT 57,261.75 91-17900 ACCUMULATED DEPRECIATION ( 2,260,048.61) TOTAL ASSETS 4,088,206.74 LIABILITIES AND EQUITY FUND EQUITY UNAPPROPRIATED FUND BALANCE: 91-29800 INVESTMENT IN FIXED ASSETS 4,088,206.74 BALANCE-CURRENT DATE 4,088,206.74 TOTAL FUND EQUITY 4,088,206.74 TOTAL LIABILITIES AND EQUITY 4,088,206.74 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:26 TOWN OF FRASER BALANCE SHEET JANUARY 31,2013 GENERAL LONG-TERM DEBT ASSETS 95-18100 AMOUNT TO BE PROVIDED 3,131,161.31 TOTAL ASSETS 3,131,161.31 LIABILITIES AND EQUITY LIABILITIES 95-25050 2002 SERIAL BONDS 360,000.00 95-25060 1998 REVENUE REFUNDING BONDS 2,035,000.00 95-25070 1998 GENERAL OBLIGATION BONDS 475,000.00 95-25200 ACCRUED COMPENSATED ABSENCES 15,677.17 95-25500 CAPITAL LEASES KOMATSU LOADER 245,484.14 TOTAL LIABILITIES 3,131,161.31 TOTAL LIABILITIES AND EQUITY 3,131,161.31 FOR ADMINISTRATION USE ONLY 8%OF THE FISCAL YEAR HAS ELAPSED 02/28/2013 10:16AM PAGE:27 Planner Briefing for TB March 6th, 2013 The briefing below was included in the February 61', 2013 Town Board packet in regard to the Byers Peak Ranch PDD. While we have made progress on many fronts, there are still some documents that need to be finalized. We are planning on opening the continued public hearing and continuing the hearing until April 3'd 2013. Public Hearing and Action: Byers Peak Ranch Planned Development District Plan Parts of Sections 19 and 20 Township 1 South, Range 75 West of the 6t" PM County of Grand, State of Colorado Applicant = Byers Peak Properties, LLC. Byers Peak Downhill Adventures, LLC Background information: In the fall of 2007, the Town of Fraser received an Amended Petition for Annexation for Byers Peak Ranch. The Town Board adopted a resolution finding that the Petition was substantially complete. In early 2008, the Town Board held an annexation hearing and adopted a resolution finding that the property is eligible for annexation. In October 2010, the Town and BPR entered into a Pre-annexation Agreement. On February 23, 2011, the Town received a submittal for a Planned Development District Plan for Byers Peak Ranch. The following is a brief project description submitted by the applicant: "Byers Peak Ranch is a 295 acre ranch that is designed to be developed as a neighborhood project located south of Mill Ave. and west of the railroad tracks. Fraser Valley Parkway bisects the site. The existing neighborhood to the north of the property includes single family, attached residences and apartments; community meeting facilities, Town Hall, Town maintenance facilities, the Fraser Valley Elementary School and Library. The PDD for Byers Peak Ranch contemplates 530 detached and 905 attached residential units, 550 lodging units, RV sites and 270,000 SF of mixed use/commercial/industrial units. The residential product types will vary throughout the community and include single family lots, attached units, and lodging integrated into a cohesive community linked by open space corridors. The community will include a central open space and park with recreational uses and ponds. TOW11 Offrs ser PO Box 770, Fraser, CO 80442 ofli°e 970 726 7491 f,ax 970 726 7718 The mixed use/commercial/industrial and municipal uses are located along the railroad tracks and will serve as a transition from the railroad tracks to the residential neighborhoods. There will also be some commercial uses along the Fraser Valley Parkway to serve the residents and visitors." Planned Development District (PDD) zoning is proposed for the property (rather than one of the conventional zoning districts). The PDD zoning allows for greater flexibility than in a traditional zoning district. The PDD regulations are located in Chapter 16, Article 5 of the Town Code. The PDD plan application is intended to generate enough site plan information in the form of written statements and schematic plans in order to provide adequate information for review by decision-making bodies and the general public in regard to the proposed PDD zoning. Furthermore, the standards and procedures are intended to ensure integrated planning goals and objectives of the Comprehensive Plan while allowing greater flexibility and innovations in development and site designs than is typically possible under conventional zone district regulations. The Planning Commission reviewed the proposed PDD zoning at three meetings in 2011. In addition to the zoning component, the Planning Commission considered the Town of Fraser Three Mile Plan (a component of the 2010 Comprehensive Plan). The Three Mile Plan states that development proposals for areas surrounding the Town of Fraser should be considered for incorporation within the municipality before development in unincorporated areas. Higher density residential, mixed use, commercial and light industrial should be directed towards municipal areas because public utilities and services can be provided more efficiently. Similar language is highlighted in the Grand County Master Plan. The PDD regulations state the following: The Planning Commission shall consider the application at a public hearing and after weighing all evidence presented to it, shall recommend to the Town Board either approval of said application as presented, approval subject to specified conditions, or disapproval. At the May 25th, 2011 Planning Commission (PC) meeting, the PC recommended approval of the Planned Development District subject to specified conditions. To date all the conditions have been met except one. The Planning Commission had recommended that the building heights along Mill Ave. in Planning Area #1, at a horizontal distance of 160', can't exceed 45 . The applicant is requesting a not to exceed height of 55' instead of 45 . TOW11 OUrs ser PO Box 770, Fraser, CO 80442 oFfice 970 726 5491 f,ax 970 726 7718 FLOW PER DA(M G D) g g g g M M M M » » » o NJ a -�j o NJ a --j o NJ a o a o a o a o a o a o MON ., T E \ { \ WED \ \ THU \ \ \ \ ° FRI % ST - % \ SUN \ > \ MON \ \ \ TE \ WED \ } \\ THU \ \ | FRI \ \ o o T - \\ SUN < \\ < MON \ o o O TE \ WED C 9 ° 7 om THU \ \ CD FRI \ x \ cr SAT \ \ } CD o SUN \ > ƒ MON - \ \ TE \ \ . } WED \ \ \ CD THU § \ \ \ o wo FRI SAT \ \ \ 1 \ o SUN \ a \ \ MON \ ' 'Nil \; . , } {TE - < o < WED THU \ / \ FRI \ \ SAT \ \ ( SUN - \ \ MON - \ } TE » m O 4� N 00 N N ��Il OpppVpl�III � N N Mao a 0 eP N o U,) IJJ N N N 1 N .. N o N p O A' N Y/ a) P Ppf9,^ L o 111 A U Ln oo D co lo k 0 Jl m 0 (I N lo o rI 00 II-J N I; O O O U,) O U,) O U,) O U� N O n U� N O N N N r-I r-I r-I O O O O (a9W)Atha 113 d M01 3 M O m m N 00 .. N N M .. N G N N N W 00 r-I f� n � o f o N r-I C o 0 0 0 M .. N ...., ...,. ..... ...., .... ...., ..,.. ,l .