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96th STREET GATEWAY URBAN RENEWAL PLAN City of Broomfield Exhibit B May 1993 ---PAGE BREAK--- 2 ---PAGE BREAK--- i 96th Street Gateway Urban Renewal Project Urban Renewal Plan A. PREFACE 1 B. URBAN RENEWAL AREA BOUNDARIES 2 C. SUMMARY OF ELIGIBILITY CRITERIA 2 1. Open Land 2. Blight Survey 3. Summary of Blight Survey D. GENERAL DESCRIPTION OF URBAN RENEWAL PROJECT 3 E. URBAN RENEWAL PLAN GOALS AND THE PLAN'S RELATIONSHIP TO LOCAL AND REGIONAL OBJECTIVES 3 F. LAND USE REGULATIONS AND BUILDING REQUIREMENTS 4 G. PROJECT ACTIVITIES 4 1. Transportation Improvements a. Interchange Improvements b. Street Improvements c. Traffic Control Improvements 2. Public Utilities and Facilities 3. Land Acquisition 4. Owner Participation 5. Other Project Undertakings and Activities H. PROJECT FINANCING 7 I. CHANGES IN APPROVED PLAN 8 J. MINOR VARIATIONS 8 APPENDIX 9 Exhibit A: The Urban Renewal Area Exhibit B: Urban Renewal Area Legal Description Exhibit C: Zoning Districts ---PAGE BREAK--- ii ---PAGE BREAK--- 1 96th Street Gateway Urban Renewal Project Urban Renewal Plan A. PREFACE The Urban Renewal Plan (the "Plan") for the 96th Street Gateway Urban Renewal Project (the "Project") has been prepared for the City Council of the City of Broomfield (the "City") 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., as amended (the "Act"). The location of the Urban Renewal Area within the City is shown in Figure 1 below. The administration of the Project and the implementation of the Plan shall be the responsibility of the Broomfield Urban Renewal Authority (the "Authority"). Figure 1 Urban Renewal Area Location ---PAGE BREAK--- 2 B. URBAN RENEWAL AREA BOUNDARIES The Urban Renewal Area contains approximately 300 acres, and is depicted in Exhibit A. The Urban Renewal Area is described in Exhibit B. C. SUMMARY OF ELIGIBILITY CRITERIA 1. Open Land The Urban Renewal Area in its entirety consists of an area of open land which, under the Plan, is to be developed for nonresidential uses. The Plan will promote the development of a balanced and complete environment for desirable land uses, including, without limitation, science and technology facilities, corporate and professional offices, a hotel/conference center, research laboratories, light manufacturing facilities, a retail shopping area, a recreation/fitness facility, a golf course, major open space and landscape amenities, and infrastructure and utilities systems, all in furtherance of and conformance with the 1988 Master Plan, as amended. Such nonresidential uses are necessary and appropriate to facilitate the proper growth and development of the City in accordance with sound planning standards and local community objectives in conformance with the 1988 Master Plan, as amended, which is the general plan of the City as a whole. An area of open land is one that has not been developed by the provision of buildings, streets, utilities or other site improvements, except for an incidental building or structure. 2. Blight Survey On February 10, 1993, the Authority contracted with WestPlan Consulting Group to prepare a Blight Survey covering an area of approximately 1,263 acres, including the Urban Renewal Area. The purpose of the survey was to establish whether conditions of blight, as defined in the Act, exist in the survey area. The Blight Survey dated May, 1993, consisting of 50 pages and 8 exhibits is incorporated herein by reference. 3. Summary of Blight Survey The following is a summary of the conditions of blight that exist in the Urban Renewal Area, as more particularly set forth in the Blight Survey: a. There is a strong presence of defective or inadequate street layout in the Urban Renewal Area that contributes to traffic, circulation and access problems. Circulation to and through the Urban Renewal Area is circuitous due to the lack of a standard street network. An inadequate number of arterial, collector and local streets exist in the Urban Renewal Area to provide for development in accordance with the 1988 Master Plan, as amended. U.S. Highway 36 acts as a barrier, and lack of entrances/exits requires traveling to the existing Broomfield or Louisville/Superior interchanges, exacerbating the problem. b. There is a strong presence of faulty lot layout within the Urban Renewal Area. Physical barriers cause land configuration problems; faulty lot shapes create unusable or limited-use land parcels, especially those with long, narrow triangular shapes; and inadequate access related to the use of lots causes problems for other properties or impedes access to public rights-of-way. c. There is a strong presence of unsanitary and unsafe conditions that endanger life and property in the Urban Renewal Area including areas of potential subsidence due to previous mining activity, areas littered with junk and debris, auto hazards related to intersections, minimal or non-existent shoulders on the sides of roads, lack of pedestrian walkways, two high pressure gas lines bisecting the