HomeMy WebLinkAbout2000 Resolution No. 004RESOLUTION NO. !I_
SERIES OF 2000
A RESOLUTION SUPPORTING THE FINAL AGREEMENT FOR SALE OF PROPERTY
FROM THE ENGLEWOOD ENVIRO~AL FOUNDATION TO TRAMMEL,L ~OW
FOR THE CITYCENTER ENGLEWOOD. 1,
>VHEREAS, Tlut Enalewood Environmental Foundation wu formed to relieve th,
burdena which would othertrue be asaumed by the City of Englewood , Colorado, in
connection with the envil'oDmental remediation, land uee planning and preparation for
redevelopment of the Cinderella City shopping center; and
WHEREAS , the Englewood ~ •vironmental Foundation waa formed to provide 1upport for
the redevelopment and enhancement of the City's commercial environment and ia a aeparate
and distinct corporation; and
WlillREAS, the City Council of the City of Englewood, Colorado, supported the Muter
Plan propoaed on Auguat 10, 1998 by the Englewood Environmental Foundation; and
WHEREAS , Englewood City Council adopted Reaolution No . 100, Series of 1999,
supporting the selection of Trammell Crow for the CityCenter Enrlewood reoidentiaJ
redevelopment;
NOW, THE",IBFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO , THAT:
St:mwu.. The City Council of the City ofEnglewood, Colorado, hereby support& the final
agreement for the sale of property to 'l'rammell Crow , for residential development at the
CityCenter Englewood site under the general terms and conditions of the Agreement
attached hereto as "Exhibit A".
~ Thia resolution of support in no way waives or delegate& the City's regulatory
powers, duties and responsibilities with re11pect to zoning and governmental issues.
ADOPTED AND APPROVED this 31st day of January, 2000 .
Published as a Resolution on the 4th day of February, 2000 .
<
' J'
I, I.oucriohia A. B11i1. City CJerli &}be City ollql,rnod,
above ii a trt1e c:opJ ol 8-lution No,L Serie• of inclO. 1 V.
J'
I ~ ,jOJ'f'1,JQ~::JH
100~ w c1· 1i1~a
,.
JJl'Hl
} r. '.lLi' I
"]
,1 l
I
) .
•
•
•
!.
•
•
' AGUEMINT JOR PURCHASE AND SALE C
AND REDEVELOPMll't'T or l!ESIDENTIAL JtUL PllOPDTY
THIS AGREEMENT ·FOR PURCHASE AND SALE AND REDEVELOPIIENT
OF RESIDENTIAL REAL PROPERTY(• A&mmem") is made lbe _ day of Jamary, 2000,
by and bclweell TCR MoUDWII SWcs .l'ropcrtics, 1111:., a Tuas corporation ("TCR") and The
Enclewood En•tiroam=ial FOlllldalioa, la:., I Colondo Dlllll)rOfll ccq,onrioa ("£Ell").
RECITALS
A. Tom is 10C3ied within Ille boulldarics or tbe Cil)' of En&lcwood . a Colorado home
rule lllllllicipal corporation ("City"), Ille formet rqional shopping callCr site wbicll -laiowa
as "Cinderella City.· The site is bounded by Hampdel!Avcmie, Sama Fe Drive, Elati Scneulld
Floyd AvCIIIIC, 11111 is depiclCd on~ aaaclwd Ellliml...\, which is incorporated herein by this
rctem.;c (Ille "Rcdcvelopmcn1 Site"). .
B. The Ciiy Council . OD December IS , 199;. ••pressed ils desire •.llal !be
ludcve!opment Site be redc:..cloped as a T,amit Orien~ Devclopaie:1t ("TOO") 10 be inlqn:cd
wilb lbc RTD Slalion next 10 the Redevclcpme!II Site . Oae of Ille ~lcmcms lbe City llas directed
EEF 10 iDr Jude in lbc TOD is a residential development which also illcorporaies retail !J)ICC :is
pan of Iii< imprcvcmeoq .
C . TCRhas a,recd to construct a rnulti-family aad retail project on that portion of the
ludcvcklpmenl Site which is labcJcd as -~ parcels" aod dcpicled on Elllil2i1A ml more
lldly described OD ~ which IS alllCll=I bereio aod incorpon!Cd herein by this rcfemicl:
(the ·Propcny')
D. EEF bas agreed 10 sell. ml TCR has aped to purchase. the Property on the lemlS
and conditions set rortb in this Apmem.
Now, therefore, in consideration of tho promisn m1 "11,cemcnts of the parties colllaincd
win. and Olbtr Jood and ~uable consideration, tbc receipt and sufficicccy or wbich are hereby
aclalowlcdgcd by each of tbc parties. EEF and TCR ape as follows :
l . DER"IIDON :. For purposes or this Agreement , the following lCrfflS shall have
the followina meaoiog :
a. ~ sbaa mean~ City of EnJlcwood, Swe of Colorado .
b. CAM A!JlfflPel shall IIlClll lhe Common Are:i and MaiJuom:c Agreement
executed by EEF and Wal-Mart Real Estate BU3incss Trust d.iltll Nove:nber 24, 1999 ar.'1
._'Oela'0.J2.'ff'Uo,c;a..lWlJ<~.&ALJ: rT-"''""'O
.wm"""
recorded November 24 , 1999 ii! die real eswe records of Anpaboe COWlly, Coloraclo • •
luccpcion No . A9186624. • I' •J..
f i I 1 jl .f
t . Cgaill& shall mean tbr dare EEF execuics and deliver, ID TCR a deed
conwyq title u, the Property. TCR pays to EEF rho l'llrcbase Price 11111 tbr pani,:s c:mmllllllllP
die lnllACtioD provided !Dr hmin. all user ftmll in Pancnpb 17.
\.
d . EC! 68fffflEP' <hall mean !be Dec:lamioll of :.:ascmems, CCM11181b ml
Restrictions eucwd by EEF and Waf.Maff Real Esrace Basmess Tiusl dared No>ember 2( 1999
and recorded in the real estate records of Arapahoe Collllly , Colorado on November 24, 1999 u
~n No . A9186622 .
e. Etrectivs P@ sball mean the date this Agmmem bas been cxccwed by
botb parties . ...
f . Excusable Dgjay sball meai; IDY deby in completion ?hbe obJipti&s to
be performed by any pany due to stnkes . lockouts. or other labor or illdustnal diJrmblnce;civil
db lllrballce, rurure order of any government, court or rcgul.ltory body cllinun& jurisdiction , act
oflbc public el.'Cllly , war , riot. sabotage , bloc:bge . tmbargo . lightninc, earthquue: fire , stortn .
hurricane, tornado , flood, washout, explosion, unu,;ually inclement llle3tlr., ar Ill)' Olber cause
wlwsoevtt beyond tile rca.sonable coo;rol of sud! party .
g . lrnprovcmenq sbail mean the residential an:! mall Improvemenis 10 be
collSU\IC!ed by 1 <-R on the Property as more full y described in Paragraph IO .a.
h. Impcctlon Perjod shall -ne:in 1 period of time be:innina on the Ell'ectivc
Ow and endil!I on Fdmmy 10 , 2000 , as more fully described in Paragnpb 6, a such date may
be extellded in accordance with Paragraph 6.
i . Master Sjte Plan shall mean the site plan for the development of Ilic: entire
Redevelopment Site as de picted on ~C-
j. M•W shall mem Miller We'.ngarten Realty, UC.
k. Pfflnjttc:d Exceptions shall be the tide exceptions accepted by Purchaser or
DOI timely ob.1eacd (Oas more fully descr~ in !'.rigrapb 4 .d .
I. ~ shall me;m the plaza = as identified on Elllilm..A -
m. ~ shall mean tile ground level m.1il space to be developed in lhc
building adj ac cm 10 the oortll of lb<: Piazza·" described in Section IO(a).
