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HomeMy WebLinkAbout1.0 ApplicationARCHITECTS FAX TRANSMITTAL/ MEMO Q TO: MARK BEAN GARFIELD COUNTY PLANNING DIRECTOR FROM: DAVID BROWN DATE: 4.7.00 NOTES: RE: RANCH CREEK FINAL PLAT SUBMISSION Enclosed are 3 sets of documents for our final plat submission, and a check for $245 for the application fees. Please let me know when you have determined the application is complete and a date is set for meeting with the Commissioners (if necessary). If you need any additional sets, they are available. Let me know if you find any errors or problems or have any recommendations. Thanks, �r7V cw�/ David Brown 119 SOUTH SPRING STREET ASPEN, COLORADO 81611 970.925.2100 925.2258 (FAX) HIGH COUNTRY APPRAISAL ASSOCIATES Real Estate Appraisers and Consultants March 8, 2000 Garfield County Board of County Commissioners 109 Eighth Street Glenwood Springs, Colorado 81601 Attention: Mark Bean Re: Estimate of Pre -Approval Value for Proposed Ranch Creek PUD The purpose of this letter is to address the unimproved market value of the land associated with the proposed Ranch Creek Planned Unit Development (PUD) for use in calculating the appropriate Garfield County school impact fee. The subject property is located within the boundaries of The Ranch at Roaring Fork, south of Colorado Highway 82 and approximately two miles northeast of the town of Carbondale. It consists of two adjoining parcels containing approximately 5.65 acres and approved for 21 single-family lots and a parking lot for use by the adjacent Relay Station property. The properties are now legally described as Parcel I, Phase II, Town Center & "D" Units, Roaring Fork Ranch (also known as Ranch at Roaring Fork), Garfield County, Colorado (Jenkins Parcel); and Parcel B, Resubdivision of Parcel 2, Phase II, Town Center & "D" Units of Ranch at Roaring Fork Final Plat (Big Ranch Parcel), in Lot 2, Section 36, Township 7 South, Range 88 West of the Sixth Principal Meridian, Garfield County, Colorado. These sites are further identified by Garfield County assessor's parcel numbers 2393-361-00-003 (Jenkins Parcel) and 2393-361-00-013 (Big Ranch Parcel). On February 7, 2000, we appraised the as -is value of a 5.265 -acre portion of these properties at $1,500,000; our appraisal was presented in a report dated February 22, 2000, and addressed to Alpine Bank - Basalt. That appraisal did not include 0.354 acres to be included in proposed Lot 13, Ranch Creek PUD, or an approximately 1,500 -square -foot portion of the Big Ranch parcel to be included in Parcel A, the site of the Relay Station. Those property components have no development potential. Our estimate of as -is value considered the impact of existing preliminary approvals for the Ranch Creek PUD. It is our understanding that, for purposes of calculating the appropriate school impact fee, Garfield County considers raw property value prior to the issuance of approvals. Vested property rights materially increase value levels for vacant land in the Roaring Fork Valley. It is therefore necessary to adjust our estimate of as -is value to reflect raw land value. Required adjustments take into consideration (I) the direct and indirect costs of obtaining approvals, (2) discounting associated with the time required for approvals, and (3) the higher level of risk associated with a development project without vested property rights. Since the portions of the property excluded in our February 7, 2000, appraisal have no development rights, no value adjustment is required. The costs of approvals in Garfield County are relatively low for the Roaring Fork Valley and 16 N. Fourth Street — P.O. Box 7 — Carbondale, CO 81623 — (970) 963-1480 — FAX (970) 963-1068 Garfield County Board of County Commissioners March 8, 2000 Page ii include the costs of planning, surveys, legal fees, utility agreements, and holding costs. A 5% downward adjustment is considered reasonable for the direct and indirect costs of approvals. Although the approval process in Garfield County is not particularly complex, the required steps of planning and zoning review, public hearings, and approval by the Commissioners would take, at a minimum, six months to complete. In addition, development of the property was subject to review by The Ranch at Roaring Fork Homeowner's Association, and this condition substantially delayed the approval process for the currently approved project; Ranch Creek PUD required over fouryears to obtain preliminary approvals. In our judgement, a typical investor would conclude that a period of two to threeyears would be required to obtain approvals. This would delay sale income, the primary benefit of ownership of a property of this type, and reduce the present value of the property. Considering a discount rate within the range of II% to 12%, time factors indicate a downward adjustment of approximately 20% to 30%. The level of risk associated with raw land is greater than for a property with vested property rights. There is no certainty that approvals could be obtained at the now approved density; it is more likely that a lower density would be permitted than a higher density. Development costs increase over time, and there is also the possibility of required off-site improvements. The increased risk associated with raw land justifies an additional 5% to 10% downward adjustment. Based on this analysis, the value of the subject