� ...., ...., ....,...,. O Ln O Ln O Ln O Ln O Ln O U� N O n U� N O N N N r-I r-I r-I O O O O (a9 W)Atha 113 d MOl3 3n1 NOW Nns Ivs 1W nHl (13M 3nl NOW Nns Ivs ° 1W nHl 43M �+ 3 nl NOW 3 Nns " Ivs i 1W nHl m s 43M 3nl Q NOW "s Nns y cQ Ivs o G .. 1W 1 nHl 43M s 3nl NOW / Nns Ivs 1W nHl (13M 3nl NOW O Ln O Ln O Ln O Ln O Ln O in N O Il in N O Il in N O N N N r-I r-I r-I r-I O O O O (a9W)Atha 113 d M01 3 INFLUENT FLOWS UPPER FRASER VALLEY TREATMENT PLANT Date Day Influent GCWS#1 WPR TOF MGD Influent Flow Influent Flow Influent Flow 1-Dec-12 Sat 0.453 0.123 0.142 0.188 2-Dec-12 Sun 0.437 0.115 0.141 0.181 3-Dec-12 Mon 0.392 0.095 0.129 0.168 4-Dec-12 Tue 0.389 0.1 0.116 0.173 5-Dec-12 Wed 0.381 0.102 0.121 0.158 6-Dec-12 Thu 0.392 0.102 0.118 0.172 7-Dec-12 Fri 0.46 0.129 0.124 0.207 8-Dec-12 Sat 0.479 0.206 0.14 0.133 9-Dec-12 Sun 0.47 0.171 0.137 0.162 10-Dec-12 Mon 0.453 0.139 0.111 0.203 11-Dec-12 Tue 0.442 0.136 0.107 0.199 12-Dec-12 Wed 0.395 0.136 0.11 0.149 13-Dec-12 Thu 0.429 0.127 0.109 0.193 14-Dec-12 Fri 0.474 0.144 0.132 0.198 15-Dec-12 Sat 0.488 0.164 0.141 0.183 16-Dec-121 Sun 0.484 0.168 0.144 0.172 17-Dec-12 Mon 0.477 0.18 0.126 0.171 18-Dec-12 Tue 0.463 0.16 0.126 0.177 19-Dec-12 Wed 0.455 0.179 0.129 0.147 20-Dec-12 Thu 0.472 0.176 0.128 0.168 21-Dec-12 Fri 0.548 0.197 0.13 0.221 22-Dec-12 Sat 0.592 0.229 0.163 0.2 23-Dec-12 Sun 0.64 0.254 0.183 0.203 24-Dec-12 Mon 0.647 0.239 0.179 0.229 25-Dec-12 Tue 0.604 0.215 0.179 0.21 26-Dec-12 Wed 0.67 0.269 0.186 0.215 27-Dec-12 Thu 0.726 0.289 0.191 0.246 28-Dec-12 Fri 0.792 0.331 0.197 0.264 29-Dec-12 Sat 0.852 0.321 0.193 0.338 30-Dec-12 Sun 0.825 0.3111 0.188 0.326 31-Dec-121 Mon 0.825 0.2991 0.189 0.337 AVG. 0.536 0.187 0.145 0.203 MAX 0.852 0.331 0.197 0.338 MIN 0.381 0.095 0.107 0.133 INFLUENT FLOWS UPPER FRASER VALLEY TREATMENT PLANT Date Day Influent GCWS#1 WPR TOF MGD Influent Flow Influent Flow Influent Flow 1-Jan-13 Tue 0.742 0.28 0.182 0.28 2-Jan-13 Wed 0.685 0.272 0.168 0.245 3-Jan-13 Thu 0.686 0.282 0.162 0.242 4-Jan-13 Fri 0.685 0.262 0.157 0.266 5-Jan-13 Sat 0.697 0.266 0.163 0.268 6-Jan-13 Sun 0.623 0.227 0.158 0.238 7-Jan-13 Mon 0.566 0.189 0.138 0.239 8-Jan-13 Tue 0.568 0.182 0.139 0.247 9-Jan-13 Wed 0.585 0.184 0.135 0.266 10-Jan-13 Thu 0.562 0.186 0.137 0.239 11-Jan-13 Fri 0.589 0.223 0.147 0.219 12-Jan-13 Sat 0.62 0.232 0.156 0.232 13-Jan-13 Sun 0.588 0.209 0.144 0.235 14-Jan-13 Mon 0.498 0.163 0.122 0.213 15-Jan-13 Tue 0.526 0.164 0.122 0.24 16-Jan-13 Wed 0.48 0.17 0.128 0.182 17-Jan-13 Thu 0.524 0.166 0.133 0.225 18-Jan-13 Fri 0.597 0.225 0.153 0.219 19-Jan-13 Sat 0.703 0.284 0.174 0.245 20-Jan-13 Sun 0.733 0.293 0.183 0.257 21-Jan-13 Mon 0.597 0.205 0.161 0.231 22-Jan-13 Tue 0.54 0.139 0.157 0.244 23-Jan-13 Wed 0.495 0.149 0.167 0.179 24-Jan-13 Thu 0.488 0.158 0.167 0.163 25-Jan-13 Fri 0.605 0.185 0.176 0.244 26-Jan-13 Sat 0.645 0.217 0.184 0.244 27-Jan-13 Sun 0.603 0.222 0.171 0.21 28-Jan-13 Mon 0.488 0.161 0.174 0.153 29-Jan-13 Tue 0.458 0.152 0.164 0.142 30-Jan-13 Wed 0.442 0.173 0.172 0.097 31-Jan-13 Thu 0.472 0.178 0.169 0.125 AVG. 0.584 0.206 0.157 0.220 MAX 0.742 0.293 0.184 0.28 MIN 0.442 0.139 0.122 0.097 C OIL OR ADO Wastewater Treatment Plant update: February 27, 2013 • Pre-Treatment Facilities — Repaired the grit system. All things working well. • Secondary Treatment Facilities — We have had some power problems with varying voltage from 478 volts up to 495 volts the electric company said that is within standards. We also replaced a computer board for SCADA system. All equipment working well. • Disinfection Facilities — Everything is working well. • Solids Handling — We are still receiving some vibration alarms after running all day the readout seems to be very cyclic. The digesters are working well after the repairs we made. • Site & Landscape — Nothing new • SBR — Nothing new • Chemical Building — Is out for bids now until 18th of March. We have also received approval of building and equipment from the health department. Please call with any questions. TOW11 Offrs ser PO Box 770.1 Fraser, CO 80442 oFfice 970 726 5491 laix 970 726 7718 0 o o q ti o 0 m D O m O' ^ m 4 m O O O O 7L > >> Ln c to O > Q p co Q O + ^ N 0 £ 7; w YJ' W � > O � m bA > > J p p >bA W ^ D E O O_ V o O J 4 J t £ b0 A I'� r+ ? 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O m on CL N N N M m m C,4 N N 7 D £ N 00 w O W M V bA N T a 0 CL 4>A O bvA N Q O, T m * u � o _ O 1.; ai t lD VI M M n O n m N lD 7 Uj nj N N N N N N N cy a s v �yy > T L N £ J=' - £ £ f0 m c£ Q u > v Q a u i v v p o v v ¢ p z c a W W z C C O L O R A D O PUSLIG `" o SIIY 1' 11...111... UPDATE As of 02/28/2013 for 0306 meeting) eeting) WATER— Fraser Valley Elementary: their water service line on in the west end of the building froze over the weekend. After a failed attempt by a private contractor to thaw it, PW stepped in and attempted to thaw it out last week (2/26) with no success. They are still able to operate as they have a redundant service line feeding the building on the east end. SANITARY SEWER— STREETS— We have been clearing and hauling snow from properties around town in preparation for the Park-n- Ride lots associated to the Snowball Festival. GARDENER- ➢ Working on a couple of grant opportunities. OTH ER- ➢ ...as visions of Snowball `13 danced through my head...the reality of Wipeout might soon find me dead! ➢ I'm sure there are other things I've worked on these past weeks but it's been a total whiteout... Questions? anordina-town.fraser.co.us or 970-531-1844. own of IC::uITa,,;er ox 370, Il:ra er, CO 80442 d,i`lice 970 726 5491 fax 970...7 26...551 www.fi'a eurv¢;doirado.