M~U6JICU'llogr,~.,....u,1.11a w,o
•:111 ••
•
•
•
•
o. PJans NII SQc<:ific•liPN ·1hall mun tbe plalll u/d spec:l~om for
COIISlnlC!i of tile lwwwow-. IIW on .....,. ,lliT"
y
o. TCR PmlPemen& /\mcm,nt stwl mean 'the Agrmndu disctlbed in
l'lnaraph 7.
p. TCR Sile Plan shall mean tbe Silt Pi4II ro be submidtd tu Clr.y Council for
approval in accordaocc with Par:ivaph 10.b, whll:h Silt Plan shall include the location of all
improvemems, parkia8 spaces aad Plrkiaa ,=. landscapina (iDcludins location am species,
and all ocher improvcmem IO lit de¥eloperl by TCR on tbe Propeny , bulldiq elevaiiom, civil
qiDccriaa plaos, and exterior 1111terials and ;clots, togtlbcr With idenrilic21ion of any off-sire
imp1'Uvcrnems required by l'CR w complete devclopmenr of 11s Property .
2. SALE !\NP PURCHASE . EEF agre:s ro sell and TCRagrees ro pwchase anrl pay
fur tile Property, on tbc terms and coaditions hereinafter set fonb.
3. Pl-'.BCHASE PRICE The purctme price for w Property (!lie "Purchase Pnce")
10 be paid by TCR ro EEF shall be Five Million Dollars (S5.000 ,000.00). The Furc:hase Pnce
shall be payable as follows:
a. ~-Upon e.\ec uuon of this Asre-,,,nt, TCR 5lull deposit Two
Huodrcd Thousand Dollm (5200,000) (tbe • Deposit") ;~:;, escrow with Clucago Title Insurance
Company (the "Escrow AgCIII"). ConcwmiUi · .ill! tbe execution of this Agreement, TCR, EEF
and ~row A&ent shall enw into an escrow aJiecment imauctins lbc Escrow Asem 10 invest
die Deposit in illl imc=t bcariD& accoua1 mi ~, hold ml disburse tile Deposit, inclusive of tbe
interest ~ tbcrcon, in 3tcordaoce will! the rerms of lhil Agreemem ; refernlce berein to tbe
Deposit shall mean and include all interest ~ tbmon. Tbe Deposit sball be credited apinst
the PurtJiasc Price at Closina.
b. CJosjng Paxmcrn. The balance of tbe Purchase Price. as adjusted for all
pror.itions ml closing costS provided hmin (the "Closing Pay111£nt"), shall be paid by TCR to
EEF at u : Closing by wire lr3DSfer or other ~-runediattly available goo.1 funds acceptable to ill.
4. TITLE Ai'fD SURVEY.
a. m . Title ro the Property shall be free ml cl= ot all !iem ml
eacumbraoces, suLJect only to such maaen as TCR acceptS or is deem,:<! to have accepled
pumiaa110 Paragraph 4 .d (·PermJned faceptiocs").
b. Title Commjtmont . Prior 10 the Effective Datt (35 deflllCd in Paragraph
l.b), EEF bas furnished 10 TCR a CIIITC::t title commianem covering the Propeny (the
•commitmcnt") issued by Chicago Title Insur= Company ("Title Company"). with saici
commnmem ro IIISUre, subject 10 the r,:quL'l:!t:enrs '-Jld exceptions set forth therein. fee simple title
N.~..z:-tr«l'e«.U~i•~L-l:.:.C.,..,u .. .,,_
10 the PIOPfflY hi TCB, in lbe amauru of lbt· Plllllbue Pril:e . The Title Company 1w also •
delivered to TCR lealble copies of all recorded instrumellll lfflrrcd to in die C0IIIIIDllllelll (1111
"Title Oocumeim"). EEF we, within Mt.en (15) days Iller Ille Effective Dace. sball llimisll 10
TCR a 1U -crtifigu: from the TIWllm of Anpaboe C01111ty . EEF shall PIIY for at Closina, ml
prompdy all£r Closina ~ lhe Title Company Ul wue to TCR. .n ALTA Owner's title
insurm:e polil:y msuring title 10 lhe Propeny in TCR in the amount of the Purc.'we Price. subject
only to Ille Pmm.'l.:d w~tioas .
c. ~-Wilhin five (5) business days after the Etfec11vc Dall:, EEF sba11
CUrnisl110 TCR a AlrV~Y ("Survey") of tile Propcny prqlll'Cd by a surveyor rqisteml in the State
of<;olondo which sball meec tbc minimwn SWldard delail requirements for ALTA/ACSM L.wl
Title Surveys for an urban survey. joinlly emblisbed and adoptt<I by ALT A and ACSM in 1997.
to be dated aot more Ihm rhtrl}' (30) days prior to the Elfc,;tive Date. cenified to TCR 3.11d Title
COO'oany .
d . Loc;u jo& of C3issons . WitJun ____ days after the Effeah·e Date.
EEF shall deliver to TCR 1 drawing prepaffll by a surve:,o , licemed in the State of Colorado
which shows the 1ocalion of all caisson,, on t.bt Property thal had been le!'! in place after
demolition of the old improvements on the P1 ope:,y EEF, ac its expense, shall have each caisson
C:lpOSed to allow visual confirmation of its IOC3tion. depdL and physic1I condition.
e. Till• Defects. On or ilcfore tee (10) business d3ys following receipc by
TCR of tbc Sarvey ("T"llle Objection Deadliaej. TCR shall give EI:.F nouce of all litlc defects
shown in lhe Commianenl which are not consemed to.by TCR as Permitted Exceptions and
defects disclosed on lhe Survey. Any and all ,.;;ttm atrecting all or my portion of Ille Propmy
disclosed by the CO!lllllitment (as exceptions. requirements . or otbcrwise) and the Survey wbtch
are not die subject of a timely notice from TCR to EEF shall be det,me,i Jccepted by TCR and are
herein referred to as the • Permi~ Exceptions-. If TCR aotities EEF of any title or survey
defects to whicb it ,bjects . then withlll five (5) bwincss days after EEF retcives sucb title or
survey objection IIO!icc, EEF shall advi.1e rcr -.bit, if mything, it wtll do to address the
obje;tion. Prior to or at the Closing , EEF shall Jiscbarge any and all mooecary licm and
111011ewy CDCWllbrances on the Property . except for the Permitted E.lcepliom . Such liens and
encumbrances, if any. may be satisfied from lbc proc~ of tlte sale of the Property . l!EEF fails
to ootify TCR tbac it will cure C3Clldct'ec1 objetted to , or ifEEF notifl~ TCR of its Imm to cure
such defects and ~r c.1ch of the defects llbjcttcd to by TCR h3s aot been cured prior 10
Feb ,uary 25, 2000 , TCR may, by wriaeu nocice to EEF. te:minate this Agree!IXDI or, ii it iails
to give such aotice , TCR shall be deemed to have waived such defecu wl shall ;u:ccpc lbc ~me
as Permitted Exceptions . Tbe notice of tenninition sball be given ao later than (i) ten (10) ,.,,;ys
following the notice that EEF will not cure any de!ett. or (ill in tho event of fail= to cure a
cir.feet which E!F agreed to cure, Much 15 , :000. lfTCR does DOI notify EEF of i1S decision
tec tenninau: or wai ve within lhe time required, TCR shall be deemed to have wai,ed its objection
ti sucb defects aod co bave accq,ttd such dcfetts as Pe11111aed Exceptions . In thc event of a
termination of this Agtffltlent by TCR pursuant 10 th:s P;irJgraph 4.d. the Deposit shlll be
w,poc-~""""-l,,:,_..,l'(I
... r....-•
•
relllnled ro TCR and both parties shall themlpoa be relieved of all lllnber o~U.~liollS bmlunder .