area, ---PAGE BREAK--- 3 and the Jefferson County Airport hazardous influence zone. d. There is a strong presence of substandard improvements and conditions existing throughout the Urban Renewal Area related to substandard rights-of-way, non- conforming uses, failure to meet City standards, lack of public utilities, inadequate lighting and lack of community facilities. e. There is a strong presence of adverse; environmental conditions present in the Urban Renewal Area including the 100-year flood plain, areas of steep slopes and unusual topography, and areas of erosion along creek and ditch banks. f. Deteriorated structures, sites and other improvements are evident to a minor extent in the Urban Renewal Area. D. GENERAL DESCRIPTION OF URBAN RENEWAL PROJECT The Blight Study covers an area larger than the Urban Renewal Area included in the Plan. The Blight Study identified conditions that constitute "blight" as defined in the Act both within and outside of the Urban Renewal Area. This Plan shall be implemented as part of a comprehensive program to eliminate such blight without the need to make the Urban Renewal Area any larger than necessary to eliminate blight. In 1991, the City adopted Ordinance No. 907 establishing the Interchange Influence Area zoning district to govern land use and building requirements in the area around the proposed 96th Street Interchange. As more fully described in Sections F and G, by combining the Plan with the codes and ordinances applicable to the Interchange Influence Area zone district, the Authority and the City, with the cooperation of private enterprise and other public bodies, will undertake a program to eliminate the conditions of blight identified in the Blight Study while implementing the 1988 Master Plan, as amended. Phase 1 of this program is the implementation of the Plan in the Urban Renewal Area, which includes only those areas and financing commitments deemed necessary by the City Council to implement the project activities described in this Plan. Phase 2 is the program to eliminate blight outside of the Urban Renewal Area in undeveloped portions of the Interchange Influence Area. Phase 2 may also include widening of the 96th Street interchange and other public improvements in the Interchange Influence Area. The Phase 1 and Phase 2 areas are shown on Exhibit A. The entire Interchange Influence Area is depicted in Exhibit C. E. URBAN RENEWAL PLAN GOALS AND THE PLAN'S RELATIONSHIP TO LOCAL AND REGIONAL OBJECTIVES 1. The Plan is part of a comprehensive program to eliminate or otherwise address and prevent the spread of the conditions of blight identified in the Blight Survey. This program and implementation of the Project as described in Sections F and G will provide maximum opportunity for development of the Urban Renewal Area by private enterprise with the cooperation and participation of the public sector. 2. The 1988 Master Plan, as amended, of the City of Broomfield and the Boulder County Comprehensive Plan both include the construction of the 96th Street interchange at U.S. Highway 36. The Plan conforms with and will implement the transportation provisions of both of these general plans. 3. The Plan furthers a major goal of the 1988 Master Plan, as amended, to encourage the location of retail, commercial, professional office and light industrial uses in the City to provide local shopping and employment opportunities and to increase the City's revenue base in an effort to support community services and facilities. 4. The construction of the 96th Street interchange at U.S. Highway 36 will result in the following benefits to the regional ---PAGE BREAK--- 4 highway system: a. Significant improvement in ramp terminal intersection traffic operations at the existing Broomfield interchange at U.S. Highway 36 and U.S. Highway 287; b. improvement in freeway merge and diverge operations in the vicinity of the existing Broomfield interchange; c. a decrease in traffic on U.S. Highway 287, State Highway 121 and State Highway 128; d. improvement of regional roadway continuity by providing a north-south link from the area north of U.S. Highway 36 to Coalton Drive and State Highway 128. 5. By implementing the Plan and enforcing the criteria specified for the Interchange Influence Area zoning district, the City and the Authority intend to promote the orderly development of the Urban Renewal Area and the Interchange Influence Area in accordance with the 1988 Master Plan, as amended. 6. The Plan is designed to improve and correct problems in the Urban Renewal Area and" in the Interchange Influence Area related to access, traffic congestion, public transportation, vehicular, pedestrian and bicycle circulation, public utilities, recreation and community facilities and amenities, open space and drainage improvements. 