property prior to obtaining approvals would likely be between 30% and 45% lower than its as -is value considering the benefit of vested development rights. This indicates a value range from $825,000 ($1,500,000 - 45%) to $1,050,000 ($1,500,000 - 30%). Selecting a value from the middle of the indicated range, we have concluded that the market value of the subject property prior to obtaining approvals is $950,000. This value estimate is subject to facts and analyses presented in our February 22, 2000, appraisal report. It is also subject to the certifications and assumptions and limiting conditions contained in that appraisal and made a part hereof by reference. A copy of that report will be provided to Garfield County, if needed, upon written request. Please contact us ifyou have any further questions. Thankyou for the opportunity to be of service. Respectfully submitted, Leslie T. Gray Certified General Appraiser Colorado License No. CGI3155 5 William K. Gray, MAI Certified General Appraiser Colorado License No. CG01313605 cc: David Brown; Larry Green ARTICLES OF INCORPORATION OF RANCH CREEK HOMEOWNERS ASSOCIATION (a Colorado Not for Profit Corporation) ARTICLE I. NAME The name of this Corporation shall be RANCH CREEK HOMEOWNERS ASSOCIATI ON (hereafter the "Association"). ARTICLE II. DURATION The term of existence of the Association is perpetual. ARTICLE III. PURPOSES The business, objects and purposes for which the Association is formed are as follows 1. To be and constitute the Homeowners Association to which reference is made i Declaration of Protective Covenants for Ranch Creek Planned Unit Development Subdivi ("Subdivision") and any supplement or amendment thereto (hereafter the "Declaration") recor in the records of the Clerk and Recorder of the County of Garfield, Colorado, and to perfor obligations and duties of the Association and to exercise all rights and powers of the Associati 2. To provide for maintenance and preservation of the Subdivision. 3. Subdivision. 4. Subdivisi on. the ion ed all n. To promote, foster and advance the health, safety and welfare of residents within he To enforce covenants, restrictions, conditions and equitable servitudes affecting he 5. To make and enforce rules and regulations with respect to the use of lots within the Subdivision, as provided in the Declaration. Articles of Incorporation of Ranch Creek Homeowners Association Pag 1 6. To establish and maintain the Subdivision as property of high quality and value and to enhance and protect its value, desirability and attractiveness. ARTICLE IV. POWERS The Association shall have all of the powers which a nonprofit corporation may exercise under the Act and the laws of the State of Colorado in effect from time to time. ARTICLE V. MEMBERSHIP 1. The Association shall be a membership Association without certificates or shares of stock. Every owner of a subdivision lot, including the Developer, shall be a member. 2. Each lot within the Subdivision shall have one (1) vote. When more than one (1) person holds a membership, they may appoint one (1) of their co -members as proxy to cast the vote for that membership. Such vote shall be cast as the owners thereof agree, but in no event shall more than one (1) vote per question be cast with respect to any one (1) lot. If the co -members cannot agree as to the manner in which their vote should be cast when called upon to vote, then they will be treated as having abstained. 3. A membership in the Association and the share of a member in the assets of the Association shall not be assigned, encumbered or transferred in any manner except as appurtenant to the transfer of title to the lot to which the membership pertains; provided, however, the rights of membership may be assigned to the holder of a mortgage, deed of trust or other security instrument on a lot as further security for the loan secured by a lien on such lot. 4. A transfer of membership shall occur automatically upon the transfer of title to the lot to which the membership pertains; provided, however, the Bylaws of the Association may contain reasonably provisions and requirements with respect to recording such transfers on the books and records of the Association. 5. The Association may suspend the voting rights of a member for failure to comply with the rules and regulations of the Association or with any other obligations of the owners of any lot under the Declaration. 6. The Bylaws may contain provisions setting forth the rights, privileges, duties and responsibilities of the members. Articles of Incorporation of Ranch Creek Homeowners Association Page 2 ARTICLE VI. BOARD OF DIRECTORS 1. The business and affairs of the Association shall be conducted, managed and controlled by a Board of Directors. The duties, qualifications, number and term of Directors, and the manner of their election, appointment and removal shall be as set forth in the Bylaws. 