Aurora City Center II Urban Renewal Plan

Transcription

1 Aurora City Center II Urban Renewal Plan City of Aurora, Colorado March 2009 (revised 23 March 2009) Prepared for: Aurora Urban Renewal Authority Aurora, Colorado City Council Prepared by: Leland Consulting Group Matrix Design Group 1

2 Aurora City Center II Urban Renewal Plan City of Aurora, Colorado Table of Contents Section 0.0: Executive Summary 4 Section 1.0: Introduction Preface Blight Findings Other Findings Urban Renewal Boundaries Map of Urban Renewal Area 11 Section 2.0 Definitions 11 Section 3.0 Purpose of the Plan 15 Section 4.0 Blight Conditions 16 Section 5.0 Plan s Relationship to Local Objectives and Appropriate Land Uses General Description Relationship to Aurora Comprehensive Plan Relationship to Aurora Centrepoint Master Plan (ACMP) Aurora City Center II Urban Renewal Plan Vision Statement 25 Section 6.0 Authorized Urban Renewal Undertakings and Activities Public Improvements and Facilities Other Improvements and Facilities Development Opportunities Catalyst Projects Development Standards Variations in the Plan Urban Renewal Plan Review Process 29 2

3 Aurora City Center II Urban Renewal Plan City of Aurora, Colorado Table of Contents (cont d) 6.7 Project Financing and Creation of Tax Increment Areas Property Acquisition and Land Assemblage Relocation Assistance Demolition, Clearance, Environmental Remediation, and Property Disposition Redevelopment and Rehabilitation Actions Public Finance and / or Redevelopment Agreements Cooperation Agreements 35 Section 7.0 Project Financing Public Investment Objective Authorization Project Revenues Tax Increment Financing Distribution of Tax Revenues Other Financing Mechanisms and Structures 38 Section 8.0 Severability 38 Exhibit A: Urban Renewal Area Legal Description 3

4 0.0 Executive Summary The proposed Aurora City Center II Urban Renewal Area is located in the City of Aurora in Arapahoe County. The boundaries of the Area are (roughly) South Sable Street on the west, East Alameda Parkway on the north, West Tollgate Creek on the east, and East Center Avenue on the south. (See Figure 1) The Aurora City Council found blight in the area at the March 2, 2009 City Council meeting and directed staff to create a new Urban Renewal Area in order to assist in remediating outstanding conditions of blight in the area through redevelopment initiatives. Portions of the blighted area were originally included in the plan area of the Aurora City Center Urban Renewal Plan dated May The Area that was the subject of the 1982 Plan encompassed 516 acres of primarily vacant land. Most of the blight factors initially identified in the City Center Urban Renewal Blight Study have been addressed by redevelopment initiatives since that time, but some of those blight factors still exist. Since a new Blight Study has been conducted in the adjacent and expanded geographic area, five new factors of blight have been identified. The new urban renewal area will facilitate efforts to address both older, remaining blight factors, as well as new factors that are delaying and deterring development and redevelopment initiatives in the proposed urban renewal area. 0.1 Purpose of the Plan The purpose of this Plan is to reduce, eliminate and prevent the spread of blight within the Area and to stimulate growth and investment within the Area boundaries. To accomplish this purpose, the Plan promotes objectives that were articulated in the 1982 Aurora City Center Urban 4

5 Renewal Plan, as well as the 2003 City of Aurora Comprehensive Plan with respect to appropriate land uses, private investment and public improvements. In addition to the objectives stated above, the Aurora City Center II Urban Renewal Plan seeks to advance the vision of the approved Aurora Centrepoint Master Plan (ACMP). ACMP encompasses a significant portion of the Urban Renewal Plan Area, much of which is located in the vicinity of a district envisioned as Aurora s downtown. As expressed in the ACMP, Aurora s future downtown, City Center, has been conceived by City Council as a unique opportunity... to provide intense mixed-use development with excellent transportation service to and within a creatively planned downtown. Within the Aurora Centrepoint development the vision is for uses and product types which can respond to market conditions over time; further the goals and objectives of the City of Aurora Comprehensive Plan 2003; leverage the community s investment in public improvement projects; and, contribute to redevelopment and elimination of blight within the Area. Transformation of City Center into a high-density, pedestrian-oriented downtown for Aurora, with a mix of uses including residential, government, retail, office and multimodal transit resources, is a goal consistent with the original Aurora City Center Urban Renewal Plan. Since the original plan did not anticipate the order of magnitude of development that would be needed to effectively leverage the public sector investment in the City s Regional Transportation District (RTD) bus transfer station and future FasTracks light rail station, the establishment of the area as an Urban Renewal Area will allow for public 5

6 resources and revenues to effectively target the removal of blight and installation of infrastructure in order to advance the City s vision. 0.2 Public Improvements and Facilities The Plan proposes addressing blight conditions through upgrades to public improvements and facilities. A detailed list of specific actions is addressed in Section 6.1 of the Plan. 0.3 Project Financing and Creation of Tax Increment Areas While projects within the Aurora City Center Area are intended to be primarily financed through private resources, it is the intent of the City Council in approving this Urban Renewal Plan to authorize the use of tax increment financing by AURA to assist with development of these projects. 6

7 Aurora City Center II Urban Renewal Plan City of Aurora, Colorado 1.0 Introduction 1.1 Preface This Aurora City Center II Urban Renewal Plan (the Plan or the Urban Renewal Plan ) has been prepared by the Aurora Urban Renewal Authority (the Authority ) for the City of Aurora ( City ). It will be carried out by the Authority, pursuant to the provisions of the Urban Renewal Law of the State of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised Statutes, 1973, as amended (the Act ). The administration and implementation of this Plan, including the preparation and execution of any documents implementing it, shall be performed by the Authority. 1.2 Blight Findings Under the Act, an urban renewal area is a blighted area, which has been designated as appropriate for an urban renewal project. In each urban renewal area, conditions of blight, as defined by the Act, must be present. In order for the Authority to exercise its powers, the City Council must find that the presence of those conditions of blight substantially impairs or arrests the sound growth of the municipality or constitutes an economic or social liability, and is a menace to the public health, safety, morals or welfare. The Aurora City Center II Blight Study, prepared by Matrix Design Group, dated November, 2008, (the Blight Study ), demonstrates that the 7

8 Aurora City Center II Blight Study Area ( Study Area ), as defined in the Blight Study, is a blighted area under the Act. 1.3 Other Findings The Area is appropriate for one or more urban renewal projects and other undertakings authorized by the Act to be advanced by the Authority. One or more projects could require the demolition and clearance of certain public and private improvements within the Area as provided in this Plan. If this is the case, such actions will be determined to be necessary to eliminate unsafe conditions, obsolete and other uses detrimental to the public welfare, and otherwise remove and prevent the spread of deterioration. It is the intent of the City Council in adopting this Plan that the Authority exercise all powers authorized in the Act which are necessary, convenient or appropriate to accomplish the objectives of this Plan. Further, it is the intent of this Plan that the Authority exercise all such powers as may now be possessed or hereafter granted for the elimination of qualifying conditions in the Area. The powers conferred by the Act are for public uses and purposes for which public money may be expended and police powers exercised; and, this Plan is in the public interest and necessity -- such finding being a matter of legislative determination by the City Council. 1.4 Urban Renewal Area Boundaries The proposed Aurora City Center II Urban Renewal Area (the Urban Renewal Area or the Area ) is located in west-central Aurora, Arapahoe County. The boundaries of the Area generally include 13 8