• ,!, • '
,1 c ,, PQCUMENJ'S . Prior to 1111 Ell'ecdve due, EEF bu furaislled ,ro TCR'COpies of
die~ i-relamll IO Ille Property la EEF's im-ai011: ·,,
L Soils RJ)Orts.
b. Eavironmeuw infOllllltioD obraioed by EEF eilber iatODDCCUOD willl olbcr
poniam of me Redevelopment Sile, or which wue prepared on bebalf of a prfur prospective
purdllSer of me Prop:n:y , copies of wbich have beeu delivered .
c. Masta Develcpmenr Agreemem be!wccn EEF 111d Miller Weiilganen
rellliDI 10 the comtruaion of improvemems for ch • Master Site Plan, ~opies 1ofwblcb have been
dl:livemi. "'l
d. lalergovemmcruaJ Aeitemems with the RTD and the Cil)' of Eiglewood
e. CA.'1/1 Agreement
f. ECR Agreemtm
1-PUD and Design Guidel ill<S
EEi' sball alsoprovtde TCR, within five (5}busincssdays followiag wrlacn l!1jllest by TCR. witb
any addltioaal illformation in EEF's possession llr comrol regarding !be Propei,fy .
6. INSPECTION . TCR sball have until the expiration of die lmpection Period co
inspect and evaluate che Property 10 determine tile suitabilil)' of the Property for TCR ' s inoended
use . The lmpectioa period may be extended upon miuest otTCR provided(!) '!'CR is diligently
pumiing completion of iu inspection of !he Property , (2) TCR reasonably requirenddllional
information from third panies 10 complete its inspection , and (3) TO. idcmlfies by wriaen aotice
IO EEF the llllllre of Ille addilioml information m{Uircd . In the even! TCR. requests an mens ion
of the Inspection period as provided in tbe ~m:edia, senlel!Ce, ii shall be exiendecf a ~9pable
period of lime ro pmnil TCR to obtain the necessary informat!OII. but iu no event sliiili the
lnspcction period be extmled beyond l'dlru:ay 17 , 2000 . TCR ,nay, for ILV icason aa(in its
.'Ole discrctioll, tmninale !his Agn:cment by wriao:n notice to EEi' Jiven on or I iefore the !'-St d.ly
ot the Inspection Period . In the eveiu of such termination during the lmpe :tion Period. the
Deposn shall be retUl'lled to TCR ilDd both pames shall tht::-eupoa be relie•·ed of all further
obligatiom bereunder . If TCR does DOI dcli ver to EF.F and the Escrow Agem eidler written
notice of its appro val of Ille Property or its written 1crminat:a 11 resultins ttom its inspection of Cllc
Prope,ty ("Notice of Tennination ") prior to die e:q,iration of the Inspection Period , EEF sball
notify TCR tbal the Inspccaon Peri od bas upired and TCR shall be deemed to have waived its
right of !mllimtion under !his Par.igrapb 6, and lhis Agreement shall conlinue in full force and
"' ~t. the Deposit shall be oon-retlmdable IDtl tbe Deposit shall meal'lcr be l'C!ll li ,.-d to TCR
oaly (a) ill tbe evem tbc pwthue 111d sale of tbe Propffly Jails II close 101tly u , r=Jt of a
dcf:ault by EEF wxkr die term o( Ibis Apcmall; (b) ll:nlliaalioa" of 1111s ~ Pry TCR
pursuam to Pananl>h 4(d); (c) lemlinatioa of this Agreemear by TCR pursuant tc Pau i:rzpb 7;
or (d) tenninalion of chis Agreemem pUl'SUIIU to aay Olbcr terminalioa ripu of TCR expressly
anmcd in chis Apemem.
7. SUE DEVELOPMENT REOUIRHfENTS Prior to February 10. 2000. EEF .
TCR and M•W sball agree upoa a fonn of Dcvelopmcm AaI=-m ("TCR Oevclopmem
Aareemcnt"J whicll will be executed at Closing IDtl which shall ideulify tbe itemS M-W is
required to complem subsequem to tbe Closiq which ,ewe directly to tbe Property, including
without limitation, immtructllie, off-sile ml on-tile improvemrms ml common are:u. Adntt
of tbe TCR Development Aermncm shall be provided to TCR on or before ---~ :!000.
In tbe event TCR fails to ,gree upon the form or the TCR Oevelopmem Agreement within sw:h
lilne, TCR may lmllipa: tllis Aarecmtm by written notice to W , whemlpon the E=ow Agent
shall return the Dcposil to TCR, this Agrecmcm shall tcmwllle, and the panic., sh.all h.ave 11D
ft·tthcr rights or obiigat1ons berc-.inder . In the event TCR docJ QI)! give such notice of termmauon
to EEF by February 10 , 2000 , a., sue~ date may be extmJc,;! punuam to Section 6 above, TCR
shall be deemed to have waived my objcc:ions to the TCR Dcl'elopment Agteomem .
8. PROPERTY SOLD "AS-1s·. Empt for the ~nmions . warranties , and
•arecmcnts ofEEF set fonh in this Agreemcm, and e1cept for cornpletiou oftlle work required
to be performed Wider the TCR DeveJopmau Agreement. tile parties agree that the Propeny will
be conveyed to TCR in its tbal1 "as-is" aad "where-is" cardition . TCR is relyu11 upon its own
inspection of the Prcpetty to evaluate the condition of the PropertY ror TCR's intended use . TCR
hereby acknowledges !bat the opponunity to inspect the Property provided herein is suffic ient for
TCR to oblain whatever information regarding the P:openy that TCR may deem uec~ ror
TCR to detennine the condition of the Property aad its suila.oility for TCR 's iOICllded use . TCR
.:knowledges that it ts sophisticated in th• purchase ;ind development of real property . and that,
by procecdiag 10 Closia&, sball be deemed to have 3Ckllowledged rbat ii has beea pven full
opponunity to inspect the propcny , includiag the opportunity to perform 10il testi:J& aad
euvirotllllCDIII tcSWII at the Property . and is re!yq solely on ils o\\'11 invcstiption to tlctmnine
tbc suitability and accepcabilicy of the soil and environmemal condiliDn of the Property ror its
inD:udcd use by TCR . EJccpt as otherwise explicitly provided in this Apecmem, EEF 1J!1ka no
repracnt.ations . wamniics or agrecmtlllS, tilller e~press or implied. repnling the condition of
the Property, or the suiwiility of the Property for iu intended use . illl:ludiag wilbout limitition
lily rtpieSCDl,Uions relating to the enviromnelllal conditions. air, walff, water rights . minerals .
utilities . presem Jr furure Z0IU!li, soil , subsoil . drainage. or access to public~-
9. PERFORMANCE SCHEDt,;LE
TCR shall submit the following uerns .ccording to the following schedule:
"'~DtCl..rwtl'.?'U...c.L,.u...l1.;1 ...o ... ,o
'""-
•
•
•
•
a. Prior ID Ille Elfeclive Dllil. T~ bu submitted 10 EEF a prelimlmry Sile
PliD (wllich sbalJ be ror dlsi:ualon purposes only ~ doa 1101 is1ude all of tbc ilEms Rqlljied on• 11ml TCR Sile Pim).
,i b. OaorbefmFebruary 10, 2000 , TCRslllllsubmi110EEFacompl=Si1e
Plua wllil:Ji will iD:lude all of die reqwnd tiemalls.
c. EEF sball revrtw Ille complete Site PIIII. and shall mjbest reYiew or tile
complea: Site Plan by applicable City apm:ies, iDcJuduia bu11101 llmited to building depanmm,
fire dr.panmcut. utilities dcpanmcm (including wmr, sewer 111d storm water). pubUc works
depl:.tml:lll llld all Olbcr departrDCDIS or apacies whose review is riquired to obtain approval ror
building permia, llld EEF shall provide 10 TCR its C0111111e111S 111d the cOIIIIDl:IIIS or my reviewing
agency or depanmeru to the complete Site Plan on or before Fe!mwy 20. 2000 .
d. TCR $llall submit re Ille Cily C01111Ctl on or before Febnlary 29 , 2000 !be
ruw TCR Site Plan, incorpotalln& suth chan&es as TCR deenls appropriate in response 10
cammem.s recei'led !\'om EEF following the earlier submiaal of the Site Plan 10 EEF .
e. No laier lban the Council mcetiJI& of '.',larch 6. 2000, TCR shall request a
resolution from the City COWJCil approving the final TCR Sile P~.
f . lo tbe even! EEF or any reviewing agency or depanmcnlS fiils to respond
wilb iis Cmomeoll by the ates required above, tbere shall be III e:mnsion of the date by which
TCR is required 10 mm any of l1S submimls followin1 such rcquiml response by EEF or any
reviewina agm:y, which extensions sball be a number of busiws days equal to !be number of
business days of delay by EEF or the reviewing agency in providing their required response .
