Will Traer Creek deal be completed?
May 16, 2012
AVON, Colorado – Anything lawyers have worked on for nearly four years is going to be complicated. But there are a few essentials in a proposed settlement to the long-running dispute between the town of Avon and the developers of the Village at Avon.
After months of closed-door meetings since the framework of a settlement was announced in October of last year, Avon officials are starting work this month on review of numerous changes to the original deal.
A lot of the pieces of the project haven’t changed. The number of housing units remains at a maximum of roughly 2,400, and the projected commercial areas of the property are similar to the ones already approved.
There are important changes, though. Those changes include:
• A school site. The proposed settlement includes a school site, located on the southwest corner of Post Boulevard and East Beaver Creek Boulevard.
• A hotel site. The original plan called for property at the northwest side of the Interstate 70 interchange to be open space and park land. The proposed settlement puts a hotel site on that land.
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• A water tank. A 2 million gallon water tank – estimated to cost about $9 million – is needed to provide water service to any future residential or commercial development on the nearly 1,800-acre property. A deal is nearly complete for the Upper Eagle Regional Water Authority to finance and build that tank. BNP Paribas, the bond holder on the project, has agreed to allow the local authority to issue debt for the project.
• Money changes. The town of Avon will receive money from the project – an estimated $650,000 per year, based on current sales. In return, the town will also take over some of the maintenance at the Village at Avon. The town will also retain property tax revenue from the project, which has been about $150,000 per year.
• Land use: In addition to the hotel site, the settlement allows the developers a six-year extension of their “vested rights” in the project, meaning the developers have more time to built what’s been approved without the need to return for more town approvals.
If the deal is completed, the developers will also receive approval to go through an “administrative process” for some future changes. That means the developers would be able to make changes after working with town staff instead of a requirement to take changes through the normal town approval process.
Business Editor Scott N. Miller can be reached at 970-748-2930 or firstname.lastname@example.org.