2. The number of the first Board of Directors shall be three. The names and addresses of the members of the first Board of Directors who shall serve until the first election of Directors and until their successors are duly elected and qualified are: David Brown 119 South Spring Street Aspen, CO 81611 Wayne Rudd 132 Park Basalt, CO 81621 James Jenkins, Jr. P.O. Box J Aspen, CO 81612 ARTICLE VII. OFFICERS The Board of Directors shall elect from among them a president and secretary, and may also elect, but not necessarily from among them, one (1) or more vice-presidents, a treasurer and such other offices as the Board believes will be in the best interest of the Association. The officers shall have such duties and serve for such terms of office as shall be prescribed in the Bylaws of the Association. ARTICLE VIII. CONVEYANCES AND ENCUMBRANCES Association property may be conveyed or encumbered by authority of the Board of Directors or by such person or persons to whom such authority may be delegated by resolution of the Board. Conveyances or encumbrances shall be by an instrument executed by the president or a vice - Articles of Incorporation of Ranch Creek Homeowners Association Page 3 president and by the secretary or an assistant secretary, or executed by such other person or persons who whom such authority may be delegated by the Board. ARTICLE IX. DISSOLUTION Upon the dissolution of the Association, the Association shall, after paying or making provision for the payment of all of the liabilities of the Association, dispose of all of the assets of the Association exclusively for the purposes of the Association in such manner, or to such organization or organizations organized and operated exclusively for charitable, educational, religious or scientific purposes, as shall at the time qualify as an exempt organization or organizations under Section 501(c)(3) of the Internal Revenue Code (or the corresponding provision of any future United States Internal Revenue law), as the Association shall determine. Any of such assets not so disposed of shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the Association is then located exclusively for such purposes or to such organization or organizations, as said court shall determine, which are organized and operated exclusively for such purposes. ARTICLE X. INITIAL REGISTERED OFFICE AND AGENT The initial registered office of the Association shall be located at 818 Colorado Avenue, Glenwood Springs, Colorado 81601. The initial registered agent at such office shall be Lawrence R. Green. ARTICLE XI. AMENDMENTS 1. These Articles of Incorporation may be amended from time to time in the manner set forth in the Colorado Revised Nonprofit Corporation Act, provided always that such amendments are consistent with the terms and provisions of the Declaration. 2. In the event of a conflict between the terms and provisions of these Articles and the terms and provisions of the Declaration, the terms and provisions of the Declaration shall govern and control. 3. In the event of a conflict between the terms and provisions of these Articles and the terms and provisions of the Bylaws adopted by the Board of Directors, the terms and provisions of these Articles shall govern and control. Articles of Incorporation of Ranch Creek Homeowners Association Page 4 ARTICLE XII. GENERAL The Association is one which does not contemplate pecuniary gain or profit to the members thereof and is organized for nonprofit purposes. ARTICLE XIII. PRINCIPAL OFFICE The principal office and address are as follows: David Brown 119 South Spring Street Aspen, CO 81611 ARTICLE XIV. INCORPORATOR The incorporator of the Association and his address is as follows: Lawrence R. Green 818 Colorado Avenue P.O. Drawer 790 Glenwood Springs, CO 81602 INAWHEREOF, the above named incorporator has hereunto set his hand and seal this /3r- day of Jv r(- , 2000. Air AA //L Lawr ince R. reen Articles of Incorporation of Ranch Creek Homeowners Association Page 5 s STATE OF COLORADO ) ss. COUNTY OF GARFIELD I, -4 • l t1 OecTc , a Notary Public in and for the State of Colorado, hereby certify that on the day of -7 un e_, , 2000, personally appeared before me Lawrence R. Green, known to me, who being first duly sworn, declared that he is the person who signed the foregoing document as incorporator as his free act and deed on the date and year set forth therein and that the statements therein contained are true. HEREOF, I have hereunto set my hand and seal Lawrence R. Green hereby consents Ranch Creek Homeowners Association. c. \ wp-docs \LG \BigRanch \ 6-13-00 is l3 day of 1 if �AC� PUBLIC 0 0 0o L,venu�: Glenwood rings, CO 81601 My Commission expires April 28, 2001 to the appointment as the initial r-gistered agent for awrence R. Green Initial Registered Agent Articles of Incorporation of Ranch Creek Homeowners Association Page 6 BYLAWS OF RANCH CREEK HOMEOWNERS' ASSOCIATION ARTICLE I. OFFICES The initial principal office of the Association shall be at 119 South Spring Street, Aspen, CO 81611. The Association may also have one (1) or more office at such other place or places within or without the State of Colorado as the Board of Directors may from time to time determine or the business of the Association may require. ARTICLE 11. MEMBERS' MEETINGS A. Meetings of members shall be held at the principal office of the Association or at such other place or places, within or without the State of Colorado, as may be from time to time determined by the Board of Directors. The place at which such meetings shall be held shall be stated in the notice of the meetings. B. The annual meetings of members for the election of directors to succeed those whose terms expire and for the transaction of such other business as may come before the meeting shall be held in each year on the second Friday of each December. If the day so fixed for such annual meeting shall be a legal