9 separate real estate parcels totaling approximately 137 acres bounded roughly by South Sable Street on the west, East Alameda Parkway on the north, West Tollgate Creek on the east, and East Center Avenue on the south, as delineated in Figure No. 1 and described in the legal description presented in the Attachment. As per the Act, the legal description controls the boundary description in case of any conflict. The boundaries of the Area are drawn as narrowly as feasible to accomplish the planning and development objectives of this Plan. Portions of the Area were originally included in the plan area of the Aurora City Center Urban Renewal Plan dated May 1982 ( Aurora City Center Urban Renewal Plan ). The Aurora City Center was designated the Aurora City Center Urban Renewal Area pursuant to the provisions of the Urban Renewal Law of the State of Colorado, Part I of Article 25 of Title 31, C.R.S (1978 supp.). The Area that was the subject of the 1982 Plan encompassed approximately 516 acres. In addition to the findings presented in the table below, the 1982 Plan reported that, Problems existed in the Area that served to constrain development related to traffic congestion, access, difficulty in providing needed public services, drainage problems and soils. Taken together, the conditions were thought to serve to impair the sound growth of Aurora, retard the provision of housing and / or constitute an economic liability to the City. Whereas most of the blight factors initially identified in the City Center Urban Renewal Blight Study (1982) have been addressed by redevelopment initiatives since that time, some of those blight factors still exist. Since a new Blight Study (2009) has been conducted in an adjacent and expanded geographic area, new factors of blight have been identified. The new urban renewal area will support 9

10 efforts to address both older, remaining blight factors as well as new factors that are delaying and deterring development and redevelopment initiatives in the expanded geographic area. The table presented below summarizes conditions identified and reported in the 1982 Aurora City Center Urban Renewal Plan, as well as those found and reported in the Aurora City Center II Blight Study: 1982 Aurora City Center Urban Renewal Plan - Blight Factors Deterioration of Structures Inadequate Street Layout Faulty Lot Layout in Relation to Size, Adequacy, Accessibility or Usefulness 2008 Aurora City Center II Blight Study Blight Factors Slum, Deteriorated and Deteriorating Structures Predominance of Defective or Inadequate Street Layout Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness Unsanitary or Unsafe Conditions Deterioration of Site or Other Improvements Unusual Topography Unsanitary Conditions Unusual Topography or Inadequate Public Improvements or Utilities Existence of Conditions that Endanger Life or Property by Fire or Other Causes Environmental Contamination of Buildings or Property Existence of Health, Safety, or Welfare Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements 10

11 Implementation of the Urban Renewal plan will facilitate the transformation of the City Center area into a high-density, pedestrianoriented downtown for Aurora with a mix of uses including residential, government, retail, office and multimodal transit resources. Establishment of the Area as an urban renewal area will allow for the use of public resources and revenues to effectively target the removal of blight and installation of infrastructure in order to advance the City s vision Map of Urban Renewal Area (Figure 1) The Urban Renewal Area map is presented as Figure No. 1 on the following page. 2.0 Definitions Act means the Urban Renewal Law of the State of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised Statutes, as amended. Area or Urban Renewal Area means the Aurora City Center II Urban Renewal Area as depicted in Figure 1 and legally described in Attachment I; or, original Aurora City Center Urban Renewal Area. (See City Center II) Aurora Centrepoint refers to the master planned development located between Sable Boulevard and Chambers Road extending from Alameda Parkway to Center Avenue, excluding the Arapahoe County site, and including parcels 5, 6, 7, 8 & 11 on the map presented in the Aurora City Center II Blight Study. (See Metro Center) 11

12 Figure 1: 12

13

14 Aurora Centrepoint Master Plan refers to the Master Plan submitted, reviewed and approved in 2005 which includes parcels 5, 6, 7, 8 & 11 on the map presented in the Aurora City Center II Blight Study. (See Aurora Centrepoint) Aurora City Center means that area included in the Aurora City Center Urban Renewal Plan. Aurora Comprehensive Plan means City of Aurora Comprehensive Plan 2003, as such plan has been or may be amended from time to time. Authority means the Aurora Urban Renewal Authority (AURA). Blight Study means the Aurora City Center II Blight Study, prepared by Matrix Design Group, dated November, 2008, incorporated herein by this reference. City means the City of Aurora, a home-rule municipal corporation of the State of Colorado. City Center II refers to the Urban Renewal Area that is the subject of this Plan encompassing the Area reflected in Exhibit A. City Council means the City Council of the City of Aurora. City Taxes means, collectively, (i) the Sales Tax, (ii) the lodger s tax imposed by the City on certain transactions, (iii) the Occupational Privilege Tax, and (iv) the use tax imposed by the City on certain transactions. Comprehensive Plan the City of Aurora Comprehensive Plan 2003 (the Comprehensive Plan ). Cooperation Agreement means any agreement between the Authority and City, or any public body (the term public body being used in this Plan as defined by the Act) respecting action to be taken pursuant to any of the powers 13

15 set forth in the Act or in any other provision of Colorado law, for the purpose of facilitating public undertakings deemed necessary or appropriate by the Authority under this Plan. C.R.S. means the Colorado Revised Statutes, as amended from time to time. FasTracks Station means the light rail station planned in City Center that is primarily be funded through bond proceeds issued through the Regional Transportation District (RTD). Impact Report means all County impact reports (if any) required in association with the creation of tax increment financing districts within the Area(s). Metro Center Site Plan #1 refers to Phase I of the Aurora Centrepoint Master Plan, rebranded as Metro Center, and submitted to and approved by the City in 2008 including parcel 11 on the map presented in the Aurora City Center II Blight Study. (See Aurora Centrepoint) OPT for the purposes of this Plan, means, collectively, (i) the Employer Occupational Privilege Tax imposed by the City on employers, and (ii) the Employee Occupational Privilege Tax imposed by the City on employees. Plan or Urban Renewal Plan means this Aurora City Center II Urban Renewal Plan. Public Finance and / or Redevelopment Agreement means one or more agreements between the Authority and developer(s) and / or property owners or such other individuals or entities as may be determined by the Authority to be necessary or desirable to carry out the purposes of this Plan. Sales Tax means the municipal sales tax imposed by the City on certain transactions. 14