10. IMPROVEMENTS
a. TCR shall build llO! less than 200 rent:u rcsidi:nual units on tile Propffl)'
west of Inca, 111d not less cban 16,000 square feet of sueet level retail/commercial space wen of
Inca, facing on the nonb side ur tbe Piazza ("Piazza Rcutl"). TCR shall build 1101 less than 200
residential Wlils on tbe property east of Inca and 1101 less than 10, 00 square feet of stree1
lcvd/mail commercial space (iDcludiDg space to be used by TCR for its club house ml leasina
offices) eat of Inca adjaccn1 II) tho north side of EqlewOOd Partway . The resldefllial units and
-levcl/commm:ial sp.1ce ro be developed on !he Propeny are bereimfler colleetively referred
to u !be "lmpw,anmts". All of die Impro,emems .shall comply ill all ffll)eCtS whh all
applicable governmrm:ll requirements . inc!udillc, but m,t limiled to . Ille Oes \lJII Sl.lodards and
Guidelines of tile Englewo-:::l Tcwn CCl!ter Planned Unit Deve!opmcnt Dim'ct Plan approved on
November 27, 1998, uno· r ()r,jj!)>ncc No . 82, Series of 1998 . adopted by tile City Cowicil , as
such Daian Standa,ds and Guici,:i!IICS may be ammkd from time 10 time . The lmprovemcms
also shall comply with the applicable provisiollS of Ille Mute: Sire Plan .
M.'OOCJCUIJfl'al'.l'~.UU•.it-•rv .......
b~ TCR sllall s,i~ re ';k Clty an ~licalion for ~CWII pamits for !be
lmprovemems 011 or before June 6, 2000 aiid shall diligenlly pursue SIKh appllQuoal. EEF sball
11SC its best efforts to obuiD a response from the City co approve die applic3tion, or if rejected 10
provide commems rqardias required misions, wit)lin iwmy-oae (21) days followq tbc ~tc
the application for building pennies bas beCII Jllbmilled . la tbc emll die City requira chqes
10 tbc Plam ml Specifications as II cODdition for approval, EEF sball use its best efl'ons 10 obtain
a respome flom tbc City to Ill)' rmabmiltcd Plans and SpciflCaUQDS within founccn (14) days
mllowiog Ille dale sm:11 mubmissioD is RCCiYed by Ille City. ,,
c. Subject to Excusable Delay, lhirty (30) days after um:oad!tional approvai
of the application for bllllding permits. TCR shall obtain ilS build mg permirs aJld commence
COllSttUction.
d. Subject to E.mJSable Delay , TCR shall complete die improvemcntS
{completion sbal1 be evidenced by issuance of a cmifiQu: of occupancy and a ~cate of
completi011 issued by an archiccct reasonably acceptable co EEF) subswwally in accordm:e wi[h
the Plans and Specifications approved by lhc: City within 24 UIODths following the issum:e of
building pcnrats .
c. TCR sball cause _______ 10 execllle and deliver co EEF ac
Closing a GIIIRDIY of Compt.:tion. TCR and EEF mall igrce upon the form of rhe Guaranty of
Completion prior to tbc apiration of the Inspection Period . TIie Guaranty of Completion shall
allow for Excusable Delay .
I I. COMMON AREA MAINTENANCE AGREEMENT . The Property shall be
subject to lhc: CAM Agreement . TCR shall execute a Joinder AgrmneDt in accordalll:e with the
provisions of die CA."l Agreement. TCR shall contribute its pro·rata sliaie up co a maximum of
$200 .00 per mmtial unit annually , and SI. 70 per square foot for retail space (including space
used by TCR for it's own 11$C).as ils CAM obligations .
12 . D AGREEMENT · TCR QECLY½JION . Toe Property shall be subject 10 the
ECR Agreement. EEF agrees to record an aftidavic designlling TCR as the "Residential
Developer" as provided Wider the ccnns of the ECR Agreeme111. In addition, the Ptopeny shall
become subject to a Declaration of Covelllll!S and Restrictions ("TCR Declar.11io11") wbic!! shall
include, bu[ not be limited [O, [be following :
a. TCR shall obtain prior approval frol!I EEF for any retail tenam occupying
7,000 square feet or more: provided , however, !hat if EEF fails 10 approve or reject a prcposcd
tcnanc within rouneen (14) days following the date such approval is requested in writing, such
proposed tenalll shall be ~ approved .
b. With respect to 3.IIY space designated on the Site Plan a, retail or office , but
noc including livc!worlr. space ("Commercial Space"), if TCR fails 10 lease ac lease seventy five
K.~~~•JA&,&1 .:f-"9W,0 .. .,_
,~ 0,1) of Ille Co=ictCial s~ wi!llin m (6) JlllHlllls lbllowias lbe dale 11s last
~ of Ocalpalq is ~ for 111Cb ipKe, or if aoy IUCh space, 011:e ...i, lbtnafter
~ vacant for six (6) mombs or more, £EF sball lllve tbc oplioa 10 ll!qllile m'indlf riSa•
appmsi! of tbc tAir marut tm for !-UCII vacai& Coqmir:rcill Spece, 111d TCR sbalJ dlaloftw IUCh
space fov CDI II ;b: appraiRd =ta.I IIIJO\?. U lie tplCe remaim -far an addilloml six
(6) 111omhs following a dc1cnllimtion of Ille JppQised maJ IIIIOIIII. EEF 5ball hl"N rllnpri011,
at aoy time the space rcmaim •acam:. co lease the space at !be appnilcd mlQI -=-
c. TCR sball llllt at illlY time lpply for or subject -Ill)' oldie ~ llllilS
on the Propeny to any !eden! or state subsidy or any pioeram for low mcome bollslaa,
d. The TCR Dcc!ararion shall provide that for a period of five (S) .yem after
TCR commcn,:cs collSVIICtion on the Ptopeny , none of tbc remaininc po1tion cf the
Redevelopaiem Siu: 1111y be developed for multi-family resideD!Jal units for iem. olbcr ~ senior
housing .
e . Upon complet ion of the lrnprovcinems , TCR 's mart1g=t personnel for
the Propeny shall maint:lin :?4-hour contact wuh police te lephone connec uon .
f . The TCR Declantioo shul include such additional provi sions as are
reasonabl y accq,able 10 TCR ml arc appropriare 10 mainw tbc qualicy and cilaracter , and
provide for the maintenance . of the res idential units , illcluding but not limited to, prohibitions
apinst s10naeof ill0perlbk vcbictcs , co111111Crcial vetti<:lcs , boalS, etc ., and miuuaining all ofme
rcsidemial units mdy for miw and occupancy . ·commercial vehicles" shall be defmed in such
a way as 1101 to prohibit normal deliveries or m vites to businesses in the CollllllCrCial -Space or
live/work space . lbe TCR Dcc lantion lnd any other rcle vam documents shall pennit the
Commercial Space alona Englewood Patkway 10 be used for i le2siDi office, ie,idenis' club house
aod exercise facilitiel , general office uses , and lis e/111ork space .
g. lbe TCR Declaration shall prov ide that EEF may 001 change ilS sila plan
for tlevelopmem of the property along the south side of Englewood Parkway without tile prior
wriru:n COIISClll of TCR .
h. EEF aod TCR shall agree upon the fotm of the TCR Declaration prior /JJ
the expiration of !be Inspcaion Pe ricd . A draft of the TCR Declaration sh&U be provided to TC!!
on or before _____ , 2GOO. If EEF 3lld TCR do not agree on the form of the TC!,
Declaration prior IO the Cl¥! of the lnspccdon Period , tl~ TCR may tenninate this Aareemem iry
written ooticc to EEF , wbercupon the Elc:o w Agcru sball rerurn the Deposit to TCR. th IS
Agreemem sba11 terminate , and the pan1e:, i~all have no further righu or ob ligations hereunder .
lfTCR does t101 live notice of =ninatio~ wilhin such time . TCR shall be deemed to ha ve wai\'ed
any objections to !be TCR Declaution.