7. The Plan will promote the development of a balanced and complete environment for desirable and appropriate land uses, including science and technology facilities, corporate and professional offices, a hotel/conference center, research laboratories, light manufacturing facilities, a retail Shopping area, a recreation/fitness facility, a golf course, major open space and landscape amenities, and infrastructure and utilities systems, all in furtherance of and conformance with the 1988 Master Plan, as amended. 8. The Plan, including the financing plan for the Project, is designed to minimize impacts on other taxing bodies in the vicinity and to promote the cooperation of those governments with the City and the Authority in carrying out the 1988 Master Plan, as amended. F. LAND USE REGULATIONS AND BUILDING REQUIREMENTS The construction of the proposed 96th Street interchange will provide a western gateway to the City, stimulate and encourage economic development in the Urban Renewal Area and the Interchange Influence Area by private enterprise and will also improve access to surrounding areas. To encourage high-quality development in the area directly affected by the installation of the proposed interchange and to promote and maintain a desirable image for the City, the City Council deemed it to be a matter of public interest to adopt a specific set of land use and building requirements to be applicable to those areas of the municipality directly affected by construction of the 96th Street interchange. As a result, the City adopted Ordinance No. 907 in 1991 establishing the Interchange Influence Area zoning district. The land use and building requirements contained in City codes and ordinances, including, without limitation, the provisions applicable to the Interchange Influence Area, as it may be amended from time to time, shall govern zoning and planning requirements, land uses, maximum densities and building requirements in the Urban Renewal Area. G. PROJECT ACTIVITIES 1. Transportation Improvements The following transportation improvements are to be undertaken as pan of this Plan. The description of these improvements is general and subject to modification during ---PAGE BREAK--- 5 the design and execution stages of the Project. a. Interchange Improvements The 96th Street/ U.S. Highway 36 interchange will be designed and constructed in the Urban Renewal Area in accordance with all applicable Colorado Department of Transportation ("CDOT") design standards, policies and procedures. Project elements and design requirements are based upon the US- 36/96th Street Interchange Environmental Assessment. October. 1991 and Finding of No Significant Impact, November 1991. prepared for the City. The general physical elements of the interchange are described as follows: 1. A diamond interchange at U.S.. Highway 36; 2. signalized ramp intersections at 96th Street; 3. a five-lane, two-span bridge with sidewalks on both sides over U.S. Highway 36; 4. two single-span ramp bridges over Rock Creek on the west side of the interchange; 5. a retaining wall along the outside of the southbound on-ramp; 6. lighting, signing and striping in accordance with CDOT standards; 7. landscaping and irrigation improvements within the interchange area; and 8. a U.S. Highway 36 utility crossing. b. Street Improvements Street improvements in the Urban Renewal Area will be coordinated with work scheduled in the surrounding area, including street work within the Interchange Influence Area. The following is a general description of the street improvements to be constructed within the Urban Renewal Area: 96th Street - Coalton Drive to the interchange (south side): 1. Four lane 96th Street with a 30-foot wide raised median and 10-foot wide shoulders; 2. two drainage culverts under 96th Street; 3. roadway signing and striping; 4. lighting (double mast arm poles in the median); 5. landscaping and irrigation improvements in the median of 96th Street. 96th Street - interchange to Carbon Road (north side): 1. Four lane 96th Street with a 30-foot wide raised median and 10-foot wide shoulders; 2. 96th Street will narrow to two lanes plus left turn bay at the south side of Carbon Road with transition on the north side to de into the existing two lanes on 96th Street; 3. roadway signing and striping; 4. lighting (double mast arm poles in the median); 5. landscaping and irrigation improvements in the median of 96th Street. ---PAGE BREAK--- 6 c. Traffic Control Improvements Traffic control improvements will be required to be provided by private developers as part of the related public improvements and other items required when specific development proposals within the Urban Renewal Area and within the Interchange Improvement Area are being considered by the City or, when appropriate, by the Authority for approval. 