16 Special District means a district created to make improvements, typically to public space and infrastructure, in a given area. Study Area means the geographic territory defined for the Blight Study. Tax Increment Financing (TIF) Area also called Tax Increment Area, means a portion of the Area designated as a Property Tax and/or Sales Tax Increment Area, as defined and pursuant to the procedures set forth in this Plan. 3.0 Purpose of the Plan The purpose of this Plan is to reduce, eliminate and prevent the spread of blight within the Area and to stimulate growth and investment within the Area boundaries. To accomplish this purpose, the Plan promotes local objectives expressed in the original Aurora City Center Urban Renewal Plan (1982) and the 2003 City of Aurora Comprehensive Plan with respect to appropriate land uses, private investment and public improvements. In addition to the objectives stated above, the Aurora City Center II Urban Renewal Plan seeks to advance the vision of the approved Aurora Centrepoint Master Plan. ACMP encompasses that portion of the Area which is located in the vicinity of a district envisioned as Aurora s downtown. As expressed in the ACMP, Aurora s future downtown, City Center, is conceived by City Council as a unique opportunity... to provide intense mixed-use development with excellent transportation service to and within a creatively planned downtown. Within the Aurora Centrepoint development, uses and product types which can respond to market conditions over time; further the goals and objectives of the City of Aurora Comprehensive Plan 2003, as well as any other relevant policy document; leverage the community s investment in public improvement projects; and, contribute to redevelopment of and elimination of blight within the Area will be encouraged. 15

17 While the principal goal of the urban renewal effort, as required by the Act, is to afford maximum opportunity, consistent with the sound needs of the City as a whole and to develop and rehabilitate the Area by private enterprise, it is not intended to replace the efforts of area business development or marketing organizations. The rehabilitation and redevelopment of properties within the Area will be accomplished through the improvement of existing, and construction of new, structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area. The effort will involve the Authority and City Council with participation and cooperation by the private sector. All projects that intend to use urban renewal resources will be required to show their ability to reduce, eliminate and prevent the recurrence of blight. While the Act authorizes the Authority to undertake zoning and planning activities to regulate land use, maximum densities, and building requirements in the Area, the City will regulate land use and building requirements. At a minimum, all projects of the Authority within the Area shall comply with all applicable municipal requirements. 4.0 Blight Conditions Before an urban renewal plan can be adopted by the City, the area must be determined to be a blighted area as defined in Section (2) of the Act, which provides that, in its present condition and use, the presence of at least four of the following factors in the area, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare: 16

18 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k.5) (l) Slum, deteriorated, or deteriorating structures; Predominance of defective or inadequate street layout; Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; Unsanitary or unsafe conditions; Deterioration of site or other improvements; Unusual topography or inadequate public improvements or utilities; Defective or unusual conditions of title rendering the title nonmarketable; The existence of conditions that endanger life or property by fire or other causes; Buildings that are unsafe or unhealthy for persons to live or work in because of building code violations, dilapidation, deterioration, defective design, physical construction, or faulty or inadequate facilities; Environmental contamination of buildings or property; The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements; or If there is no objection by the property owner or owners and the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, blighted area also means an area that, in its present conditions and use and, by reason of the presences of any one of the factors specified in paragraphs (a) to (k.5) of Section (2), substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals, or welfare. The Act also provides that, if private property is to be acquired by the Authority by eminent domain, at least five of the factors specified in Section (2)(a) to (2)(l) must be present. The general methodology for conducting the Blight Study was to: (i) define the Study Area; (ii) gather information about the Study Area, such as right-of-way and parcel boundaries, aerial photography, etc.; (iii) evaluate evidence of blight through field reconnaissance of the Study Area to document observed physical conditions of blight; and, (iv) collect data about blight factors that are not visually observable. Transformation of City Center into a high-density, pedestrian-oriented downtown for Aurora, with a mix of uses including residential, government, retail, office and multimodal transit resources is a goal consistent with the 17

19 original Aurora City Center Urban Renewal Plan. However, whereas that Plan generally addressed the need to have uses that supported multiple modes of transportation, it did not anticipate the order of magnitude of development that would be needed to effectively leverage the public sector investment in the City s Regional Transportation District (RTD) bus transfer station and future FasTracks light rail station. Establishment of the Area as an urban renewal area, will allow for the use of public resources and revenues to effectively target the removal of blight and installation of infrastructure at a capacity significant enough to advance the City s vision. Among the 11 qualifying factors identified in the Act, the Blight Study identified the presence of the following eight blight factors in the Study Area: (a) (b) (c) (d) (e) (f) (j) (k.5) Slum, Deteriorated and Deteriorating Structures Predominance of Defective or Inadequate Street Layout Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness Unsanitary or Unsafe Conditions Deterioration of Site or Other Improvements Unusual Topography or Inadequate Public Improvements or Utilities Environmental Contamination of Buildings or Property Existence of Health, Safety, or Welfare Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements The condition, (g) of Section (2), defective or unusual conditions of title rendering the title non-marketable, was not investigated. 18

20 5.0 Plan s Relationship to Local Objectives and Appropriate Land Uses 5.1 General Description Implementation of this Urban Renewal Plan supports the objectives and requirements of the Aurora Comprehensive Plan 2003 with respect to redevelopment of the Urban Renewal Area. As development occurs in the Area, it shall conform to the Aurora Comprehensive Plan and any subsequent updates, the City Building and Zoning Code and any rules, regulations, and policies promulgated pursuant thereto, any site-specific planning documents that might impact properties in the Area including, but not limited to, City-approved site, drainage, and public improvement plans, and any applicable City design standards, all as in effect and as may be amended from time to time. Existing conditions present within the Area will be remedied by the proposed Plan, but will need to first be identified as a priority public investment item by the Authority in consultation with the City and Area property owners. Improvements will be phased as the market allows and may be funded in part by tax increment revenues. 5.2 Relationship to Aurora Comprehensive Plan The purpose of the Aurora City Center Urban Renewal Plan adopted in 1982 was to: Provide opportunities for private redevelopment to address existing conditions of blight... and, to participate in and support efforts to, improve access, decrease traffic congestion, reduce pollution and lessen conflicts between pedestrian, bicycle and vehicular traffic. In addition, the 1982 Plan sought to,... encourage initiatives that remedy physical 19

21 constraints, particularly those associated with soils, drainage and storm run-off. The principle objectives of the 1982 Plan were to, Provide adequate open space and pedestrian access in a high density urban environment and to further the sound economic growth of the City of Aurora. The purpose of this Plan is to eliminate blight in the Urban Renewal Area and to implement the Aurora Comprehensive Plan, which identifies creation of a downtown Aurora in City Center. The Authority, with the cooperation of the City, private enterprise and other public bodies, will undertake projects and activities described in this Urban Renewal Plan to eliminate the conditions of blight identified herein while implementing the goals and objectives of the City of Aurora Comprehensive Plan Specifically, the City of Aurora Comprehensive Plan 2003 identifies the City Center Strategic Area as one of the strategic areas which is critical to the City s economy and identity. The vision set forth for the City Center Strategic Area states that when the City s goals are achieved: (Chapter V.G I-225 / City Center Page 1 of 5) Urban centers at... City Center... will have been developed with complementary land uses linked by transit, allowing ready access to each other. City Center is the intensively developed downtown for Aurora. (Chapter V.G I-225 / City Center Page 2 of 5) 20