IIOXS'a.!Ur,Tl,I\L'G.lwg)~~l•t:~,..l'\I .. t'I,..., 9
, 13. ACCES,5 · MECHANICS! LIENS . TCR, ia lpll!S, emptoywS, co+. or
~may. II ~ limes after die dale llereor, IDd 1lllil the earlier of t1w: CJoiiai or Ille
n, ~ of dlis ~. lllvi: dle·il8hl of ICCtSS 11D d!lf Propeny 10 .iat, ~ 111d
CYllualll die Property u TCR deemnpproprille, illcladlll& without llmlw!oil drjlfiba, sampling
or albet tmtiq procedura, provided TCR shall 110t umeasonably inmrfm wlt& tbe"' work lben
beiDa done ar die Ralevelopaml Sile by or on behalf of EEF. the City, ~, -W or\Vil-~ TCR
shall promplly restore 111Y allmtiom made to tbe Property by TCR, or at TCR' s imo~ or
request, 111d TCR sball pay for all ·wort performed 011 the Propeny by TCR, or at TCR's imtaDcc
« ffllllCSt, as such paymems come due . Arly and all liens 011 any portico of tbe Propcny resulliDa
from die actions or MqUeSts or otberwise at the instat.ce ortCR shall be removed by TC~ a1 ill
expense within fifteer (15) days af'ler notice tbaeof is 1iven to TCR . TCR shall. 11 TCR's
expense. defend. indemnify, 11111 hold bannleu EEF and M-W from and a1ainst atl'/ and all
obliptiom, claims, loss, and damage . including cOS1S and aaomeys' fees. 10 Ille e:t1e111 Ille same
m caused by TCR 's access 10 the Propeny. provided, ~owever , in no even1 shall TCP. illdemllify
EEF or M-W with respect 10 any matter arising from the mulis of .such tesis. or caused by EEF ,
Ille Ci1y, M-W, Wal-Mart or lhe agell1S. employees . or ,ollttllClOrs of any of chem .
14 EEF 'SCOVENANTS REPRESENTATIONS AND WARRAt,<JJES . EEFhereby
covemms, rept=IS and wamnis 10 TCR as of !he date of Ibis ~ and as of tile Closing
as follows :
a. Alllb2rilY , Toe person e.tcattiag this Agreement oo bcbalf of EEF bas lbe •
audlority to do so. The execution 111d delivery of Ibis Agreement by EEF is duly autboriml by
all requisite organizational actiom of EEF .
b. No Vjola(jogs . To EEF's knowledge, the Property is DOI in violation, oor
~.as been or is currently Ullder investigation for violuion of 3ITf !eden!, stall!, or local laws or
iqu!ations, including withou1 limitation those governing health, the environment and llllUr.ll
raourca .
c. Non-Forejgn Person. EEF is ll0I a "foreign person " as that tennis defiDCd
in lhe fadr•ral Foreian Iuvesunem in Rn1 Property Tax Act of 1986, the 1984 Tax Reform Act.
u mnded, ml Section 1455 of the lmernal Revenue Code, and applicable regulatiollS and, at
Closing. will deliver co TCR a certificate stating that EEF is no1 a "foreign person" as defined
in .::aid laws in a form complyill& with tile fedet.l wt law .
d. Envjronmemal Co!l!jtion of Progeny . All asbestos . hyd1ocarbom and Olber
materials Riul•ted by law, and 10 the extent required by law for the Property to be wed for
residential development, have been removed from the Property and tbe removal. ttampOn and
disposal of such materials has b«n completed in accordance with all applicable laws, nilcs,
decrees, orders and regulations . EEF sball give to TCR a1 Closing an environmellLll indemnity
in subst:alllially the form of tlY. indemnity previously given to Wal-Man by EEF .
ll-<OOCS<L&Dtr'UQQ.&'#Dl~~-.JA,U.l,O:.Qll w,O ,.,,,_ 10 •
•
r1, ,, ~ e, Cpmplllion;o( lnlrJMnlcNrc. The 1llilida. saw,, 1idewalb : m 111d
paen, mus iramit improvementS, Piazza 11111 Olber in!rasaucture and sim ~
improfflllCIIIS 011 or adjac:ear to tbe Prui:eny or COlllleCliDc die property 10 Rtmpdcn Aveme,
~ Slrffl t,eiween~A.YCIIIICaaiF!oyd91r=!, 1111:aSlrm and tllc RTD Slltioll will
be~ ia =onlaPce with die pwa aad 111c COIISUIIClioD ~ apea1 apoaiprior to
C1osiq betwcCD EEF and TCR . .., l!
f. Site Clgrjpg . EEF shall n:.maveflomdlePtoperty prior toClosiDs, Wlless
0111crwi1,c spec;ifi..111y nq-by TCR. my i:c:na.inmc dcm0litioll Nb111t or eqaiplllem. •ac:ess
llll material or olbcr cJu;:ss maicrw. Al die CJosina, die Prnpmy lllall be ilnbe,coodition
dac.-ibcd in E.1hibit D amchcd bemo Slld incoq,onted hmin by this retarem:e. If l!xlilbit D
bu DOI been fiaaliz.ed as or tlle Effcttive Dile. !he parries ia= (0 altll:h Ill E.'lhillit D as SOOD
as possible afra: the Effcr.tive !Ate. with such E.thibit to provide for tllc site t0 be delivered by
EEF in a coadilion rwonably ,11;;cprable to bod\~-
I • ~ EEF 111111 use its best efforu in good faith to racilicue the
required Cily approvals of TCR's site l)WI. buildin! plllls. and building pemtits .
h . ~-The mateuls de!ive:cd bv EEF hereunder are comple:e to
EEF's knowlcdie . By delivery to TCR of all the lllllr.ials 'provided to be delivered by EEF
UDder this ~ EEF will bave . to tllc lcnowledp or EEF, disclosed to TCR all malCrial
information in .E.EF' s poucssioD coa:erniJli the Properly.
i. Mitjmjon Qf C1j,,ops . If my of !be QUSOIIS referred (0 ill Section 4d .
above interfere with TCR's design lor iu improve=. then EEF shall have such inlemriog
o.issom cut back or removed at EEF s cxpe:ise in order to eliminate such illterfemu:c .
IS. RET,\Q,, DEVE!,OPER .
a. The pmics :icknowlcdge tllat EEF is negotiating a Rew! Aafeemem with
M-W providing for M-W to be the Rc<.ail Developer of Ille Redevelopmc!I Site. TCR intends to
comominiurnize •.be lmprovemems adjacem to the nonh of the Piam, which will provide rllaf the
Piazza Rmil will be one or more condominiums . TCR is negoliatina wish M-W for die sale of
lbe reail CODdarniniums The Retail Agrceniem will require TCR to complete the shell of the
rmiJ caadllminiums 111d sell such condominiums to M-W 11TCR'uctual cost . In the event M-W
flils to close lbe purcbasr. of the condomlllium uniu in accordlllce willl the Retail A&r=. at
the option of TCR. W agrees to purchase the re:ail .:ondominiwn uDi1s OD lbe same tc:ms and
cOllditioos . The sale agreement be:wmi TCR ml '.',1-W shall be subject to EEF' 5 prior written
approval, wbicb sllall 110t be umea!Oaably withbeld or debye:l . lfTCR and M-W have not entered
into a R,tail Agreemcnt on or before TCR may terminate this Agre=m by
written notice to EEF. whereupon tho E.l<:row Ag<'Dt shall mum the Deposit to TCR. tlus
Aarecmcru shall terminate. 2nd the plr1ies shall have ao furetr rigl!u or oblig:itions ilerewx!er.
In tbe event TCR does not give sucb nonce of temunatiOD to EEF by u sud!
