April 17, 1998
Mr. Ralph Schell, Director
Jefferson County Open Space
700 Jefferson County Parkway, Suite 100
Golden, CO 80401
Dear Mr. Schell:
Re: South Table Mountain
I very much appreciate your meeting with me yesterday. As we concurred, this letter sets forth our agreement for addressing the South Table Mountain issue. I have apprised members of our family and Peter Coors of our discussion, and they agree with the contents of this letter.
Now that the moral commitment to Nike has been concluded, the "Coors" and "Quaintance" interests will pull from the market their 1,400+ acres on South Table Mountain lying generally west of Quaker Street extended north. This status shall remain until December 31, 1998, thus allowing you time to develop and deliver to the owners an offer to purchase this acreage for cash. We use the words "1,400 acres" somewhat loosely as that expanse has become a familiar term in recent weeks. For various reasons, the owners would have to establish the exact legal description of the land they desire to sell. For instance, a portion of the northwest corner of the mountain has been used for securing the Bradley, Campbell and Coors residences, and the residents may wish to retain this buffer.
If the owners accept your offer, you shall have until December 31, 2000, to arrange funding for the purchase; the closing shall be on the first business day of 2001. During that two-year interval, you will lease the property at a fair rental, perhaps equal to a 12-percent annual return, triple net, on the accepted purchase price, prepaid quarterly. At the time of leasing, required will be a written agreement, with terms and conditions mutually acceptable to all parties.
If the owners reject your offer, you will then actively participate with the owners in preparing a master plan for developing the entire mountain, approximately 2,500 acres. This master plan would include areas for natural, open and recreational uses, and mixed types of economic uses the owners have heretofore contemplated. We think that all slopes should be untouched save for access and underground utility purposes to comply with the Jefferson County Open Space Master Plan - 1997. We would invite the following agencies to participate in the planning process:Department of Energy
State of Colorado
Jefferson County Cities of Denver and Golden
Representatives of the Golden, Pleasant View, and Applewood communities
Open space advocates
Other interests as determined
The reasonable date for concluding the planning process, all time frames, the final plan, the direction of any further proceedings, and the jurisdictional route to be used for implementing the plan, if required, or the ending of any arrangement pursuant to this planning process, shall all be determined by the owners of the land in their sole discretion.
As we agreed, we believe that our city and county citizens as well as statewide citizens will be well served if we proceed with fairness and reasonableness as guidelines in our deliberations and planning.
Very truly yours,
BRADLEY, CAMPBELL, CARNEY & MADSEN
Leo N. Bradley