22 Mid-way into the I-225 corridor lies the Aurora City Center, historically planned as the City s downtown. This regional center is undergoing major changes. At 772 acres, City Center has its own zoning district that promotes master planned development. The City s long-standing vision of City Center as its new downtown is being implemented at an accelerating rate: A new city hall, the Aurora Municipal Center, opened in late winter 2003 An image for City Center has been developed and will be expressed in signage, public art, landscaping and other elements of the public realm. The Vision for City Center A 1994 City Center Working Group stated that City Center will realize its role as the primary employment and activity center in Aurora in three ways: First by servicing the whole city with a pedestrian-interconnected mixture of high-quality government, open space, cultural, residential, transportation and retailing resources available nowhere else. Second by creating a strong landmark civic center from existing government buildings and services: Library, Municipal Justice Center, and Police Station augmented by a new City Hall, Cultural Center and landscape improvements. 21

23 Third, by creating an attractive regional retailing center with a strong common image. (Chapter V.G I-225 / City Center Page 3 of 5) Zoning Districts Zoning, use and design standards for the City Center II Urban Renewal Area are currently controlled by three distinct sets of rules (City Center Zoning District, Fringe and Core; Tollgate Villages PCZD Commercial zoning, the Centrepoint Master Plan and specific site plans). To encourage future redevelopment in the area, the requirements of these various zoning and planning regulations should be made more consistent. Plans and Programs City Center: Planning for City Center has been extensive and long-term, dating to the late 1970 s. An urban renewal plan was adopted in 1982 along with an urban design plan, later amended in Design workshops in 2000 re-examined the circulation framework and confirmed the overarching need to make City Center transit accessible and pedestrian-friendly. In 2000, City Council adopted a sketchpak urban design plan for establishing a consistent visual theme for the Alameda corridor. It covers items such as signage, lighting, and median treatment. Light Rail: Design studies have defined an alignment for light rail through City Center and Fitzsimons, with two stops in each center. A new location for RTD s bus transfer facility in City Center was identified 22

24 and purchased by RTD in 2002 and has been integrated with the Aurora Centrepoint master Plan development. (Chapter V.G I-225 / City Center Page 4 of 5) Issues and Needs Continued strong city leadership is needed to bring the vision for City Center to completion. Even with permissive zoning, the private development and financial markets still tend to favor traditional forms of suburban development. The various main areas in City Center are not necessarily well connected by direct, attractive pedestrian routes. (Chapter V.G I-225 / City Center Page 5 of 5) Strategies 1. Produce a corridor plan for the I-225 / Abilene corridor addressing the following: a. Appropriate land uses b. Light rail along the length of the corridor including stops at... City Center c. Redevelopment needs d. Improved access and street connections, and e. Appropriate urban design including landscaping and aesthetic improvements to bridges, walks, ramps, medians, and roadway edges. Consistent aesthetic themes should be applied along the length of the corridor. 23

25 2. Continue to work for transportation improvements, including the following: a. Improvements to existing interchanges b. Bicycle and pedestrian routes c. A pedestrian and bicycle crossing at Jewell Avenue d. Park-n-Ride locations, and e. Additional travel alternatives, including improved local bus service and demand-oriented or circulator systems. 3. Continue to seek implementation of transit plans in the corridor, including stations at... City Center. Evaluate the potential for additional stations. 4. Develop a strategy to encourage the adaptive reuse of empty big box retail buildings 5. Use site plan review and the capital improvement program to improve views of private and public development from I-225 with additional landscaping and other design techniques at appropriate locations. 6. Encourage additional retail and medical-related office development in the corridor. 7. Work to expand the restaurant node at Iliff Avenue. 8. Review and revise City Center zoning to remove unintended barriers to urban-style development, including excessive open space and building setback requirements, and to require sufficient density and an appropriate mix of uses. 9. Continue to implement the recommendations of the Communication Arts Sketchpak plan for median and other streetscape improvements in City Center. 10. Plan for well-designed and attractive direct pedestrian connections between the major land uses of City Center. 24

26 The City of Aurora Comprehensive Plan 2003 also anticipates the use of tax increment revenues for infrastructure and other costs associated with various urban renewal projects and the potential issuance of tax increment revenue-supported bonds. 5.3 Relationship to Aurora Centrepoint Master Plan Implementation of this Urban Renewal Plan will, to the extent possible, advance those development objectives expressed in the ACMP. Potential land uses envisioned within the Area include: residential, government, retail, office and multi-modal transit resources. Primary planning goals identified and described include: transit stations shall serve as primary linkages between the Aurora Municipal Center and the Aurora Town Center mall; uses shall be horizontally and vertically integrated and shall create a high density compact development; circulation systems shall be improved; pedestrian connections shall be provided; and, architecture shall be of a high quality. 5.4 Aurora City Center II Urban Renewal Plan Vision Statement The vision for the Area is creation of a highly urbanized mixed-use employment and activity center with multi-modal connections and a strong community image. Uses in the Area will service the whole City with a mix of high-quality government, open space, cultural, residential, transportation and retailing resources. Civic uses, including existing government buildings and services, will anchor the district and implementation of the Plan will be the responsibility of a range of public and private sector partners. 25

27 6.0 Authorized Urban Renewal Undertakings and Activities The Act allows for a wide range of activities to be used in the implementation of an urban renewal plan. In the case of this Plan, it is the Authority s intent to provide incentives to stimulate private investment in cooperation with property owners and other affected parties in order to accomplish its objectives. Publicprivate partnerships and other forms of cooperative development will be key to the Authority s strategy for preventing the spread of blight and eliminating existing blight conditions. 6.1 Public Improvements and Facilities The Authority may undertake certain actions to make the Area more attractive for private investment. The Authority may, or cause others to, install, construct, and reconstruct any public improvements. Additionally, the Authority may, or cause others to, demolish and clear buildings and existing improvements for the purpose of promoting the objectives of the Plan and the Act. Finally, the Authority may, or may cause others to, install, construct and reconstruct any other authorized improvements in the Area, including, without limitation, other authorized undertakings or improvements for the purpose of promoting the objectives of this Plan and the Act. Public projects are intended to stimulate (directly and indirectly) private sector investment in and around the Area. The combination of public and private investment will assist in the investment and conversion of the Area into a viable commercial, employment and mixed-use sub-area supported by multiple forms of transportation with supporting public spaces contributing to increased revenues from property taxes and City Taxes. 26