2. Public Utilities and Faculties Except as may be specifically approved by the Authority as part of interchange improvements described above, no other public utilities or facilities are planned to be installed or constructed by the Authority or the City as part of this Project. Public improvements and utilities such as streets, parkways, sidewalks, curbs and gutters, water, sanitary sewer and storm sewer systems and facilities, among others, will be required to be provided by private developers as part of the related public improvements and other items required when specific development proposals within the Urban Renewal Area and within the Interchange Influence Area are being considered by the City or, when appropriate, by the Authority for approval. The Authority and the City will also cooperate to reduce or eliminate other conditions identified in the Blight Study. This cooperation may involve priority decisions related to the City's capital improvement program, the installation of new traffic control devices, enforcement of City codes, ordinances and land use regulations. To the extent that reduction or mitigation of conditions of blight may require the participation or cooperation of other public bodies, the Authority and the City will initiate contact with such public bodies and negotiate appropriate agreements. 3. Land Acquisition It is anticipated that right of way required for the 96th Street interchange at U.S. Highway 36 will be dedicated by adjoining landowners, and no formal land acquisition will be required as part of the Project. If it becomes necessary to acquire property for Project purposes, the Authority may acquire such property in accordance with the authorization and requirements of applicable law. Any interest in property may be acquired by the Authority by condemnation or eminent domain, if and when such acquisition is deemed necessary by the Authority, for any lawful purpose authorized by the Plan or the Act or any other applicable law. 4. Owner Participation To carry out the provisions of the Plan, it is anticipated that the Authority may enter into one or more agreements with the owners of real property within the Urban Renewal Area to develop such property in accordance with the Plan and in accordance with such other terms and conditions as are necessary to carry out the Project in accordance with the Act and the Plan. Such agreements may include provisions deemed necessary by the Authority to obtain the public financing required to accomplish the goals and objectives of the Plan, including without limitation, provisions requiring construction of certain improvements in accordance with specific timetables, land use restrictions and other necessary terms and conditions. Such agreements may also include property that is outside of the Urban Renewal Area but within the Interchange Influence Area zoning district of the City. 5. Other Project Undertakings and Activities Other Project undertakings and activities, including without limitation, management of property acquired by the Authority, demolition, removal of structures and clearance of property, rehabilitation, furnishing or repair of public streets, utilities or other improvements not specifically listed in this Plan and disposal ---PAGE BREAK--- 7 of property or any interest in property acquired by the Authority may be undertaken and performed by the Authority in accordance with the authorization of any and all applicable laws. As authorized by law, any public body may enter into agreements or otherwise cooperate with the City and the Authority to carry out the Project and to achieve the goals and objectives of this Plan. H. PROJECT FINANCING The Authority is authorized to finance this Project by any method authorized by the Act or any other applicable law, including without limitation, appropriations, loans or advances from the City; federal loans and grants; state loans and grants; interest income; sale of securities; property tax increments; loans, advances and grants from any other available source. Any and all financing methods legally available to the City, the Authority or to any private developer may be used to finance in whole or in part any and all costs, including without limitation, the cost of public improvements, described or anticipated in the Plan or in any manner related to the development of the Urban Renewal Area or the Interchange Influence Area. Such methods may be combined to finance all or any part of the Project. Any financing method authorized by the Plan or by any applicable law, including without limitation, the Act, may be used to pay the principal of and interest on and to establish reserves for indebtedness (whether funded, refunded, assumed or otherwise) incurred by the City or the Authority to finance the Project in whole or in part. The Authority is authorized to issue bonds in an amount sufficient to finance all or part of the Project. The Authority is authorized to borrow funds and to create indebtedness in carrying out this Plan. The principal, interest and any premiums due on or in connection with such indebtedness may be paid from tax increments or any other funds available to the Authority. The Project may be financed by the Authority under the tax allocation financing provisions of the Act. Under the tax allocation method of financing the Project, property taxes levied after the effective date of the approval of this Plan upon taxable