¢;onu DRAFT 2/1/2013 4:54 PM H LL ND & -, CONFIDENTIAL ATTORNEY WORK PRODUCT MEMORANDUM December 7, 2012 TO: Fraser Byers Peak Ranch Subcommittee FROM: Boots Ferguson RE: Proposed SFE water plant investment fee split structure This memorandum describes (1) the timing of the needs for capital improvements to Fraser's water diversion and treatment infrastructure in the context of the demand by the Town and by Byers Peak Ranch ("BPR"); (2) the total costs and pro rata share of costs between the Town and BPR for such improvements and infrastructure; and(3) the structure for BPR receiving reimbursement of water plant investment fees ("fees") and the splitting of the fees between BPR and the Town. The fees currently are $7000/SFE. A split of the SFEs would result in each party receiving $3500/SFE. BPR has proposed that it receive reimbursement of the fees paid for the first 900 SFEs in the BPR project and thereafter BPR and the Town would split the fees. The existing well infrastructure of the Town, with minimal investment, can produce a sustained pumping rate of 505 gallons per minute ("gpm"). The existing water treatment plant can produce a sustained 600 gpm. At buildout of the Town and BPR, the total average day demand will be 729 gpm, which amount exceeds the existing capacity of the wells and water treatment plant. Accordingly, the Town has done the following in anticipation of fulfilling its commitment to serve the Town and BPR as they phase towards buildout: a. indentify the improvements and replacements of well and plant infrastructure to serve the demand("improvements"); Holland&Hart LLP Attorneys at Law Mho e(303)295-8000 II""ax(303)295-8261 www.hollandhart.com 555 17th Street Suite 3200 Denver,Colorado 80202-3979 Ildaiillil ing Address P.O.Box 8749 Denver,Colorado 80201-8749 Aspen Billings Boise Boulder Carson City Cheyenne Colorado Springs Denver Denver Tech Center 3ackson Hole Las Vegas Reno Salt Lake City Santa Fe Washington,D.C. December 7,2012 % Page 2 b. indentify the costs of such improvements and the appropriate allocation of the same between the parties; C. indentify the timing of the need for the improvements; d. identify the timing of the need for the funds to pay for the improvements; and e. identify the appropriate structure for splitting the fees in order for the improvements to be made when needed and for them to be paid for. While it is understood that this effort is not an exact science, the goal is to have a clear structure for the fee split between the parties going forward that will provide for immediate reimbursement to BPR for infrastructure costs and for the appropriate securing of funds for the Town to pay for improvements when needed. Existing Demand and Immediate Needs The Town currently serves 889 Town SFEs and 0 BPR SFEs. Total average day demand is 200 gpm. To serve the next 160 Town SFEs and first 379 BPR SFEs,pumping water level investigation, videoing well investigation, and making minor equipment improvements to Wells 1, 2, 3b, 5R, 7 and 9 need to occur. The estimated cost is $40,000. Since the end result will be to serve 1049 Town SFEs and 379 BPR SFEs for a total of 1428 SFEs, BPR represents 25% of the demand. Accordingly, BPR should be responsible for 25% of the cost or $10,000. This amount should be paid up front. In addition, it is estimated that the preparing, filing and prosecuting of the application to confirm the location of the Forest Meadows water storage right at the original plan for augmentation site and making the same absolute upon the filling of the same will cost $50,000.00. This should be BPR's responsibility to confirm the dedication of water rights to the Town. This will be done upon completion of the Forest Meadows pond. Conclusion A: BPR pays $60,000 upfront($10,000 for well improvements and X50,000 for water rights application). Future Demand and Well and Water Treatment Plant Needs The next two critical improvement points occur when (1) the demand of the Town and BPR exceeds the 505 gpm well capacity and —Confidential Privileged—Attorney-Client Communication—Attorney Work Product December 7,2012 % Page 3 (2) the demand of the Town and BPR exceeds the 600 gpm treatment plant capacity. The well improvements associated estimated costs to expand the well capacity to 680 gpm are (1) rehabilitate well 8 at $147,000 and (2) redrill well 2 and rehabilitate well 9 at $123,000. Since these costs do not occur for some time, they can be paid out of collected fees. The needs for the Town to pay for its share of the costs come from fees collected from Town users. The needs for the Town to pay for the BPR responsible percentage need to be collected from fees generated by BPR; assuming a split of fees, the Town collects $3500/SFE in fees. The next step is to calculate how many SFEs must pay fees at $3500/SFE to collect the required amount; the conclusions in bold show this result. The rehabilitation of well 8 needs to occur when there are 1345 Town SFEs and 972 BPR SFEs (total demand is at 500 gpm). BPR is 41% of the total demand. It is responsible for 41% of the $147,000 cost, or $60,270. Conclusion B: BPR responsible for$60,270 of well 8 cost; this equals 17 split SFE fees. The redrilling of well 2 and rehabilitation of well 9 need to occur when there are 1370 Town SFEs and 1137 BPR SFEs (total demand is at 539 gpm). BPR is 45.3% of the total demand. It is responsible for 45.3% of the $123,000 cost, or $55,719. Conclusion C. BPR responsible for$55,719 of wells 2 and 9 costs; this equals 16 split SFE fees. The expansion/replacement of the water treatment plant needs to occur when there are 1467 Town SFEs and 1331 BPR SFEs (total demand is at 600 gpm). In this instance, since the expansion/replacement is to provide service at buildout of the Town and BPR of 729 gpm of average day demand, the percentage of responsibility for costs is properly based on full buildout. At full buildout, there are 1530 Town SFEs and 1897 BPR SFEs. BPR is 55.3% of the total SFEs at buildout. The projected costs of the water treatment plant expansion/replacement and attendant infrastructure is $3,500,000. BPR is responsible for 55.3% of this amount or $1,935,500. Conclusion D: BPR responsible for$1,935,500 of water treatmentplant costs; this equals 553 split SFE fees. —Confidential Privileged—Attorney-Client Communication—Attorney Work Product December 7,2012 % Page 4 As a result, at the time the demand is 600 gpm, wells 2, 8, and 9 will have to be upgraded and the water treatment plant expanded/replaced. This is at the projected level of service of 1467 Town SFEs and 1331 BPR SFEs. Conclusion E: At the time the demand is 600 gpm and the well and water plant improvements must be made,BPR's share of the costs are$2,051,489. It will take 586 split SFE fees to generate this amount. Therefore, the improvements described above have to be in place at the time of need. The Town needs to collect the funds in advance to pay for the improvements. It can finance them and then pay them off when the fees are collected and the improvements are on line. The last cost that BPR will share in that is projected during the buildout of the Town and BPR are the engineering and legal fees associated with the Town preparing, filing, and prosecuting the plan for augmentation for the Town that will include the Byers Peak Ranch Augmentation Pond and Forest Meadows pond. The estimated costs are $200,000. Since this benefits the Town and BPR at full buildout, the percentage of responsibility