28 As described in Section 4.0 of this Plan, eight qualifying conditions of blight, as defined in Section (2) of the Act, are evident in the Area. This Plan proposes addressing each of these conditions through completion of the following public improvements and facilities: (a) (b) (c) (d) (e) (f) (j) Slum, Deteriorated and Deteriorating Structures: building improvements including facades and energy efficient improvements to existing structures; Predominance of Defective or Inadequate Street Layout: improved access within interior parcels; and, roadway capacity improvements at Alameda Parkway and Chambers Road, and, Alameda Parkway and Sable Boulevard; Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness: property assemblage assistance; Unsanitary or Unsafe Conditions: pedestrian improvements including development of sidewalks and transit stop improvements, particularly near the corner of East Alameda Avenue and East Alameda Drive; ADA improvements; lighting; bike paths; and deferred maintenance items including cracked and buckled sidewalks and parking lots; Deterioration of Site or Other Improvements: (see unsanitary and unsafe conditions); Unusual Topography or Inadequate Public Improvements or Utilities: storm water drainage and detention improvements including major or regional flood control improvements and minor or local drainage improvements; Environmental Contamination of Buildings or Property: environmental clean-up; 27

29 (k.5) Existence of Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings or Other Improvements: Redevelopment of the Area. 6.2 Other Improvements and Facilities There could be other non-public improvements in the Area that may be required to accommodate redevelopment of the Area. The Authority may assist in the financing or construction of these improvements. 6.3 Development Opportunities Catalyst Projects A key concept associated with implementation of the Plan is targeted investment that will serve to catalyze development throughout the Area and fund future public improvements. 6.4 Development Standards All development in the Area shall conform to applicable rules, regulations, policies and other requirements and standards of the City and any other governmental entity which has jurisdiction over all or any portion of the Area. In conformance with the Act and the Plan, the Authority may adopt design standards and other requirements applicable to projects undertaken by the Authority in the Area. Unless otherwise approved by City Council, any such standards and requirements adopted by the Authority shall be consistent with all other City zoning and development policies and regulations. 28

30 6.5 Variations in the Plan The Authority may propose, and the City Council may make, such modifications to this Urban Renewal Plan as may be necessary provided they are consistent with the Aurora Comprehensive Plan and any subsequent updates, as well as the Act, or such amendments made in accordance with this Plan and as otherwise contemplated by this Plan. The Authority may, in specific cases, allow non-substantive variations from the provisions of this Plan if it determines that a literal enforcement of the provision would constitute an unreasonable limitation beyond the intent and purpose stated herein. 6.6 Urban Renewal Plan Review Process The review process for the Plan is intended to provide a mechanism to allow those parties responsible for implementing key projects to periodically evaluate its effectiveness and make adjustments to ensure efficiency in implementing the recommended activities. The following steps are intended to serve as a guide for future Plan review: (a) The Authority may propose modifications, and the City Council may make such modifications as may be necessary provided they are consistent with the City of Aurora Comprehensive Plan 2003 and any subsequent updates, as well as the Act. (b) Modifications may be developed from suggestions by the Authority, property and business owners, and City staff operating in support of the Authority and advancement of this Plan. 29

31 6.7 Project Financing and Creation of Tax Increment Areas While projects within the Aurora City Center II Urban Renewal Area are expected to be primarily privately financed, it is the intent of the City Council in approving this Urban Renewal Plan to authorize the use of tax increment financing by AURA to assist with the development of these projects. Urban renewal authorities in Colorado are authorized by the Act (C.R.S ) to borrow money and accept advances, loans, grants and contributions from public or private sources, and to issue bonds to finance their activities or operations. In practice, an accepted method for financing urban renewal projects is to utilize incremental property tax and /or municipal excise tax revenues (including sales, lodgers, occupational privilege and use taxes) attributable to the redevelopment in the project area to pay the principal of, the interest on, and any premiums due in connection with the bonds of, loans or advances to, or indebtedness incurred by the Authority. The Tax Increment Financing (TIF) provisions are found in the Act (C.R.S (9)) and in the Aurora City Code (City Code 130-4). The City Council, in approving this Urban Renewal Plan, contemplates that separate Tax Increment Areas may be created within the Urban Renewal Area as development in City Center II Area occurs. Subject to the designation of such Tax Increment Areas, AURA is specifically authorized to use incremental revenues, except those previously dedicated, for the benefit of the Area, to the extent authorized by the provisions of C.R.S (9) and City Code 130-4, as the same may be amended from time to time, which sections are incorporated herein by reference in their entirety. The Plan authorizes AURA to allocate all or a portion of such incremental tax revenues to finance the costs of urban 30

32 renewal projects through the provisions of a public finance and redevelopment agreement, including, to the extent determined by AURA, pledging all or part of said revenues to a special district created by the developer of a redevelopment project, and to be pledged by such special district for payments on its obligations incurred by such special district to fund public infrastructure and other lawful improvements under the Colorado Urban Renewal Law, or, at the option of AURA, to be used as security for debt or other obligations of AURA or any special district contracted to fund public infrastructure and other lawful improvements under the Colorado Urban Renewal Law and the City Code; provided, however, that the portion of the tax increment revenues generated by a special district s operational mill levy may be used for payment of the costs of administration and operation of such district and the operation and maintenance of part or all of the public infrastructure. As specific properties within the Urban Renewal Area are proposed to be developed, this Urban Renewal Plan may be amended to designate the boundaries of a new Tax Increment Area, provided that the Tax Increment Area so designated shall not overlap and shall be located entirely within the Urban Renewal Area. An amendment to this Urban Renewal Plan designating the boundaries of a new Tax Increment Area shall be deemed to be made pursuant to the Blight Study existing as of the date of the adoption of this Urban Renewal Plan and in furtherance of the original provisions of this Urban Renewal Plan and shall constitute a non-substantive amendment to this Urban Renewal Plan pursuant to the Colorado Urban Renewal Law for a period of 25 years from adoption of this Plan. 31

33 The process for creating a new Tax Increment Area shall be initiated by the developer and / or owner of a redevelopment project through a written request to AURA s Executive Director and the City s Director of Development Services, confirming that such developer has a new project and needs tax increment financing to fund infrastructure and related lawful improvements. This request shall set forth the need for tax increment financing and the justification for such financing under the plan and include: a definition of the area to be designated (including a legal description and a map); site plan; description of infrastructure to be funded and estimated costs of that infrastructure; and, estimated tax increment revenue to be generated from the new Tax Increment Area. The Authority and the City shall provide notice, for informational purposes, to Arapahoe County and Aurora Public School District 28J of the developer s request for the creation of a new Tax Increment Area. Approval by City Council of any such amendment, unless it specifically provides to the contrary, shall be deemed an adoption of a provision that taxes, if any, levied and collected after the effective date of the approval of the amendment, upon taxable property in the Tax Increment Area defined in such amendment or that City sales, lodgers, use or employer / employee occupational privilege tax, or any portion thereof, collected in the twelve-month period prior to the effective date of the amendment within the Tax Increment Area defined in such amendment, shall be allocated to AURA as set forth in the amendment for a period not to exceed twenty-five years from the date of the City Council approval of such amendment. 6.8 Property Acquisition and Land Assemblage 32