property in the Urban Renewal Area each year by or for the benefit of any public body or, subject to City Council approval by ordinance, all or a portion of municipal sales taxes collected within the Urban Renewal Area as determined in such City Council ordinance, or both such taxes, subject in the case of municipal sales taxes to City Council approval by ordinance, shall be divided for a period not to exceed twenty-five (25) years after the effective date of the adoption of this tax allocation provision, as follows: Base Amount: That portion of the taxes which are produced by the levy at the rate fixed each year by or for such public body upon the valuation for assessment of taxable property in the Urban Renewal Area last certified prior to the effective date of approval of the Plan or, as to an area later added to the Urban Renewal Area, the effective date of the modification of the Plan, and, subject to the City Council approval by ordinance referred to above, that portion of municipal sales taxes collected within the boundaries of the Urban Renewal Area in the twelvemonth period ending on the last .day of the month prior to the effective date of the approval of the Plan, or, in the case of municipal sales taxes, subject to the City Council approval by ordinance as referred to above, both such portions, shall be paid into the funds of each such public body as are all other taxes collected by or for said public body. (II) Increment Amount: That portion of said property taxes in excess of such base amount or, if the City Council shall have made the determination by ordinance that all or a portion of municipal sales taxes collected within the Urban Renewal Area shall be divided as provided above, that portion of said municipal sales taxes in excess of such base, or both, subject in the case of municipal sales taxes to the City Council having made such determination as to municipal sales taxes by ordinance, shall be allocated to and, when collected, paid into a special fund of the Authority to pay the principal of, the interest on, and any premiums due in connection with the ---PAGE BREAK--- 8 bonds of, loans or advances to, or indebtedness incurred by (whether funded, refunded, assumed or otherwise) the Authority for financing or refinancing, in whole or in part, the Project. Unless and until the total valuation for assessment of the taxable property in the Urban Renewal Area exceeds the base valuation for assessment of the taxable property in the Urban Renewal Area, all of the taxes levied upon taxable property in the Urban Renewal Area shall be paid into the funds of the respective public bodies. Unless and until all or the relevant part of the municipal sales tax collections in the Urban Renewal Area exceed the base year municipal sales tax collections in the Urban Renewal Area, all such sales tax collections shall be paid into the funds of the City. When such bonds, loans, advances and indebtedness, including interest thereon and any premiums due in connection therewith, have been paid, all taxes upon the taxable property in the Urban Renewal Area shall be paid into the funds of the respective public bodies and all such municipal sales tax collections in the Urban Renewal Area shall be paid into the funds of the City. The increment portion of the taxes, as described in subparagraph (II), may be irrevocably pledged by the Authority for the payment of the principal of, the interest on, and any premiums due in connection with such bonds, loans, advances and indebtedness incurred by the Authority to finance the Project, subject to the terms of any loan or bond trust indenture. I. CHANGES IN APPROVED PLAN This Plan may be modified pursuant to the provisions of the Act governing such modifications, including §31-25-107, C.R.S. J. MINOR VARIATIONS Where a literal enforcement of the provisions of the Plan would constitute an unreasonable limitation beyond the intent and purpose of the Plan, as determined by the Authority, the Authority may in specific cases allow minor variations from such provisions. ---PAGE BREAK--- 9 ---PAGE BREAK--- 10 ---PAGE BREAK--- 11 EXHIBIT B URBAN RENEWAL PLAN LEGAL DESCRIPTION (Subject to Minor Modification) Urban Renewal Area will consist of the following parcels: Parcel 1; A tract of land located in the south one- half (S 1/2) of the north one-half (N 1/2) and in the south one-half (S 1/2) of Section 32, Township 1 South, Range 69 West of the 6th Principal Meridian, County of Boulder, State of Colorado, more particularly described as follows: , Commencing at the northwest comer of said Section 32, thence southerly and along the west line of said Section 32 a distance of 1341.5 feet more or less to the northwest comer of the S-1/2 of the N-l/2 of said Section 32, said point being the True Point of Beginning, thence south along the west line of said Section 32 a distance of 3,062.7 feet, thence on an angle to the left of 132 degrees 14 minutes for a distance of 126.7 feet, thence on an angle to the right of 36 degrees 00 minutes