•~'1"Ar~\ML.11•1T.OO •.U . .,,... II
b,· dlle aay be waded pumlllll lO Scciion 6 .abo:m, TCR iliall be dcem:d ID bave wai-:c:d dais •
COlldillon.
b. Al ual in Ibis IUbNction, "Relail Dneloper" nam M-W, EEP, or a
mlil ~ dmpad by EEF . Ill Ille t'ient EEF fails to C01111111111111 an.-willl a
Rmil Developer l'or developmcm at tbc mail 5',ilCe in tbc Redemopall Siu:, or IUCh Re!ail
Developer fails 10 ciose on its pwthase of the retail space along die soutb side of E.aglewood
Pmtway betwcell Galapqo imfiiii Sirmi 011 or betort Sepwnbef7U, 2000, EEF and TCR
lbal1 msotiaie in aood failb ID IIIDal!mm ID die TCR Site Plan and Maller Sile 1'1111 W respoud
ID any illllicipmd delay or cbmse in tbc develOf'll]rlll of tbc aret adjteelll ID dlt· soudl side of
Eaalewaod Partway. ID addition. if EEF fails to close a sale 01' le:ise of tbe mail piopeny
bcwJled by Hampden Avtmae, EnaJewood Parkway, Galapago and Sanra Fe witb a Reiail
Developer on or prior 10 tiaJire= ( 18) momhs Coll owing tbc Closing Wider this Aer-neitt. EEF
shall pay 10 TCR $150.000 as a rcduc1ion at rbe Repurchase Price of tbc Property.
16 . CONDmONS TO CLOSING . TCR's obligation to clast tbc purclwc of tbc
Proptny sblll be subject to lllisbctioo of all of the l'ollowing condltiODS on or before the Closing
DIie :
a. Approval by the Ciry of a Silt Plan rc2Sooably xceptable 10 TCR . Tbe Siu,
Plan shall be deemed appro'led if ii h:ls bec:i rniewed by all Ci1y Depanmems rim particlpaie in
the procc:Ming of building petmits, incllldlog without 1imi12ti011 tbc Fire Dcpanmem, Building
Ocpartmcnt. and tbe City's Ihm! party reviewer. The parties agne Iba! Sitt Plan approval is !IOI
Ille same as obtaillillg buiJdina permits, aod that TCR 1w agreed 11> close prior 10 obwning •
building pmnils.
b. Demonstration to TCR's reasor.able satisfaction that EEF has available funds
(which may include p,occcds trom clo~ins tht lnl'.saction cooremplated by liJis Agreement) to
complete all required infrasuucture improvemerns purnwn 10 an exctuted consauction contract
for completion of such work , if such inl'ns!rucllln! worlc is not fimsLed as of the Closing Date .
U cnber of tbe forqoing conditions to closing is DOI met on or before tbc Closmi.l)ate, 11n !he
Closiaa ~ sllall be cXIC!ld,!d for a rcuooablc period of lime, 1101 to exceed ten (10) days, 10
allow for salisfaclioll of tbc CODdilioos . U the conditions to closing are 1101 met on or before the
Ulelldm ClosiDI Dale, lbcn eitbcr party may U!lllWIIIC this A,rec:mcm upon written DOticc to the
olber. the Eamcst Moocy shall be rctwned to TCR, and 111c panics sball be rclcascd from all
funbcr riaJirs or obliplions llJldr.r Ibis Agreement.
17 . Cl..llSll:!Q . Toe Oosing sllall ialu: place on Marcil 16, 2000 or such other time
as may be agreed 10 by the parties hereto in writing The Closing sllall be btld at Illa offices of
EEF at 10 :00 A.M. Al Ille Closing :
k'OOtJ'~.DG.IWOI-D.AJOC.L'.SM.tr,z~.-_.,,, ,..,,,_ 12 •
a. EEF shall e.,ecure ml deliver to TCR a special w1m11cy c!ml. conveyifta
title to the Propeny to TCR subject only !be Permitted E.u:eptions.
b. TCR shall pay to c'EF the Closing Pa)'Dlll by wire tranSfer or odlcr
inlmcdialely available good funds accepcable to EEF; and the Escrow Agent shall deliver the
Deposit t~ ~~-and it sbaD be~ g~1 iheJ'urcbasc Prlce.-------·····---
c . General real property tues and assessmcDIS for the y~ 2000 shall be
apportiolled between the parties baxd llpOII the most rec em levy and a•. ,i 1<ment, and such
adjustment shall be a final settlemeru . In the evcn1 the most recent tu figur l'> uc only available
with respect 10 a J;i..,:er partcl than tbal which is bein& acquired t : C ,sq, such figures shall be
prorated based upon tile nwnber of acres collliined in the Propcny ~ ,roportion 10 !be number
of acres coostirutin& the larger tract. It is understood by the parties ,~; me Propeny owned by
EEF is presently CMIDPI from property Tax . However, certain prep,?!"} ·1 , revenues from the
Property in e:u:css of au CSQblisbed base amount have been pledged to pay prillcipal and inlerest
on the Eaglcwood Urbal:. Renewal Authority's ("EURA") Tax Inrnment Revenue ~funding and
lmprovemcm Bonds ("Englewood Dowmown Rede\'elopmeru Projec:") Series 1985A 111d Series
1985B (the "EURA Bonds"). EEF bas prc,·iously agr«d that. during such time as t!:?S pledge
is in effect and the Propeny is owned by EEF, EEF shall make amiuaJ payments to the EURA in
lieu of propeny ta.,cs in an amount equal to the propeny ta., revenue in c:tccss of the cstabh.,J~~
base amount for such area. The apportionment of ieneral real propeny ta.,es and asscss m, .I\~
l'eferrcd to in this Paragraph IS(c) shall be deemed 10 also refer to any such payment in !itl :,!
rues attributable to the period prior to Closing. EEF warn.ms and represcnu to TCR that EEF's
ag"-ement to make paymems in lieu uf property taxes with respect to the Property sball 1enninan:
and be of no funher force or effect upon con1•eyance of the Property from EEF to TCR.
d . EEF and TCR shall ~xecuie lhe TCR Declaration ll5 provided in Paragraph
12 .
e. TCR a.od EEF shall execute an affidavit designatir; TCR as the Residential
Developer under the = of the ECR A~mem.
f. TCR and EEF shall e~ecute a Joinder Agreer,ient under the terms of the
CAM Agreement .
g. EEF shall cause the Tit!~ Compan)· 10 deliver to TCR an uncondition:tl and
irrevocable wrinen comrnianelll to issue to TCR its ALTA Owner 's title insur.mce policy (the
"Title Policy") insuring title to the Propcny ill TCR ir, the amour .• of the Putthase Price. subject
only 10 the Permiued Excep1io11S .
h. TCR shall cause
Guaranry as provided in Pmgnph 10 .d.
N •DOCSQ.I.On"~~·.IA&.(I.1r•w,O .. ,,,_
______ to c.,ecu1e a Compleuon
i. TCR. EEF and M-IV shall aecuie Ille TCR Oevelopmem Agrecmcm u
proYided in Paragraph 7.
1 .q ,Cs • I
j . The panies shall each do or cause 10 be done such olber maam :md thiDgs
u shill be reasonably aecessary 10 close tbe rnnsaction comanplared hmin. Each pany sbal1
pay oat-balf ot any cbargcs imposed by tile Tille Campuy 10 prcpuc die c1osiaa c1owamwx1
provide simibr closinl services ; EEF shall pay tbe pr=illm charged by Ille -Tick COlllpl!IY' tor
tbe Owner's Policy, aod TCR sball pay all recording, documclllary. and similar fees iDi:urred in
coanection with the Closinz .
k. Possession ot •be Propeny shall be delivered at tbe tim : _., Cl,>sing.
18 . BROKERAGECOt,f~. TCRmtEEFeacllbc:d,y ·,-:i.-nD1ml.epresc111
tO tbc oliteT thal ii bas oot dealt willl any broker in connrction with !Ir tnnslc:ion conr ,mplan:d
herein. EEF hereby indelllllifics and agrees ID llold bannles. TCR from and ;,,.,i !ISt n.y al all
c!air....is COI commimo11S , tees, or Olher competmlion payable ro aey rc:il estai: L'1~k.:~. iae'm,
sale$maD, lillder. or oclier persoa as a resllk of tile sale of tbe ·Propmy ml O.'l ac..ount of Ill)'
impli¢ or express commi!IDCII or undemkiDg made by EEF . T<.:R hereby indemnifies aod
agrees 10 hold barmless EEF from mi apinst my and all claims for commissions, fees. or Olbel'
compensation payoblc ro any real esrarc broker, agem. salesman, fmdtr. or other pe.'10D as a
re3Ult of the saie of the Property and on KtllWII oi my implied or express commitmem or
undmakina made by TCR.