34 The Authority may acquire property by negotiation or other methods in accordance with the Act. The Authority may temporarily operate, manage and maintain property in the Area. Such property shall be under the management and control of the Authority and may be rented or leased pending its disposition for redevelopment. 6.9 Relocation Assistance It is not anticipated that acquisition of real property by the Authority will result in the relocation of any individuals, families, or business concerns. However, if such relocation becomes necessary, the Authority has adopted a relocation assistance and land acquisition policy that outlines the terms under which such activities would take place, all in conformance with the Act Demolition, Clearance, Environmental Remediation, and Site Prep In carrying out this Plan, it is anticipated that the Authority may, on a case-by-case basis, elect to demolish and clear buildings, structures and other improvements. Additionally, development activities consistent with this Plan, including but not limited to Development or Cooperation Agreements, may require such demolition and clearance to eliminate unhealthy, unsanitary, and unsafe conditions, eliminate obsolete and other uses detrimental to the public welfare, and otherwise remove and prevent the spread of deterioration. With respect to property acquired by the Authority, it may demolish and clear, or contract to demolish and clear, those buildings, structures and other improvements pursuant to this Plan, if in the judgment of the Authority, such buildings, structures and other improvements cannot be rehabilitated in accordance with this Plan. The Authority may also 33

35 undertake such additional site preparation activities as it deems necessary to facilitate the disposition and development of such property Property Disposition The Authority may sell, lease, or otherwise transfer real property or any interest in real property subject to covenants, conditions and restrictions, including architectural and design controls, time restrictions on development, and building requirements, as it deems necessary to develop such property. Real property or interests in real property may be sold, leased or otherwise transferred for uses in accordance with the Act and this Plan. All property and interest in real estate acquired by the Authority in the Area that is not dedicated or transferred to public entities, shall be sold or otherwise disposed of for redevelopment in accordance with the provision of this Plan and the Act Redevelopment and Rehabilitation Actions Redevelopment and rehabilitation actions within the Area may include such undertakings and activities as are in accordance with this Plan and the Act, including without limitation: demolition and removal of buildings and improvements as set forth herein; installation, construction and reconstruction of public improvements as set forth herein; elimination of unhealthful, unsanitary or unsafe conditions; elimination of obsolete or other uses detrimental to the public welfare; prevention of the spread of deterioration; and, provision of land for needed public facilities. The Authority may enter into Cooperation Agreements and Redevelopment/Development Agreements to provide assistance or undertake all other actions authorized by the Act or other applicable law to redevelop and rehabilitate the Area. 34

36 6.13 Public Finance and / or Redevelopment Agreements The Authority is authorized to enter into Redevelopment/Development Agreements or other contracts with developer(s) or property owners or such other individuals or entities as are determined by the Authority to be necessary or desirable to carry out the purposes of this Plan. Such Redevelopment/Development Agreements, or other contracts, may contain such terms and provisions as shall be deemed necessary or appropriate by the Authority for the purpose of undertaking the activities contemplated by this Plan and the Act, and may further provide for such undertakings by the Authority, including financial assistance, as may be necessary for the achievement of the objectives of this Plan or as may otherwise be authorized by the Act. Existing agreements between the City and private parties that are consistent with this Plan are intended to remain in full force and effect Cooperation Agreements For the purpose of this Plan, the Authority may enter into one or more Cooperation Agreements pursuant to the Act. The City and the Authority recognize the need to cooperate in the implementation of this Plan and, as such, Cooperation Agreements may include, without limitation, agreements regarding the planning or implementation of this Plan and its projects, as well as programs, public works operations, or activities which the Authority, the City or such other public body is otherwise empowered to undertake and including without limitation, 35

37 agreements respecting the financing, installation, construction and reconstruction of public improvements, utility line relocation, storm water detention, environmental remediation, landscaping and/or other eligible improvements. This paragraph shall not be construed to require any particular form of cooperation. 7.0 Project Financing 7.1 Public Investment Objective It is the intent of the Plan that the public sector play a significant role in urban renewal efforts as a strategic partner. However, experience has proven that a critical component to the success of any urban renewal strategy is participation by both the public and private sectors. Leveraging of resources will be key as no one entity, either public or private, has sufficient resources alone to sustain a long-term improvement effort. Typical public infrastructure investments may include, but are not limited to: unifying streetscape elements; improving access and circulation; improving streets and parks; providing for infrastructure improvements; completing utilities; and, creating special districts or other financing mechanisms. 7.2 Authorization The Authority may finance undertakings pursuant to this Plan by any method authorized under the Act or any other applicable law, including without limitation: issuance of notes, bonds and other obligations in an amount sufficient to finance all or part of this Plan; borrowing of funds and creation of indebtedness; advancement of reimbursement agreements; and / or utilization of the following: federal or state loans or grants; interest income; annual appropriation agreements; agreements 36

38 with public or private entities; and loans, advances and grants from any other available sources. The principal, interest, costs and fees on any indebtedness are to be paid for with any lawfully available funds of the Authority. Debt may include bonds, refunding bonds, notes, interim certificates or receipts, temporary bonds, certificates of indebtedness, or any other obligation lawfully created. 7.3 Project Revenues Tax Increment Financing The Plan contemplates that a primary method of financing projects within the Area will be through the use of property tax and City Tax increments. The Authority shall be authorized to pledge all or any portion of such ad valorem tax and City tax increment revenues for financing public infrastructure that benefits the Area pursuant to one or more Cooperation Agreements or Public Finance and / or Redevelopment Agreements Distribution of Tax Revenues As specified in any amendment to this Plan which creates a new Tax Increment Area as set forth herein, ad valorem taxes and/or City taxes levied after the effective date of the approval of such amendment shall be divided for a period commencing on the date of City Council approval of such amendment and continuing for a period not-to-exceed twenty-five years in accordance with Section (9) of the Act and the terms of any applicable 37

39 Cooperation Agreement or Public Finance and / or Redevelopment Agreements. 7.4 Other Financing Mechanisms / Structures The Plan is designed to provide for the use of tax increment financing as one tool to facilitate investment and reinvestment within the Area. However, in addition to tax increment financing, the Authority shall be authorized to finance implementation of the Plan by any method authorized by the Act or any other applicable law, including without limitation and in any combination: appropriations, loans, grants or advances from the City; federal loans and grants; state loans and grants; interest income; agreements with public and private parties or entities, including Cooperation Agreements and Public Finance and / or Redevelopment Agreements; sale of securities or other assets; and loans and advances from any other available source. The Authority is committed to making a variety of strategies and mechanisms available which are financial, physical, market and organizational in nature. It is the intent of this Plan to use the tools either independently or in various combinations. Given the obstacles associated with development, the Authority recognizes that it is imperative that solutions and resources be put in place which are comprehensive, flexible and creative. 8.0 Severability If any portion of this Plan is held to be invalid or unenforceable, such invalidity will not affect the remaining portions of the Plan. 38