is 55.3% figure noted above. Therefore, the BPR percentage responsibility for the $200,000 is $110,600. Of course if there are additional costs above this estimate, the Town bears the risk and responsibility for them. Conclusion F. BPR is responsible for$110,600 of water right costs; this equals 32 split SFE fees. This amount coupled with the 586 split SFE fees noted above totals 618 split SFE fees. As a result, there will be 1331 BPR SFEs on line with the improvements are made. The 618 split SFE fee SFEs should be subtracted from the 1331 BPR SFEs so the Town can begin to collect the fees to pay for the needed improvements. This collection must therefore start at the 713 BPR SFE point. Conclusion: The BPR fee reimbursement/split fee structure is as follows: 1. BPR pays $60,000 to Town at execution of annexation agreement(Conclusion A); 2. BPR is reimbursed for all water plant investment fees generated by the BPR project paid from#1 SFE to #713 SFE (Conclusion F); 3. BPR and the Town split the water plant investment fees generated by the BPR project paid from#714 SFE to #1331 SFE (Conclusion F); —Confidential Privileged—Attorney-Client Communication—Attorney Work Product December 7,2012 % Page 5 4. BPR is reimbursed for all water plant investment fees generated by the BPR project paid from#1331 SFE to #1518 to bring to a total of 900 fully reimbursed SFE fees to BPR; 5. BPR and the Town split the water plant investment fees generated by the BPR project paid from#1518 to #1897; Town to pay for all additional improvements to wells and other needed imporvments from these fees; As a result,BPR collects $7000/SFE for 900 SFEs equaling$6,300,000 ($4,991,000 upfront from the first 713 SFEs) and$3500/SFE for 997 SFEs (1897-900) equaling$3,489,500 for a total reimbursement amount at full buildout of the BPR project of$9,789,500. —Confidential Privileged—Attorney-Client Communication—Attorney Work Product t Fraser and Friends for Responsible Development Activity As I started to read the Town of Fraser material on the proposed annexation of the Byers Peak Properties land, i r<xs ar d �,eer7;ds fR, had so many questions I didn't know where to start. I DevT-Iop,-nen, cre..ed, Board of Trustees assume that others are likely to have many of the same meeting— questions, so I set up this page so that the community could ask questions and share and discuss information xs ^ and ---Jf- fo, RPSDonsioie about the proposed annexation. Deveic pmen, ,o�ncd 1-ac,lbor�k,. f Like Comment Share t Franc de Vos likes this. Fraser and Friends for Responsible Development i Jane Mather Forgot to add.Jane Mather added this comment and started this Facebook page. Like Water rights r .. Flow do we know there will be enough water for Fraser and the proposed new development? If interested in this topic, please see Becky Rand's post and Fraser and Friends for Responsible Development the Comments below. r , Like Comment Share Annexation Financial Impact Fraser and Friends for Responsible Development Becky's post and comments are in"Recent Posts by Others"at top of At the February public hearing, I suggested that the Town this column.Click"See Ala"if the post is not showing.To see Board should have a clear summary of costs and revenues all of the comments,.be sure to click on"view more before making a decision, comments." Like Y,v� In the Staff Report response (2128), the only costs listed are V,Ite a cor,r,=ex,t S17S,000 for public works and streets"The projected $3.5 million Town costs for water improvements and infrastructure, estimated from the Water Summary(7a If BPR Water) document, were not included. Fraser and Friends for Responsible Development Instead, the Staff Report says 'We currently have water and sewer systems that can serve far more customers,as a Augmentation Water Storage result it would be beneficial to our rate payers to add additional customers to these systems and improve costs In the Staff Report (2128-p.2), it states that construction of effectiveness." the Augmentation Water Storage facilities would cost S4.5 million, not including land acquisition. But existing Fraser rate payers will not be benefiting from being able to provide water to others with this excess Does it cost this much to dig ponds and connect with pipe? capacity because the first S6.3 million in Water Plant Fees What else is included? (900 SFE) are being retained by the developer. Like Comment Share 1 assume that the developer will pay Sewage Water Fees totaling S6.3 million for the first 900 SFE to contribute to those costs, but I have not found this clarified in the agreement. "w"' Fraser and Friends for Responsible Development .I,, 1,%_,s Fraser and Friends for Responsible Development i ink Board of Trustees Packet From Jane Mather.The proposed agreement has two aspects that seem to collect fewer funds from Byers Peak Information about the proposed annexation,including the Properties(BPP)than seem appropriate. proposed agreement and letters from the February public 1,8PP's payments for new water infrastructure are based hearing are available from the Town website at this link, on BPP's share of total water usage.if the new http://w,ww.ft'asercolorado,corrijinrJex.aspx?page�-129 infrastructure is only needed for new water usage,why aren't those needing the new infrastructure paying based on their share of new water usage? Town of Fraser,CO:Agendas 2.BPP is allowed to keep all of its water plant investment fees(37,000 per SFQ for the first 900 SFE-S6.3 million. �p i (At full development,BPP would keep Town's water investment fees totaling about S10 million.)If BPP is also benefiting from existing water plant infrastructure,why aren't some of those funds covering the costs of existing Like Cornment Share infrastructure and reserves? For more details on these questions,see my letter to the Fraser and Friends for Responsible Development Town Board from 2113,which the town forgot to include in ,T the packer for the 3/6 meeting,at this link, https://di.drapbox.com/ijj6l470888/ Some basic facts on the proposed annexation. BPP)f:20Annexation%20JMather.X20ietlpr%202013-02- 13%'20public.pdf For those of us who live in Fraser because we like the small-town environment,development will always be hard, Like Comment Share but it's a fact of life.What we can do is try encourage 40 Responsible 1"1 Fraser and Friends for Resnsible Development My development that is as responsible as possible,with the 7�, " letter has been added to the Board Packet for the 3/6 meaning of"responsible"a discussion all its own. meeting. 