holiday, then such meeting shall be held on the next succeeding business day. C. Special meetings of members for any purpose or purposes may be called at any time by the Board of Directors and shall be called by the chairman of the Board of Directors or the secretary upon the request of the holders of not less than one-half (1/2) of the total members' vote in the Association entitled to vote at the meeting. The purposes of such special meeting shall be stated in the notice therefor. D. Notice of each meeting of members, whether annual or special, shall be given, not less than ten (10) days nor more than fifty (50) days prior thereto, to each member of record entitled to vote thereat by mailing regular, United States Mail, postage prepaid, addressed to each member as the member's name appears upon the books of the Association. The notice of all meetings shall state the place, day and hour thereof. Bylaws Ranch Creek Homeowners' Association Page 1 of 5 E. At least ten (10) days before every meeting of members a complete list of members entitled to vote thereat, arranged in alphabetical order, showing the address of each member and the number of votes to which each is entitled, shall be prepared by the secretary of the Association and shall be open to the inspection of any member during usual business hours for a period of at least ten (10) days prior to such meeting at the principal office of the Association. Such list shall be produced and kept at the time and place of the meeting during the whole time thereof and shall be subject to the inspection of any member who is present. F. Members of this Association shall have the right to vote the election of the directors of the Association and upon all other matters properly brought to a vote of the members by virtue of the Articles of Incorporation, the Bylaws of the Association or the laws of Colorado. G. Each member shall have one (1) vote for each lot owned. If fee simple title is held by more than one (1) person or entity, the owners shall determine how the one (1) vote attributable to that lot shall be cast. H. The cumulative system of voting shall not be used for any purpose. Each member shall be entitled to vote in person or by proxy executed in writing by such member or by his duly authorized attorney in fact; provided, however, that no such proxy shall be valid after eleven (11) months from the date of its execution, unless the proxy provides for a longer period. When a quorum is present at any meeting, the vote of a majority of the members' votes present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which, by the express provisions of the laws of Colorado, the Articles of Incorporation or the Protective Covenants for the subdivision, a different vote is required, in which case the express provisions shall govern and control the decision of such question. I. The Board of Directors shall close the membership transfer books of the Association for a period of not less than ten (10) days nor more than fifty (50) days preceding the date of any meeting of members. J. The holders of a majority of the total members' votes entitled to vote thereat, present in person or represented by proxy, shall be requisite to and shall constitute a quorum at all meetings of members for the transaction of business, except as otherwise expressly provided by law or by the Articles of Incorporation. If such quorum shall not be present or represented at any such meeting, the holders of a majority of the votes present in person or represented by proxy and entitled to vote thereat shall have power to adjourn the meeting from time to time until a quorum shall be present or represented. K. The President of the Board of Directors shall call meetings of members to order and act as chairman of such meetings. In the absence of said officer, any member entitled to vote thereat, or any proxy of any such member, may call the meeting to order and a chairman shall be elected. The secretary of the Association shall act as secretary of such meetings. Bylaws Ranch Creek Homeowners' Association Page2of5 ARTICLE 111. DIRECTORS A. The number of the directors of the Board of Directors shall be no less than three (3) and no more than five (5) with the exact number to be determined by the members of the Association. The number of directors of the initial Board of Directors, and until further action of the members, shall be three (3). B. After each annual election of directors, the Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of any other business. C. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board. D. Special meetings of the Board of Directors may be called by the President of the Board of Directors on five (5) days' notice to each director, either personally, by mail or by telegram, and shall be called by the President of the Board of Directors or secretary in like manner and on like notice on the written request of any two (2) directors. E. Meetings, including organizational meetings, of the Board of Directors may be held at such place or places either within or without the State of Colorado as shall from time to time be determined by the Board, or as shall be fixed by the President of the Board of Directors and designated in the notice of the meeting. F. Actions taken by the Board of Directors without a meeting and attendance at meetings by telephone or similar communication equipment shall be authorized as