40 Aurora City Center II Urban Renewal Plan City of Aurora, Colorado Exhibit A: Urban Renewal Legal Description 39

41 EXECUTION ORIGINAL EXKIBIT PA MAP AN -3 I-!iGAL DESCRIPTIOr.4 OF THk: PLAN AREA

42 EXECUTION ORIGINAL

43 EXECUTION OWHG:[NAL AURORA CITY CENTER I1 URBAN RENEWAL AREA A PARCEL OF LAND SITUATUED IN THE SW l/4 AND SE l/4 OF SECTION 7, THE NW 1/4 OF SECTION 17, THE NW l/4 AND THE NE l/4 OF SECTION 18, T4S, R66W OF THE 6TH P.M., CITY OF AURORA, COUNTY OF ARAPAHOE, STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE CENTER l/4 CORNER OF SECTION 7, T4S, R66W, 6TH P.M.; THENCE S 00' 30' 06" E ALONG THE WEST LINE OF THE SOUTHEAST l/4 OF SAID SECTION 7, A DISTANCE OF FEET TO THE POINT OF BEGINNING; THENCE N 89' 29' 54" E, A DISTANCE OF FEET TO THE NORTHWEST CORNER OF AURORA-ALAMEDA CENTER SUBDIVISION FILING NO. 1; THENCE N 89' 48' 24" E ALONG THE NORTH LINE OF SAID FILING NO. 1, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF SAID FILING NO. I ALSO BEING A POINT ON THE WEST LINE OF LOT 5, BLOCK 1, JUDICIAL COMPLEX SUBDIVISION FILING NO. 4; THENCE N 27' 44' 35" W ALONG THE WEST LINE OF SAID LOT, A DISTANCE OF FEET TO A POINT OF CURVE TO THE RIGHT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS N 14' 31' 37" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 26' 25' 56", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; THENCE N 01' 18' 39" W CONTINUING ALONG SAID WEST LINE, A DISTANCE OF FEET TO THE NORTHWEST CORNER OF SAID LOT; THENCE S 58' 42' 16" E ALONG THE NORTHERLY LINE OF SAID LOT, A DISTANCE OF FEET; THENCE S 72' 43' 16" E CONTINUING ALONG SAID NORTHERLY LINE, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS N 77' 11' 06" E, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 60' 11' 16", AN ARC LENGTH OF FEET TO THE NORTHEAST CORNER OF SAID LOT; THENCE S 47' 05' 28" W ALONG THE EASTERLY LINE OF SAID LOT, A DISTANCE OF FEET; THENCE S 89' 48' 24" W CONTINUING ALONG SAID LINE, A DISTANCE OF FEET TO A POINT OF CURVE TO LEFT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS S 44' 48' 24" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 90' 00' OO", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; THENCE S 00' 11' 36" E CONTINUING ALONG SAID EASTERLY LINE, A DISTANCE OF FEET TO A POINT OF CURVE TO THE RIGHT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS S 17' 47' 18" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 35' 57' 49", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; THENCE S 35' 46' 13" W CONTINUING ALONG SAID EASTERLY LINE, A DISTANCE OF FEET TO A POINT OF CURVE TO THE RIGHT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS S 79' 06' 02" W, A DISTANCE OF

44 EXECUTION ORIGINAL FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 86' 39' 38", AN ARC LENGTH OF FEET TO THE SOUTHEAST CORNER OF SAID LOT ALSO BEING A POINT ON THE NORTHERLY RIGHT-OF-WAY LINE OF EAST ALAMEDA AVENUE; THENCE ALONG SAID RIGHT-OF-WAY AND THE NORTHERLY RIGHT-OF-WAY LINE OF EAST ALAMEDA PARKWAY THE FOLLOWING FOUR (4) COURSES: 1. ALONG SAID CURVE (WHOSE CHORD BEARS S 51' 22' 52" E, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 12' 22' 33", AN ARC LENGTH OF FEET TO A POINT ON A TANGENT; 2. S 45' 11' 36" E, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; 3. ALONG SAID CURVE (WHOSE CHORD BEARS S 67' 58' 12" E, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 45' 30' 34", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; 4. N 89' 16' 31" E, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS N 44' 16' 31"E, A DISTANCE OF FEET), HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 90' 00' OO", AN ARC LENGTH OF FEET TO A POINT OF TANGENT ALSO BEING A POINT ON THE WEST RIGHT-OF-WAY LINE OF SOUTH CHAMBERS ROAD; THENCE N 00' 43' 29" E ALONG SAID WEST LINE, A DISTANCE OF FEET; THENCE N 89' 16' 31" E, A DISTANCE OF FEET TO THE WEST LINE OF THE NW 1/4 OF SECTION 17, T4S, R66W; THENCE N 89' 27' 45" E, A DISTANCE OF FEET TO THE NORTHWEST CORNER OF ALAYIEDA-CHAMBERS CONNECTION SUBDIVISION FILING NO. 1; THENCE N 89' 27' 45" E ALONG THE NORTH LINE OF SAID FILING NO. 1, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF LOT 1, BLOCK 1, ALAMEDA- CHAMBERS CONNECTION SUBDIVISION FILING NO. 1; THENCE ALONG THE EAST LINE OF SAID LOT 1 THE FOLLOWING SEVEN (7) COURSES: 1. S 00' 43' 29" E, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; 2. ALONG SAID CURVE (WHOSE CHORD BEARS S 20' 43' 29" E, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 40' 00' OO", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; 3. S 40' 43' 29" E, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT;