4 Like Currently,the Town Board is considering the annexation of "W"q k­,tv a the 295 acres owned by Byers Peak Properties located west of the railroad tracks and between CR 72 and CR 71 As part of the annexation,the Town is negotiating the zoning and cost sharing for a planned development district(POD) to set the framework for future development on this site. Generally,there is a benefit to annexing this property into the Town of Fraser.As part of Fraser,the Town has "control"over the development;if it is not annexed,the County will continue to have"control,"With members of County government located through out Grand County, they may not be as concerned about some issues as those of us that live or own property nearby, Like Comment Share Franc he Oros likes this. Fraser and Friends for Responsible Development Becky, I have been wondering this as well,as this development provides the zoning for more than twice as many units as the 889 SFEs(single family unit equivalents) in Fraser now, Unfortunately, m restronse to a similar question from the February Public Clearing,Jeff Durbin wrote: "Our Water Commissioner is responsible for administration of all water rights in the Fraser Valley, if desired,we can schedule an executive session for the Board with our water attorney to review our water portfolio." I don't not understand why water rights issues would require an executive session; I wrould assume water rights ought to be part of the public record. It seems reasonable that the public would want to know about town water rights and be assured that any new development will have enough water and not limit water available for other Town residents,especially during more common:drought periods, 6=10,lrs ago tL_, Like -4 1 Fraser and Friends for Responsible Development One of the key issues in the proposal,which I don't understand cornpletely,is the provision of augmentation ponds that will allow the Town of Fraser to provide storage and thus firm up the Towns water rights, (If anyone can clarify, please do.) Apparently,one of the reasons that the developer can retain the water plant investment fees (these are the 56.E to S 10 million mentioned elsewhere)is so that he can create these ponds and ditches for the Towns. This arrangement raises beats of further questions, including what assurances do we have that they wili actually be built?will the ponds really cost S4.5 million?Are there reasons it might be better for the Town to develop the ponds itself and not forego the eater plant investment fees? ' _ste d ,,, ai 1a,_ —,-r Like 71 Fraser and Frien=ds for Responsible Development Judy Pemstein, Managing Partner for Byers Peak Ranch, LLEP,the actual ranch, noted the following in her letter for the February Public Clearing: "Also explore carefully the promises of ponds and grater,that may or may not cortne to fruition as envisioned;these water rights if granted would be junior to other water rights in the area." maid' ?.w r Like Becky Holsinger Rand I still dont see where the water is coming frown (so much of the language is regarding the water systems--not the water itself}..,. and like she says it would have junior status to other water rights already in place--and as we ak know water doesn't j...See more Ye t,,da, , 2':i prr, Like Comments for Fraser Trustee Meeting, Byers Peak Annexation Wed. Feb. 6 Andrew Miller,267 Mill Ave., Fraser Annexation presentation, Fraser Town Trustees The annexation under consideration tonight does not meet the most basic test of any addition to our town, namely—it does not pay for itself.This measure has the potential to cost every town citizen money over the course of its development.Any development must pay for all of its infrastructure costs. The Rendezvous Development has paid for all of its infrastructure costs,following current town regulations to the letter. Approximately$12 million in subsidies have been outlined in these proposed agreements with the Grand Park developer,coming in reduced tap fees and shared costs for infrastructure. If the developer is unable to cover these costs, no development should take place. Proposed public financing of these costs should not be permitted.Similar arrangements in Castle Rock developments threatened the economic viability of every town resident,some of who were faced with monthly tax bills of$1,500. Fraser's water and sewer monthly fees are already the highest in Grand County, and among the highest in the state. If they go any higher as a result of developer subsidies, many of us will no longer be able to afford to live in our town. Spread sheets have been presented purporting to quantify the economic benefit of having new town residents. Certainly property tax revenue will rise with new homes and lots. But the cost of serving these new residents will barely be met by their property taxes and water and sewer fees. Fraser is no richer now than when it had 250 residents. In fact, it is far more expensive to be a town resident now than it was when we were a tiny community. Grand Park owns many hundreds of acres south and west of Fraser.The community should see how this entire parcel will be developed in order to understand how the Byers Peak Ranch meadow can best fit into an overall plan.Tall buildings and homes can better be tucked into the Developer's hilly parcels rather than rising from flat,visually and hydrologically sensitive meadows. No studies have been made to show how the loss of irrigation of this meadow will affect the town's well water supply.All modeling of future climate shifts show we will experience either harsh droughts—as we did in numerous recent years;or normal precipitation events as we did two years ago. Droughts will likely cause our town well levels to drop if they are not recharged by irrigation during wet years. Normal snow winters, as we saw two years ago,will cause town flooding if we don't have the protection of irrigated meadows just upstream from our town which is located in a floodplain.We can only imagine the damage a huge snow winter could cause. Questions surrounding steam flow and water quality remain unanswered as they pertain to pond construction proposals contained in the development plans. The basic question of town water rights plus developer rights meeting the demands of this development have not been answered. An overall plan would provide the town the opportunity to negotiate with Grand Park developers to allow for increased density in hilly areas in exchange for leaving low lying, hydrologically important meadows as water resource areas. Certainly we do not want to have town shops sitting in the