TOWN COUNCIL TOWN OF GYPSUM, STATE OF COLORADO ORDINANCE NO. 10 SERIES 2017 AN ORDINANCE AMENDING THE STRATTON FLATS PLANNED UNIT DEVELOPMENT GUIDE

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1 TOWN COUNCIL TOWN OF GYPSUM, STATE OF COLORADO ORDINANCE NO. 10 SERIES 2017 AN ORDINANCE AMENDING THE STRATTON FLATS PLANNED UNIT DEVELOPMENT GUIDE WHEREAS, the Town of Gypsum, Colorado ( Town ), is a home rule municipality of the State of Colorado, duly organized and existing under Article XX of the Colorado Constitution and the Gypsum Home Rule Charter effective October 21, 1982; and WHEREAS, the Town of Gypsum has the power and authority to adopt regulations regarding the subdivision of land and to enjoin any such subdivision which does not comply with such regulations, pursuant to Sections and , C.R.S.; and WHEREAS, the Town Council of the Town of Gypsum has adopted Chapter of the Gypsum Municipal Code (G.M.C.) governing Planned Unit Development zoning; and WHEREAS, the Town Council ( Council ) previously approved PUD zoning and a Planned Unit Development Guide for the Stratton Flats Planned Unit Development Subdivision; and WHEREAS, Spring Creek Apartments LLC ( Spring Creek ) is under contract with Stratton Flats Homes, LLC to purchase the remaining undeveloped residential parcels of the Stratton Flats Planned Unit Development Subdivision attached as Exhibit A (the Property ); and WHEREAS, Spring Creek has authorized Polar Star Development, LLC ( Developer ) to submit an application to amend the Stratton Flats Planned Unit Development, including revising the Planned Unit Development Guide; and WHEREAS, Developer has submitted an Amended Stratton Flats Planned Unit Development Guide, attached hereto as Exhibit B and incorporated herein, which increases the maximum dwelling units to 461, increases the number of multi-family units from 187 to 402, decreases the single-family units from 152 to 59, identifies additional recreational amenities to be constructed by Developer, creates the ability for the residential rental units to be removed from the Stratton Flats Master Association while still funding for common area costs, revises parking requirements, and revises some setback requirements; and WHEREAS, the Developer has submitted a Sketch Plan application identifying the location of residential unit types, recreational amenities, and infrastructure improvements; and WHEREAS, pursuant to section , G.M.C., the Application for a Sketch Plan and the PUD Guide has been reviewed and considered by the Town Planning Commission at a public meeting, at which time the Planning Commission recommended approval to the Council with the following conditions: 1. That as otherwise modified by this approval, all material representations of the Applicant in this application, correspondence, and public meetings shall be adhered to and considered conditions of approval, unless otherwise amended by other conditions.

2 2. The Applicant can meet the criteria requirements of Section PUD sketch plan criteria for review by commission after completing all conditions of approval. 3. The Applicant can meet the conditions of amendment to the PUD as per Section (1). 4. The PUD Guide is revised to delete the following language: Owner shall be entitled to develop more or less single family lots, townhome units and/or condominiums, so long as such change in product type does [not] increase or decrease the number of units of any produce type by more than 20% with a total of 461 maximum dwelling units. 5. Waive any further recreation impact fees in exchange for additional amenities outlined in Application. WHEREAS, Developer has removed the language from the PUD Guide attached hereto as Exhibit B that allowed Developer to develop more or less townhome rental units, townhome condominium units and/or garden-style apartments so long as the change in product type did not increase or decrease the number of units of any product type by more than 20% and did not increase the maximum dwelling units to more than 461; and WHEREAS, pursuant to Section , G.M.C., the Town Council, following notice required by law, held a public hearing at a regular meeting on July 25, 2017 to consider the PUD Guide, received and considered public comments, and reviewed the proposal; and WHEREAS, based upon the PUD Guide, the Town Council hereby finds that the requirements and criteria of Chapter 18.08, G.M.C., have been satisfied. NOW, THEREFORE, be it ordained by the Town Council of the Town of Gypsum, Colorado: Section 1 Approval of Amended Stratton Flats Planned Unit Development Guide. The Amended Stratton Flats Planned Unit Development Guide, attached hereto as Exhibit B, is approved subject to the following conditions: 1. That except as otherwise modified by this approval, the Applicant shall adhere to all material representations made by the Applicant in the application, correspondence, and public meetings shall be adhered to and considered conditions of approval, unless otherwise amended by other conditions. 2. This ordinance is effective only if the Property is acquired by Spring Creek Apartments. 3. If the actual out-of-pocket costs of the Town in reviewing the Application are greater than the amount of the deposit paid by Applicant, Applicant shall pay the additional out-of-pocket costs incurred by Gypsum no later than within 30 days of receipt of an invoice, but prior to recording the Amended Planned Unit Development Guide.

