Loading...
2021-07-19 Coral Mountain Resort - Summary Term Sheet STOWELL, ZEILENGA, RUTH, VAUGHN & TREIGER LLP CORAL MOUNTAIN RESORT – DEVELOPMENT AGREEMENT DEVELOPER’S PROPOSED TERMS FOR AMENDMENT 1. Effective Date: The “Effective Date” of the Agreement will be the effective date of the ordinance approving the Agreement. 2. Term: The term of the Agreement will be 40 years from the Effective Date. 3. Project Description: The Agreement will include a detailed project description that identif ies and incorporates by reference the Project entitlements approved concurrently with the Agreement. 4. Project Design Features Identified in the EIR : The Agreement will also identify all project design features (PDFs) identified in the EIR and make those features enforceable pursuant to the terms of the Agreement, including: • Energy efficiency design PDFs as set forth in Sections 4.2 and 4.7 of the Draft EIR. • Additional sustainability PDFs as set forth in Sections 4.5 and 4.7 of the Draft EIR. • The onsite retention areas and other stormwater facilities described in Section 4.9 of the Draft EIR. • The multi-modal circulation system, including off-street bicycle and pedestrian paths, enhanced crosswalks, traffic calming measures, perimeter Class II golf/NEV paths, and other features as described in Sections 4.10 and 4.13 of the Draft EIR. • The vehicle trip reduction measures described in Section 4.13 of the Draft EIR. • The six-foot perimeter block walls to reduce noise levels within the Project site from the perimeter roadways, as described in Section 4.11 of the Draft EIR. 5. Conditions of Approval and Mitigation Measures: All conditions of approval and final mitigation measures approved and adopted by City Council will be incorporated into the Agreement and enforceable by the City as contractual obligations of Developer. 6. Transient Occupancy Tax Requirements: To ensure that the Project will have a net positive effect on the City financially, as analyzed in the Cost/Revenue Analysis completed by the City, short term vacation rentals will be an allowable use in all planning areas within the Project, consistent with the recently enacted provisions in the LQMC, § 3.25.055. Prior to the sale of any residential units with a Project phase or planning area, CC&Rs shall be recorded against all -2- residential units in that phase or planning area to ensure compliance with al l requirements of LQMC Chapters 3.24 and 3.25. 7. Vested Rights to Develop Project: The Agreement will include the City’s standard language for vested rights and the City’s reserved powers (see, e.g., SilverRock Development Agreement). 8. Fees and Exactions: The Developer will be subject to all development impact fees and exactions in effect as of the Effective Date, including all dedications specified in the Project entitlements. The Developer will also pay all City processing fees and charges at the rates in effect at the time such fees and charges are applied (e.g., application and plan check fees). 9. Indemnification by Developer: The Developer shall indemnify the City for any claims or damages arising out the Project development or any challenge to the entitlements, consistent with the City’s standard language. 10. Successors and Assigns: The rights and obligations of the Agreement will run with the land and be binding upon Developer’s successors and assigns. Upon the sale or transfer of any portion of the Project (other than completed homes), the transferee shall enter into an Assignment and Assumption Agreement in a form that has been reasonably approved by the City, and a fully executed copy of same shall be delivered to the City. 11. Minor Modifications: The Agreement will include a provision for administratively implementing minor modifications and adjustments to the Project entitlements, including the Agreement. 12. Community Facilities District Financing: Upon Developer’s request, the City will cooperate in forming a CFD or other land-secured public financing district to use tax exempts bond proceeds to finance the Project’s public facilities, including impact fees. 13. Expedited Processing: The developer would like the option of paying the cost of third-party plan check and inspection services to expedite the processing of implementing approvals and inspections. Prior to commencing such expedited services, the City and Developer will agree on any permit and processing fee credits that may be necessary to avoid Developer paying twice for the same services. 14. Annual Review: Developer’s compliance with and performance of its obligations under the Agreement will be subject to annual review by the City. 15. Defaults/Cure/Remedies: The Agreement will include the City’s standard language for defaults, cures and remedies, which include specific performance and termination as potential remedies if a default is not cured in a timely manner.