•
19 . ASSIGNMENT . Excepi as to any emicy COD!rolla<. by TCR or by a TCR Affiliale •
tbal is Wider c'lllllllOII coDUOI with TCR . Ibis Ag,mnent may nor be assigned by TCR wi!,bout
EEF' s prior .rjl!Cll conse111. wbich may be pllllCd or withheld by EEF In ltS sole and absolwe
discretion.
21 I. INDEMNIFICATION . As a maruiaJ pan of the consideration for this Agrccmem
and 10 the maximum CXWll permitted by law, TCR sbaU indemnify , pl'Olect. defend mi bold
harmless EEF and the City, with counsel re:isooably accepublc to EEF and !he Cit:·, from 111d
against any and all loss, liability. daJ:mae, claim . cost and expense (including reasonable
aaorneys' fees, coun aud liti&alion cosu, and tees of expert w1uaesses) resullilla or arisin& from
or in any way conmctcd with the followinc; provided. bowcYer. that TCR sllall DOI be responsible
for (and such indemnity shall DOI apply to) any acts, error, or c.nissions of EEF, lb: City or tbeir
respective officers, employees, COott3ctors or agCDIS:
a. TCR's dcvelopmem, marketing , .ale or use or tile Property In any way ;
b. Any plans or cusi&ns for lmprovemcntS prepaml by or or. behalf of TCR,
including without timil.tion any errors or omi!s1ons with re.,pect ro ruch plus or designs;
•
•
•
c. Any loss or d~ to EEF or !be City resultq from my UIICCIIIXY in or
i.-11 of uy tqll'ffllllllionor wamnty of ta, or milltq flOln any breach or iletidt1,y TCll
under my 111mD1111 betwelln sw:b pany Ulli EEF or rae City : -:1
d. Ally loss or damage !o E£F or the City arising from or as a resalr of tbc
clclll of aqy penon or azr, u:cidmit. injwy. lea or damage ... 11aaoever camed to 'any ~ or
die propmy of Ill)' penoo. 'Wbicll sball occur oo or adjacem IO the Propmy. or In connection wilh
tbe activilies of TCR llllll•r this Aar=mm, anil wbic.b shall be diretUy or iDdirec!ly C3IISed by
die mon or Ollli.uioas of TCR or its officas, IIIIIJ)oyees. coDll'ICton or aaem,s; :
21. ATfORNEVS' FEES . In tbe event that a l.1w suit is brouebt to enforce or intnpm
all or •ay ponion of Ibis Agnemem. Ille prevauing parry ia such suit sball be entiUed 10 ~•Jver,
in aGdilion t<I '.IIIY oilier relief available 10 such pany , reasonable COIIS and e:<penses. including ,
wilbout limiwioo. :-eawlllblc auomeys' ms, IJICurml in connection with such suit .
22 . DEFAULTS AND REMEDIE.S
a. Tim~ is of the esseacc of the obligations of !be Par Jes . Neither party slull
be consid.md to be in default Ulldcr this Ac=e:n unless the other parcy notifies such party (Ille
• .uefaulting Party") of such default and the l'lcfaulting Patt)' fails to cure such default wilhin five
(S) business days following the givq of Suell aooce, ~ro•ided 110 Notice of Default shall be
required and 110 cure period sball be provided for the failure of a party ro perform acts 01 pay
lll0l1ics requim1 to be paid or performed at Ille Closing as specified ill Paragraph 16 .
b. If TCR shall default in pcrfonning ils oblieation. lr.i:under prior ro
Closing, EEF shall be enrillcd, as its sole mnedy, to =inate this Agrecmcn1 and main TCR's
Deposit as liquidated damages . In addition and notwilhsW.:ing the foregoing . EEF shall be
CIUit'.cd ro damages for a b1~ch by TCRof tbccovemms conlaim:d in Section 13 . If TCR shall
default in pmormq its ->blieation,; hereunder :tft<r Closing, EEF shall be emitled ro all remedies
tb.lt ,1 is Clltitled to at law or in equity . including specific perfonna:u and damages. u may be
apprnpriare .
c. If EEF shall default in perfontldlg iu oblisalions hereunder, TCR may elect
to (ii tcr111ina~ this Aareemcnt and have its Deposi1: rcrurncd to 11, or (ill ~k specific
perrormm:e of llli3 Agreement from EEF because of sr.cb default : proyjdgd however. if TCR
elects specific performance punuam to this par.1grap~. it must do so within thirty (30) days of the
alleged dt.!aull and may record a Notice of Lis ~ndcm only if il ti.as commenced a court action
to cnfora.· specific performance within such thirty~y l)etiod , or (iii) pursue :my other rowdies
available at law or in equity .
23 . ED::;)mPMENJ OF! OT I BLOCK t TCRackuowled~ ml agrees tl!at
EEF bas rctaiDcd th•: riibt to develop Lot I. Bllld I. EnaJewood City Ce1 rer . Filillg No . I
(" Adjacent P:i=I "). which parcel is adjaceru ro the oorthwest portion of the Prope!'t)'. TCR
ll~t ....... U.J,.\Ul.:'141"''0
""'-15
lflecl mat'w sl!al1 bave the rip, in ill sole dilcnllioa, bur lllbject ID die coadllio1119et Corlb •
ID Sec:tion 12 above, to dt-<dop, or IO Mil or laa 111 ~.lbild:pany fo, .. ,...,..... ._ Ail)acem
Pvcd for any use penni!!ed by die PUD, u may te -.aded from time III lime, illl:llldlac bat
DOt limited to smaJc or :awti-family imidealia1 1lllia far lale, or lellior bouliD& uails.
D0IWidl1taadili dial SIICh developmem 1111y compae Wilb TCR's developallllt of 111 Property .
EEF sball bave 110 obliptioll IO offer 10 ,CR t.be ripr 10 pwcbase or lase Ille Adjlcellt Plopeny .
NOl!lina bmiD sball mlM TCR's rip! 11> puticipale u an IDlel'tllld part)' ill litf public
beariJJis reprding Ille developmeat uf I.be Adjacm Pa=!, incllJdina COIIIIIICIIII Ill dclign. SW:
plan :llld similar moners ; provided . however, TCR asrees 1101 IO object 10 die use oflbe Adjacelll
Par.:cl as siogle ranilly or nwlli-wnily remal or for sale llllils or as lmior housing.
24. NO PARTNERSHIP . NOlh1111 couained ill Ibis Asr-!hall be deemt:d or
cousll'Ued to ~1e a paro.omhip, joinl mmire or 3ny Olber relaaomblp between tbe parties
hereto , otber !ban ~~irthascr and Seller , according 10 tbc provisions colllaino:d herein, or cause
EEF or Ille Ciry 10 be :esponstble in any way for the debu or obliplions of TCR. or any otber
party, or deemed or consuued 10 cre:11e 1 panoenhip, joint vemure or all)' other re~liomhip
betwet'l! TClt and M-W, or cause TCR r . be responsible ill any for debts or obligations of EEF ,
lbe Ciry. M-W or ;.ny ocher party .
25 . tifiII!:fS . All nolim provided for herein shall be in writing and shall be deemed
given 10 a party wbtn a cop:, thc:eof. addressed 10 such puty as provided berein. is acmally
deli vend, by pmoa:al delivery, by cornm=ial ccurier or by succ:mful facslmile trlllSDWSion,
ar the address of such pany as provided bc!ow . All notices 10 EEF shall be addres5cd 10 EEF at
tbe following addresses and facsimile aumben or such otber addresses and facsimile nmnbers of
which EEF gives TCR llOtice hereander:
£ni!ewood Environmeniai FOWldati011, Ille .