wettest part of these meadows,as is proposed.Our memories are long enough to remember the spring of 2011 when our streets and crawl spaces ran with St. Louis Creek flood water for 5 weeks— largely because the Byers Peak meadows have been cut off from irrigation water. Any development of this meadow must include proven methods of water absorption to fill our shallow aquifer. Commercial development in the Byers Peak Meadow does not make good planning sense. Existing commercial districts in the heart of"old" Fraser are underutilized. Grand Park is presently developing a commercial center south of Fraser.There is more room for growth in the AlcojSafeway district.The Rendezvous commercial center has been approved east of the Grand Park Center. Existing commercial areas are also underutilized in downtown Winter Park,Old Town Winter Park and at the base of the ski area. Uncertain economic times makes it impossible to know when the community can support a eighth commercial center in the six mile long Fraser,Winter Park town area. Concerning the proposed 35 year term for this proposal, I doubt any of us believe we have the foresight necessary to commit the next generation to a decision made here today. It is a relief the town is insisting on public streets in the development, but the fear becomes witnessing the occurrence of the all too common "Zombie Subdivision",a platted and partially built-out neighborhood where a few houses are scattered across an expanse of town roads which are not supported by enough property tax to pay for the on-going maintenance of streets and infrastructure. Allowing Grand Park to have more gravel operations as a part of their development should not be permitted until after their current gravel piles—located at both the entrances to Winter Park and Fraser—have disappeared. Even then, bonding should guarantee any gravel generated disappears the same year it appears.All gravel operations should be regulated just as current operations are—a level playing field is only fair to those who have invested in operating businesses living with current regulations. Also, as a good faith gesture,Grand Park should agree to remove their"temporary" sales billboards from the Fraser Meadow along US 40 before any further town approvals are granted. Grand Park developers have said they will take their plans to the County level if we refuse to approve this annexation. Fortunately Grand County has hosted numerous master plan meetings resulting in the directive any development adjacent or close to an existing incorporated community annex to that community.Also,valley citizens—through their water and sanitation districts,worked in concert to consolidate water treatment in a single plant.This herculean effort will not be compromised by the building of a new treatment plant to serve any development which can be hooked up to the regional plant. In order to hook up to the regional sewer plant,Grand Park must annex to the town of Fraser. Grand Park also states residential zoning on a part of the Byers Peak meadow infers the right to densely develop this meadow.This zoning decision was made by the county. Zoning does not guarantee the right to develop. Discussions of this development should take place in an open public forum where citizens can speak freely and at length and Board members do not meet behind closed doors and are limited in discussions of issues with town residents.We should not enter into annexation discussions with any entity which threatens or is engaged in current legal action against our community. Common sense dictates we don't do business with those who are suing us. If suits were resolved,then the board would not be engaged in now regular executive sessions—a practice which undermines trust between town trustees and those they represent. For lessons learned from previous developers who threatened the economic future of every town resident,we need look no farther than across US 40 to the failed Village at Winter Park Ranch development. A town approved development there would have resulted in a huge commercial district with 55 foot towers,along with residential development.The US economy tanked about the time this development would have been under construction. Inevitably, local contractors would not have been paid, causing a collapse in the valley economy.Town subsidies to the developer would have made this nightmare even more horrific. Instead, in a special election town residents voted this development down, and now we enjoy two fishing ponds and a 120 acre wetland park. I look forward to full and frank Trustee discussion of issues brought to you by thoughtful town residents and property owners. Comments to be included as part of the Public Hearing March 6,2013 regarding the annexation of Byers Peak Ranch. 3 Minutes at the podium is not enough time to adequately address this topic. Here are additional comments. To: Fraser Board of Trustees and Fraser Town staff From. Melanie Zwick 6 pages At the Feb 6 public hearing, I thought Mr. Delaney was being rather harsh. After reading through the related documents, I don't think so. Mr. Delaney was right on,Fraser is selling its soul. Here is a partial list of the gifts proposed for the Developer: -Nearly$12 million in water fees and infrastructure costs. Only charging 25%of tap fees. -Subsidizing water quantity and quality improvements needed to service BPR, not Town build out in the amount of$1.7 million cost to Fraser -It it proposed Fraser finance the above improvements. More cost to us -55' height limits, Fraser regs are for 35' -Accepting 6a of wetlands which would be fine if it's for open space. Deemed municipal use. Only very preliminary assessment of drainage. Cost to Fraser and the environment to make this useful as a municipal parcel. -Fraser pays costs over estimate by Developer for infrastructure to move water from pond -Destruction of the riparian area along St. Louis creek below proposed pond -Waiving collection of legal fees from Developer for water court -Suggested use of pubic financing(taxes, increased fees, rates)for infrastructure improvements -Increased costs in road maintenance, repair and replacement for BPR roads and chip and seal of Fraser Valley Parkway -Waived permitting and review fees for excavation -Expenses to maintain and operate 2 ponds for additional water to service BPR Expenses to maintain dedicated open space in which grass is required that wilt,probably have chemicals such as fertilizers and pesticides applied that will further degrade the water quality of the creeks and Fraser River. -Possible