45 EXECUTION ORIGINAL 4. ALONG SAID CURVE (WHOSE CHORD BEARS S 44' 43' 29" El A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 08' 00' OO", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; 5. S 48' 43' 29" El A DISTANCE OF FEET TO A POINT OF CURVE TO THE RIGHT; 6. ALONG SAID CURVE (WHOSE CHORD BEARS S 24' 43' 29" El A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 48' 00' OO", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; 7. S 00' 43' 29" El A DISTANCE OF FEET TO THE SOUTHEAST CORNER OF SAID LOT 1, ALSO BEING A POINT ON THE NORTH RIGHT-OF-WAY LINE OF EAST ALAlvl EDA PARKWAY; THENCE ALONG A CURVE TO THE RIGHT (WHOSE CHORD BEARS S 79' 51' 25" El A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 13' 02' QO", AN ARC LENGTH OF FEET TO A POINT OF NON-TANGENT; THENCE S 73' 20' 25" E CONTINUING ALONG SAID NORTH RIGHT-OF-WAY, A DISTANCE OF FEET TO THE SOUTHEAST CORNER OF ALAMEDA-CHAMBERS CONNECTION SUBDIVISION FILING NO. 1; THENCE S 35' 19' 52" W, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF CITY CENTER MARKETPLACE SUBDIVISION FILING NO. 1; THENCE ALONG THE EAST AND SOUTH BOUNDARY LINES OF SAID FILING NO. I THE FOLLOWING THREE (3) COURSES: 1. S 04' 59' 43" W, A DISTANCE OF FEET; 2. S 04' 00' 17" El A DISTANCE OF FEET TO THE SOUTHEAST CORNER OF SAID FILING NO. 1; 3. S 89' 16' 31" W, A DISTANCE OF FEET TO A POINT THE SOUTH RIGHT- OF-WAY LINE OF SOUTH HELENA WAY, ALSO BEING A POINT ON A CURVE TO THE RIGHT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS S 72' 30' 23" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 33' 33' 28", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; THENCE S 89' 17' 07" W CONTINUING ALONG SAID RIGHT-OF-WAY LINE, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; THENCE ALONG SAID CURVE (WHOSE CHORD BEARS S 44' 17' 07" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 90' 00' OO", AN ARC LENGTH OF FEET TO A POINT OlVl THE EAST RIGHT-OF-WAY LINE OF SOUTH CHAMBERS ROAD; THENCE S 82' 20' 57" W, A DISTANCE OF FEET TO A POINT ON THE WEST

46 EXECUTION ORIGINAL RIGHT OF WAY LINE OF SOUTH CHAMBERS ROAD, ALSO BEING A POINT ON THE BOUNDARY LINE OF VILLAGE AT CITY CENTER SUBDIVISION FILING NO. 2; THENCE ALONG A CURVE TO THE LEFT (WHOSE CHORD BEARS N 45' 31' 07" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 89' 35' 15", AN ARC LENGTH OF FEET TO A POINT ON A TANGENT; THENCE S 89' 41' 16" W ALONG THE NORTH BOUNDARY LINE OF SAID FILING NO. 2 AND ALSO BEING THE SOUTH RIGHT-OF-WAY LINE OF EAST CENTER AVENUE, A DISTANCE OF FEET TO THE NORTHWEST CORNER OF SAID FILING NO. 2; THENCE S 89' 41' 16" W ALONG SAID SOUTH RIGHT-OF-WAY LINE, A DISTANCE OF FEET TO POINT OF INTERSECTION OF SAID RIGHT-OF-WAY LINE AND THE BOUNDARY OF CHEX SUBDIVISION FILING NO. 1; THENCE ALONG SAID RIGHT-OF-WAY LINE THE FOLLOWING THREE (3) COURSES: 1. S 89' 41' 15" W, A DISTANCE OF FEET TO A POINT OF CURVE TO THE LEFT; 2. ALONG SAID CURVE (WHOSE CHORD BEARS S 84' 41' 10" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 10' 00' 16", AN ARC LENGTH OF FEET TO A POINT OF CURVE TO THE LEFT; 3. ALONG SAID CURVE (WHOSE CHORD BEARS S 36' 22' 46" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 86' 37' 42", AN ARC LENGTH OF FEET TO A POINT ON THE EAST RIGHT-OF-WAY LINE OF EAST CENTREPOINT DRIVE; THENCE N 63' 33' 47" W, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF CENTREPOINT SUBDIVISION FILING NO. 2; THENCE ALONG THE NORTH BOUNDARY LINE OF SAID FILING NO. 2 THE FOLLOWING FOUR (4) COURSES: 1. S 79' 35' 32" W, A DISTANCE OF FEET TO A POINT OF CURVE TO LEFT; 2. ALONG SAID CURVE (WHOSE CHORD BEARS S 74' 37' 45" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 09' 55' 32", AN ARC LENGTH OF FEET TO A POINT OF REVERSE CURVE TO THE RIGHT; 3. ALONG SAID CURVE (WHOSE CHORD BEARS S 79' 39' 31" W, A DISTANCE OF FEET) HAVING A RADIUS OF FEET, A CENTRAL ANGLE OF 19' 59' 03", AN ARC LENGTH OF FEET TO A POINT OF TANGENT; 4. S 89' 39' 03" W, A DISTANCE OF FEET TO THE NORTHWEST CORNER OF CENTREPOINT SUBDIVISION FILING NO. 2 ALSO BEING A POINT ON THE EAST RIGHT-OF-WAY LINE OF SOUTH SABLE BOULEVARD;

47 EXECUTION ORIGINAL THENCE S 54' 39' 27" W, A DISTANCE OF FEET TO THE SOUTHEAST CORNER OF AURORA MALL SUBDIVISION FILING NO. 2 ALSO BEING A POINT ON THE WEST RIGHT-OF-WAY LINE OF SOUTH SABLE BOULEVARD; THENCE N 00' 41' 14" W ALONG THE EAST BOUNDARY LINE OF SAID FILING NO. 2, A DISTANCE OF FEET TO THE SOUTHEAST CORNER OF LOT 3, BLOCK 1, AURORA MALL SUBDIVISION FILING NO. 1; THENCE N 00' 41' 14" W ALONG THE EAST BOUNDARY LIIVE OF SAID LOT 3, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF SAID LOT 3; THENCE N 00' 34' 28" W, A DISTANCE OF FEET TO A POINT ON THE EAST BOUNDARY OF SABLE SQUARE SUBDIVISION FILING NO. 1; THENCE N 00' 30' 06" W ALONG SAID EAST BOUNDARY, A DISTANCE OF FEET TO THE NORTHEAST CORNER OF SAID FILING NO. 1; THENCE N 00' 30' 06" W ALONG THE EAST BOUIVDARY OF LOT 1, BLOCK 1, AURORA TOWN CENTER SUBDIVISION FILING NO. 1, A DISTANCE OF FEET; THENCE N 89' 29' 54" El A DISTANCE OF FEET TO THE POINT OF BEGINNING. BEARINGS ARE BASED ON THE WEST LINE OF THE SE '/4 OF SECTION 7, T4S, R66W OF THE 6TH P.M., BEING S 00' 30' 06" E. SAID PARCEL CONTAINS A GROSS AREA OF 6,470,566 SQUARE FEET ( ACRES) MORE OR LESS. EXCEPT THE FOLLOWING DESCRIBED PARCEL OF LAND, WHICH IS SITUATED ENTIRELY WITHIN THE ABOVE DESCRIBED PROPERTY: A PARCEL OF LAND SITUATED IN THE NE 1/4 OF SECTION 18, T4S, R66W OF THE 6TH P.M., CITY OF AURORA, COUNTY OF ARAPAHOE, STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS: LOT 1, BLOCK 1, ARAPAHOE CENTREPOINT PLAZA SUBDIVISION FILING NO. 1, CONTAINING 512,527 SQUARE FEET ( ACRES) MORE OR LESS. FOR A NET AREA OF 5,958,039 SQUARE FEET ( ACRES) MORE OR LESS.

48