3 Section 2 Change in Zoning Map. The existing official zoning map of the Town of Gypsum dated January 12, 2016 is hereby amended to change the zoning of the Property to R1, R2 and R3 Zone Districts in accordance with the approved PUD Guide. Section 3 - Creation of Vested Rights; Phased Development. To the extent that Spring Creek Properties, LLC acquires ownership of the Property described in Exhibit A, the Sketch Plan (Exhibit C), Second Amendment to the Annexation and Development Agreement for Stratton Flats, and Fourth Amendment to the Subdivision Improvements Agreement for Stratton Flats (jointly the Development Approval Documents ), together with all supporting materials, shall constitute a site specific development plan, as that term is defined in (4)(a), C.R.S., and shall confer upon the Developer the right to undertake and complete the Project and uses identified therein under the terms and conditions of the Development Approval Documents and this Ordinance. To the extent of the Spring Creek Properties, the Second Amendment to the Annexation and Development Agreement for Stratton Flats and Fourth Amendment to the Subdivision Improvements Agreement for Stratton Flats shall constitute a development agreement, as such term is used in (2), C.R.S., and the vested rights created by the approval of the site specific development plan shall be vested for a period of twelve (12) years. In addition, to the extent of the Spring Creek Properties, LLC (i) the Sketch Plan is vested for three (3) years from the date hereof, and (ii) any plat for any phase within three (3) years of this Sketch Plan approval, or the last phase approved, shall preserve the Sketch Plan for another three (3) years. Section 4 Public Inspection. Copies of this Ordinance are available for public inspection at the office of the Gypsum Town Clerk. Section 5 Public Hearing. A public hearing on this Ordinance shall be held on the 25th of July, 2017 at 7:00 p.m. at the Town of Gypsum Town Hall, 50 Lundgren Boulevard, Gypsum, Colorado. Section 6 Effective Date. This Ordinance shall become effective as a permanent Ordinance five (5) days after publication, following final adoption after a public hearing held on the 25th day of July, 2017 at 7:00 p.m., at the Gypsum Town Hall, 50 Lundgren Blvd. Gypsum, Colorado. Section 7 Severability. If any portion of this Ordinance is found to be void or ineffective, it shall be deemed severed from this Ordinance and the remaining provisions shall remain valid and in full force and effect. INTRODUCED, READ AND ORDERED PUBLISHED BY THE TOWN COUNCIL OF THE TOWN OF GYPSUM, COLORADO, UPON A MOTION DULY MADE, SECONDED AND PASSED AT ITS REGULAR MEETING HELD AT THE TOWN OF GYPSUM ON THE 11TH DAY OF JULY, 2017, BY A VOTE OF IN FAVOR AND AGAINST. TOWN OF GYPSUM By: Stephen M. Carver, Mayor

4 Attest: Danette Schlegel, Town Clerk FINALLY ADOPTED, PASSED AND APPROVED ON JULY 25TH, TOWN OF GYPSUM By: Stephen M. Carver, Mayor Attest: Danette Schlegel, Town Clerk

5 EXHIBIT A Legal Description of Property Parcel A: Lots 18 through 20, Lots 73 through 87, Parcels 6, 12, 13, and 14, Tracts G. H and V, Final Plat Stratton Flats Planned Unit Development, Filing No. 1, County of Eagle, State of Colorado Parcel B: Parcel 5B, Minor Plat Amendment of Stratton Flats Planned Unit Development, Filing 1, Parcel 5, County of Eagle, State of Colorado.

6 EXHIBIT B Amended PUD Guide

7 EXHIBIT C Sketch Plan