future additional lawsuits legal costs Fraser is proposing to give to Byers Peak the equivalent of three fourths(75%)of its projected approx 1900 taps for free. Has Fraser decided that the fees are too high? If so, let's reduce the fee by 75% for all of us right now. The Developer should pay the full cost of the tap fees. They were set at that rate for a reason. The proposed development will require more water lines and improvements to the existing water system and treatment plant. Fraser is proposing to pay approximately half of these improvements which are not needed for Town build out,but are needed to service BPR. Fraser's proposed share is approximately$1.7 million. Fraser should not be paying any of these costs to support this project. That is the Developers responsibility. The documents also propose that Fraser finance paying for these improvements. That is absolutely going too far. More cost to us,not to mention the future maintenance of these improvements. These gifts to the developer amount to about$12 million dollars in today's dollars. Keep in mind, the developer has 35 years to do this, so who knows what the real value of the gift might be. I consider the reasoning used to arrive at the Conclusions in the document titled Water faulty(See below). Since Fraser presently has enough water and treatment capacity to service the Town to projected full build out, the additional water and treatment facility capacity would be due to the servicing of Byers Peak Ranch(BPR). Because of that BPR must be responsible for 100%of the improvements that would be made in their behalf. My Conclusion: Of$13,300,000 cost for tap fees,Developer is being assessed $3,150,000 or 25%of the usual cost. In addition, there is an estimated$3,709,745 of water system improvements needed because of this development that Developer must pay for, not Fraser. It's a known fact that residential development does not pay its way. Study after study across the country has shown this. Grand County even paid for its own study. The result showing that residential development in Grand County does not pay its way. Yes,there is some commercial proposed and the carrot is held out to Fraser that there could be income from this. I see the dollar signs clouding some vision already. Another issue I want to bring to the attention of the Board is that the previous Board and staff had to spend way too much time deali g with infractions by this same developer on a different project. Your agreement needs to have very strong sanctions for this contingency. Be specific and strong in section 12.6 v. I also suggest you secure funding from the developer for additional staff oversight of tie project. A number of years ago,Dennis Saffell was itit i , ewed by Alpenglow magazine. He said, and this a developer talking,that Grand County is way too lenient with developers. Developers do not need incentives;they shc,.sld r :t be offered the silver platter. No one seems to get this. Is it because the staff walk,, ail over the Boards? I say to the Board, do not let the staff run you. You know what's rift and what the people and property owners of Fraser want. Stand up for us!!! That is why you were elected. Stiffen your collective spines and go to bat for us. The developer is not going to take his toys and go home. Fraser needs and will need in the future,the money more than the developer needs a gift. This is looking like the Rec Center deja vu. That Board made the mistake of relying too much on their attorneys. The result was they signed an agreement that they had not completely read and/or understood. Reliance upon attorneys does not excuse you, especially the Board,from doing you own homework and making sure you completely understand what is before you. Please, do not assume just because it came from your attorney that it's ready for your signature. Along this same vein, another tactic which may fake it more difficult for you to be adequately educated is the habit of this developer and attorneys to provide information and documents to the Town at the i l''how. This has happened many times with his other projects. The developer is being given 35 years, so what if it takes you an extra 35 weeks or months to get things done right. The mistakes made in this agreement will be around for much longer than 35 years. As Mr. Delaney said, Fraser you are giving away our soul. The proposed subsidies are not in the public interest. They are not to the benefit of the Town. They are in fact a disservice to the very public you are to be protecting the welfare of. They only benefit the developer. Please,Board,take a really hard look at this agreement and make changes so that this development, at the very least, does not financially gouge us. This agreement is not in a condition to be agreed to. Have you really run all the numbers on this???I think not Please give the numbers the consideration you gave to your budget. Board: (numbers reference sections in Feb 6 board packet draft annexation agreement) -Have you scrutinized the PDD? Per 9.2 you will be approving the PDD along with the annexation agreement. -9.9 What is meant by public financing techniques? Taxes? Increased fees, rates? -3.4 Need to read Fraser Code sections. Why is this exception being made? -Does 3.5 contradict 3.7? -These subsidies are taking tax payer and water customer dollars to hurt same. -If Fraser is trying to be business friendly, shouldn't there be restrictions on size of any one commercial space? Big boxes kill rural downtowns. -Developer is rich and slick and does not need subsidies. Yes, of course he asks for the moon. He doesn't need to have it- -Be sure to carefully read the Exhibits referenced in the AA but not included in board packet. The list of Exhibits did not coincide with those referenced in the text. -Take the time to do it right. Don't feel pressured into voting before you are educated and prepared. Addressing the pdf. titled Water in the Feb 6 Board packet I consider the reasoning used to arrive at the Conclusions faulty. Since Fraser presently has enough water and treatment capacity to service the Town to projected full build out the additional water and treatment facility capacity would be due to the servicing of Byers Peak Ranch(BPR). Because of that BPR must be responsible for I00%of the improvements that would be made in their behalf. Conclusion A BPR must pay$90,000 not$60,000. (A subsidy of$30,000) Also, Fraser should not waive collection of legal fees for water court. Conclusions B and C. Again,BPR is the sole reason for these improvements so they must be responsible