provided in C.R.S. 7-5-108. G. A majority of the number of directors shall constitute a quorum at all meetings of the Board of Directors, and the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. In the absence of a quorum at any meeting, a majority of the directors present may adjourn the meeting to a later day and hour without further notice. H. Directors shall be paid no compensation by the Association for their services. All directors may be allowed expenses incurred for attendance at each regular or special meeting of the Board as may be from time to time fixed by resolution of the Board. Nothing herein contained shall be construed to preclude any director from serving the Association in any other capacity and receiving compensation therefor. Bylaws Ranch Creek Homeowners' Association Page 3 of 5 ARTICLE IV. OFFICERS A. The Board of Directors annually shall elect a president of the Board of Directors and a secretary. The Board may also elect or appoint such other officers as may be determined by the Board. Every officer so elected or appointed shall continue in office until his successor shall be elected or appointed and shall qualify, unless sooner removed. Any individual may hold two (2) or more offices simultaneously. Any officer elected or appointed by the Board of Directors may be removed at any time by an affirmative vote of a majority of the whole Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy shall be filled by the Board of Directors. B. The president of the Board of Directors shall be the chief executive officer of the Association. He shall preside at all meetings of the members and directors, shall have general and active management of the operation of the Association, and shall see that all orders and resolutions of the Board of Directors are carried into effect. C. The secretary shall give, or cause to be given, notice of all meetings of the members and directors and shall attend all such meetings and keep a record of their proceedings. The secretary shall be the custodian of the seal of the Association and shall have power to affix the same to all documents, the execution of which on behalf of the Association is authorized by these Bylaws, by the Articles of Incorporation, or by the Board of Directors. The secretary shall have charge of membership records of the Association and shall in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to the secretary by the Board of Directors or the chairman of the Board of Directors. ARTICLE V. ASSESSMENTS A. Assessments may be levied by the Association as provided in the Declaration of Protective Covenants for Ranch Creek Planned Unit Development Subdivision. B. Assessments shall be levied pro rata on each lot and unit in the subdivision. The total sum to be levied on all members shall be divided by the total lots and units owned in fee by all members. The resulting amount shall be levied upon each lot and unit. All assessments shall be payable within thirty (30) days of date of posting of notice thereof to each lot and unit owner. C. Every assessment duly levied against any member by the Association shall become a lien on the lands and improvements to lands owned by such member in the subdivision and shall be entitled to foreclose the lien the same as if it were a mortgage. Foreclosure shall be as provided for foreclosure of a mortgage pursuant to Colorado statutes. The Association shall also be entitled Bylaws Ranch Creek Homeowners' Association Page4of5 to maintain an action in the District Court in and for the County of Garfield and State of Colorado for the purpose of recovering any unpaid assessments made against any member. Upon the request of any member, the Board of Directors shall execute and deliver an agreement subordinating the lien provided for in this paragraph to the lien of any first mortgage or deed of trust on the real property and improvements owned by the member in the subdivision. The Board of Directors may, in its discretion, also subordinate the lien provided for in this paragraph to any second or subsequent mortgage or deed of trust. ARTICLE VI. INDEMNIFICATION The Association shall indemnify any and all of its directors or officers, or former directors or officers, against expenses actually incurred by them in connection with the defense of any action, suit or proceeding in which they or any of them are made parties or party by reason of being or having been directors or officers or a director or officer of the Association, except in relation to matters as to which any such director or officer, or former director or officer, shall be adjudged in such action, suit or proceeding to be liable for gross negligence or misconduct in the performance of duty. Such indemnification shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any bylaw, agreement, vote of members or otherwise. ARTICLE VII. AMENDMENTS This Association reserves the right to amend, alter, change or repeal any provisions contained in, or to add any provisions to, those Bylaws from time to time by resolution adopted at any regular or special meeting by a majority of the votes present at the meeting and entitled to vote hereunder, whether present in person or represented by proxy or absent. ADOPTED by the Board of Directors of the Ranch Creek Homeowners' Association this day of , 2000. President c:\wp-docs\LG\BigRanch\ ...6-13-00 Bylaws Ranch Creek Homeowners' Association Page 5 of 5