3400 South Elari
~. co 80110
Attenlion : Rick Kahm
Facsimile : 303-789-1125
Telepbmle : 303-762-2503
with copies 111:
Berenbaum. Wewhienk & Eason. PC .
370 17th Su~. Suite 2600
Denver, CO 80202
Attention : H. Michael Miller, Esq .
Facsimile : 3113-629-76 10
Telephonc: 3<,'.1-825.0800
•.....:::ro.iLtrff'U.aG. .. O,~"""-'••T'41W,O .. m .. 16
•
•
•
1 , • , All notices to TCR sliall be • 11:!.,Tc;p at ~igll~\V.!Dlh~ and IU ~r· * J ,q U =~ or such other addresses and facs ~ ofwlJich t;CR ,tva,Pf DOlice
TCR Moumain States l'ropenics, Inc .
1433 Sevemeemh Street, Suite 110
Denver, CO 8020:?
Aacruion: Seen McFadden
Facsimile : 30?-293-002 I
Te!epho!U:: 303-293-2344
with copies 10 :
BrcWDStCin Hyaa & Fmier. P.C.
410 I,~ Street, Suite 2200
''"vc·:, CO 80202
Aaention: Lynda McNcive, Esq.
Facsimile : 303-223-1111
TeJe;;boDe : 303-223-ilOO
26. GOYERN}NG LAW. The validity and ctfect of this Agreemem $ball be
delmnined in accordauce witll !he laws of the Slalt of Colorado .
27 . CONDEMNATI0 ,1 PRIOR TO CLOSING. In the cvem Iba, the Propeny or any
portion thereof shall be taken or thr~tCIICd to be taken in cocdelnnation or uadcr the riahl of
eminent domain after the Effective Date of murual execution bfreof ml before the Closillg, TCR
may declare this Agreement to be null ml void illd the Deposit shall be 1.:-!l.ulded to TCR. and
ail panics shall be released from any further obi igalions hereunder, except as expressly provided
in this Agreement. If TCR does 1101 cancel tins Agreement. TCR shall be entitled 10 receive lhe
award from the colldelulling authority .
28 . PAATJAL LIi/VALIDITY . tn the cvem that illlY condition or covenam ~in
conraincd is be!d to be invalid or void b;• any cowt of Compe!elll jurisdi.:lion. the same shall be
deezned severiblc from the remainder of this Agimuem mi shall in no way affect any Olbcr
covenant or colldition herein conwned so long as such severance does DO( materially atrec1 the
rights. obligations, bcllCfits or burdens provided for herein. If such condition. covenant or ether
provisions sh21.1 be deemed invalid due to its scope or breadth, such pr• ,vision shall be dccmcd
valid to the extent of the scope or breadth permitted by law .
29 . SURVIVAL. All agrcemenLS , rcprcsenrations, covenants. i:nd warranties on the
part of the TCR and EEF conlaincd 1n this Agreetnetl% or anv '-IIIClldmenl or supplemcm hereto
shall survive the Closing and delivery of deed hereunder for a period of three (j) years after tbc
Closing and shall not be merged lbereby .
-~~\IAU',.:: ..... ,o .. .,_ 17
30. CQM/'PIAUON PE TIME. If any rtem or perfomwice ba'ewlder iuclleclulal
or' Rqlliml 10 oc:cur on a Sa!Unlay, Sunday, or legal -or (~ boliday ill ~ye, f qlljndo.
IIICh dale sball be IIIIDmllically eXlfflled 10 tbe next day that is 001 a Sallllday. ~y lepl
swe or federal holiday ill Dulver, Color.idu .
3t. AUTHORITY TO SIGN . Each pany represems that Ille persons e.ucutiq this
A,Remem on ~Jllf or such party have full authority to do so, and 10 ililld SIICh party 10 perform
pumwu 10 tbe ii:rms and COllditioas of this Agreement.
32. l:Ollli...r:RP/\US · EXECUTION . This Agreemem may be executed in
COIIIIICrpar!S and, when cowuerpans of !hi:; Agreeinem have been execwd and delivered by both
of tbe parties hereto, this Agreement shall be fully binding and effective, ju.st as if both of the
parties hereto had executed and delivered a single counterpart bemlf. Without limiting tbe
manner in which execution of this Agreemem n~y otherwise be effected hereunder, e~ecution by
eit'1er party may be effected by facsimilf-uansmissio:t of a signature page hereof e.iecuted by such
party. If ei!ber pany effects e.'tecution in such IIWUll:r , ~ pany shall also promptly 11cliver 10
tbe olher party the counrcrpart physkally sign-:d by such pany , ~i•t the failure of such party 10 do
so shall not in,alidate the e:tecution bereoi elfected by facsimile tr21b"'1ission.
33. E.\ITIRE AGREEMENT This Agreement comains the Cfllire: UDderstanding and
:igteement between the patties with respect to the subject matter hereof and supet'Kdes all prior
C011:111iancnu, Wldcncmdin,s. wammies, and negotiatioos , all of wbich are by tbe execution
hereof relXlered mill and void. No anltlldmcm or modifi.ation of this Asmmmt sbalJ be made
or deemed 10 have been made 11nless in writing , executed by the party or parties 10 be bolllld
.hereby .
IN WITNESS WHEREOF, the parties have executed this Ag=meni on the da~ set fonh
below imeD:ling that it be valid and effective from aoc after rte cl3lc first written above .
N'OOaC411~TU....CUISAU1•?7JJII•.., •m-
THE ENGLEWOOD ENVIRONMENTAL
FOUNDATION, INC ., a Colorado non-profit
~vq,on.tion
By :_------------
Rick Kalun, President
TCR Mountain St.11:s Properties , Inc .• a Texas
corporation
By :
Scott McFadden, Vice President
18
•
•
•
EXHIBITS
TO
AOREEMENTFORiURCHASE AND SALE
AND REDEVELO~ OF RESIDENTIAL REAL PROPERTY
EXHIBIT A
::XHIBrre
EXHIBITC
EXHIBITD
Lcpl Descriptioa-Redevelopma11 Sm (iol:ludiq Civic Clll&er Site)
Lepl o.riplioit-Rcsidmliil Property (ID be ,old ID TClt)
ApproYed Sire Pim ror Rodevelopmatt Sile
Condition of Propeny (10 be delivered • ClosiDI}
eee,eee,.,_..,,,,_..,. 19
•• TO TA L PAGE .12~ ••
•
~CIL COMMUNICATION
DA TE: January 31, 2000 AGENDA ITEM SUBJECT: Suppon of Final
Agreement For Sale of Propcny
5 al to Trammell Crow Residential
INITIATED BY: Englewood Enviromnental STAFF SOURCE: Bob Simpwn, 13oard
Fowidation Director, Englewood EnvirolllJIClllal
Foundation
PREVIOUS COUNCIL™
On August 10, l 998, City Council adopted Resolution No. 90, Series of 1998 supponing the
Master Plan proposed by the Englewood Environmental Found~tion and Miller/Weingarten for
the Cinderella City site .
On November 2, 1998, City Council adopted ReJolution No . IOI, Series of 1998 supponing the
sale of propeny to Wal•Mart by the Englewood Environmental Foundation (EEF) for the
development of the CityCenter project.
On Ne .. .nber 22, 1999, City Council adopted Resolution Number 100, Series of 1999 supponing
the selection of Trammell Crow Residential for the Englewood CityCenter residential
redevelopment.
RECOMMENDED ACTION:
Staff recommends !hat Council adopt a resolution, which suppons the final agreement for the sale
of propcny from the Englewood Environmental Foundation (EEF) to Trammell Crow Residential.
BACKGROUND:
Over the past three months the Foundation bas been in negotiations with Trammell Crow
Residential over the remaining issues involved with the lea.le ofpropeny. With Council's suppon,
the Foundation is now ready to procee.d with the lease of the propeny to Trammell Crow
Residential.
FINANCIAL IMPACT:
The proposed Resolution will demonstrate suppon for the EEF and the Trammell Crow
Residential land le:isc completing an imponant phase of the CityCenter development.
LIST OF ATTACHMENTS:
Proposed Resolution
I