for 1001/o which is$270,000 not$115,989. (A subsidy of$154,011) Conclusion D. BPR must pay for 100%of replacement or upgrade of water treatment plant because it would still be adequate for full Town build out. BPR must pay $3,500,00 not$1,935,500. (A subsidy of$1,564,500) Conclusion E. Faulty also.BPR must pay 3,709,745, not 2,051,489. (A subsidy of $1,658,256) t Conclusion F. Since Fraser would not need this additional water if it was not annexing BPR,BPR must pay 100% of these engineering, legal, etc. costs of the augmentation plan and Town should not additionally be responsible for amounts over the estimate. BPR must pay$200,000,not$110,600. (A subsidy of$189,400 plus any overage with no limit) My Conclusion: Of$13,300,000 cost for tap fees, Developer is being assessed $3,150,000 or 25%of the usual cost. In addition, there is an estimated $3,709,745 of water system improvements needed because of this development that Developer must pay for, not subsidized by 45%. Developer is being given$11,661,656 of tax payer and water customer funds which is NOT ACCEPTABLE. Comments on Feb. 28 Byers Peak Ranch Staff,Report from Jeff Durbin. For this to make the most sense, follow along with the report. It would only be beneficial for current water end sewer rate payers to have more users as long as"enhancements"were not made. With the proposed free taps and expenses to increase water quantity and flow rates,the current rate payers will not see a benefit. For the projected Town build out without Byers Peak Ranch, these enhancements are not needed. If it is estimated that augmentation costs wouid be 4.5 million why is it proposed to give the Developer nearly$12 million in gifts?? "The fiscal impacts of development should be considered as a component of the decision making process". Yes, and it does not appear this is being adequately addressed. You state no variances.Perhaps that word is a technical term as later in the answer, items that could be considered variances are mentioned. I don't think the majority of the community considers this proposed agreement to be in the best interest of the community. It is only fair and proper that the applicant reimburse consultant costs. Yes, litigation could arise no matter what precautions. Except that it is much more likely to occur with someone who has a history or modus operandi of such a style. Extra precautions are needed, not waivers of court costs, etc. The Town should most certainly be concerned. There is nothing needed for other parts of the community as far as additional infrastructure. The need is created by Byers Ply Ranch and they should pay for it. Please, let's hear a description of all the water rights on St. Louis Creek and their potential impacts. Please do not avoid answering this question. For CAP what are the conditions in the Town's use permit that are different from the permit with the County? Who determines which provisions are relevant? You state annexation is a discretionary decision, yet documents are written with the foregone conclusion of a vote for annexation. Makes me think the public hearings are just for show.?? It may not be the Town's role to protect neighboring property owners from liability due to the development but it sure would be good neighborly to require the Developer to help to mitigate adverse consequences of the development. Not only the railroad but the contiguous agricultural property will likely be having issues with dogs and livestock, at a minimum. l� Coral presentation March b, 2013 Melanie Zwick Please,Board,take a really hard look at this agreement and make changes so that this development,at the very least, does not financially gouge us. The proposed subsidies are not in the public interest. They are not to the benefit of the Town. They are in fact a disservice to the very public you are to be protecting the welfare of Please give the numbers for this the consideration you gave to your budget. Fraser is proposing to give to Byers Peak the equivalent of three fourths(75%)of its projected approx 1900 taps for free. Has Fraser decided that the fees are too high? If so, let's reduce the fees by 75%for all of us right now. The Developer should pay the full cost of the tap fees. They were set at that rate for a reason. The proposed development will require more water lines and improvements to the existing water system and treatment plant. Fraser is proposing to pay approximately half of these improvements which are not needed for Town build out, but are needed to service BPR. Fraser's proposed share is approximately $1.7 million. That is the Developers responsibility. The documents also propose that Fraser finance paying for these improvements. That is absolutely going too far. These gifts to the developer amount to about$12 million dollars in today's dollars. The developer has 35 years to do this, so who knows what the real value of the gift might be. It is a well proven fact that residential development does not pay its way. Yes, there is some commercial proposed and the carrot is held out to Fraser that there could be income from this. I see the dollar signs clouding some vision already. Another issue I want to bring to the attention of the Board is that the previous Board and staff had to spend way too much time dealing with infractions by this same developer on a different project. Your agreement needs to have very strong sanctions for this contingency. Be specific and strong. I also suggest you secure funding from,�the Developer for additional staff oversight of the project. A number of years ago,Dennis Saffell was interviewed by Alpenglow magazine. He said, and this a developer talking, that Grand County is way too lenient with developers. Developers should not be given incentives. Why does this continue? Board, do not let the staff run you. You know what's right and what the people and property owners of Fraser want. Stand up for us!!! That is why you were elected. Stiffen your collective spines and go to bat for us. Fraser needs and will need in the future,the money more than the developer needs a gift. Reliance upon attorneys does not excuse you, especially the Board, from doing your own homework and making sure you completely understand what is before you. Please, do not assume just because it came from your attorney that it's ready for your signature. I recommend this topic be tabled until the Board has had ample opportunity to properly consider all related documents, including comments submitted after the Board packets went out as well as the Exhibits referred to in the annexation agreement.