for a distance of 823.4 feet, thence on an angle to the right of 21 degrees 15 minutes for a distance of 1,950 feet, thence on an angle to the left of 32 degrees 18 minutes for a distance of 1,125.9 feet, thence on an angle to the left of 36 degrees 46 minutes for a distance of 1,221.8 feet, thence on an angle to the left of 35 degrees 24 minutes for a distance of 1,042.1 feet, thence on an angle to the right of 26 degrees 37 minutes for a distance of 708.0 feet, thence on an angle to the right of 83 degrees 8 minutes for a distance of 193.6 feet, thence on an angle to the left of 110 degrees 30 minutes for a distance of 359.6 feet more or less to a point on the north line of said S-1/2 of the N-l/2 of Section 32, thence westerly and along said north line for a distance of 5,071.4 feet more or less to the True Point of Beginning, excluding the following described tracts of land; Tract 1 - Commencing at the northeast comer of said S-1/2 of the N-l/2 of said Section 32, thence southwesterly at an angle of 69 degrees from the east line of said S-1/2 of the N-l/2 for a distance of 1,630 feet to the True point of Beginning, thence on an angle to the left of 83 degrees 48 minutes for a distance of 381.4 feet, thence on an angle to the left of 65 degrees 42 minutes for a distance of 381.8 feet, thence on an angle to the left of 78 degrees 49 minutes for a distance of 389.6 feet, thence on an angle to the left of 32 degrees 4 minutes for a distance of 348.8 feet, thence on an angle to the left of 95 degrees 28 minutes more or less for a distance of 608.3 feet more or less to the True Point of Beginning, containing 6.5 acres more or less. Tract 2 - Commencing at the northeast comer of said S-1/2 of the N-l/2 of said Section 32, thence westerly and along the north line of said S-1/2 of the N-l/2 for a distance of 100.0 feet to the True Point of Beginning, thence westerly and along said north line for a distance of 1,260.5 feet, thence on an angle to the left of 99 degrees 55 minutes for a distance of 221.3 feet, thence on an angle to the left of 77 degrees 43 minutes for a distance of 349.9 feet, thence on an angle to the right of 32 degrees 57 minutes for a distance of 371.2 feet, thence on an angle to the left of 31 degrees 57 minutes for a distance of 450.0 feet, thence on an angle to the left of 79 degrees 19 minutes more or less for a distance of 496.7 feet more or less to the True Point of Beginning, containing 9.8 acres more or less. Tract 3 - Commencing at the northeast corner of said S-1/2 of the N-l/2 of said Section 32, thence southwesterly at an angle of 48 degrees from the east line of said S-1/2 of the N-l/2 for a distance of 1,950 feet to the True Point of Beginning, ---PAGE BREAK--- 12 thence on an angle to the right of 23 degrees 56 minutes for a distance of 200.8 feet, thence on an angle to the left of 31 degrees 52 minutes for a distance of 361.4 feet, thence on an angle to the right of 42 degrees 49 minutes for a distance of 682.5 feet, thence on an angle to the left of 73 degrees 43 minutes for a distance of 200.6 feet, thence on an angle to the left of 68 degrees 57 minutes for a distance of 1,018.2 feet, thence on an angle to the left of 73 degrees 15 minutes for a distance of 597.5 feet, thence on an angle to the left of 61 degrees 11 minutes more or less for a distance of 748.5 feet more or less to the True Point of Beginning, containing 18.0 acres more or less. Tract 4 - Commencing at the northwest comer of said S-1/2 of the N-l/2 of said Section 32, thence southeasterly at an angle of 59 degrees from the west line of said S-1/2 of the N-l/2 for a distance of 2,690 feet to the True Point of Beginning, thence on an angle to the right of 128 degrees 46 minutes for a distance of 548.9 feet, thence on an angle to the left of 51 degrees 50 minutes for a distance of 566.5 feet, thence on an angle to the left of 83 degrees 4 minutes for a distance of 299.0 feet, thence on an angle to the left of 53 degrees 34 minutes for a distance of 702.0 feet, thence on an angle to the left of 82 degrees 9 minutes more or less for a distance of 553.4 feet more or less to the True Point of Beginning, containing 10.5 acres more or less. Tract 5 - Commencing at the northwest comer of said S-1/2 of the N-l/2 of said Section 32, thence southerly and along the west line of said west line a distance of 1,20 feet more or less to the True Point of Beginning, thence continuing southerly and along said west line for a distance of 675.2 feet, thence on an angle to the left of 90 degrees 25 minutes for a distance of 346.9 feet, thence on an angle to the right of 78 degrees 50 minutes for a distance of 396.4 feet, thence on an angle to the left of 107 degrees 1 minute for a distance of 547.6 feet, thence on an angle to the left of 32 degrees 2 minutes for a distance of 1,102.1 feet, thence on an angle to the right of 46 degrees 6 minutes for a distance of 675.3 feet, thence on an-angle to the right of 26 degrees 13 minutes for a distance of 870.8 feet, thence on an angle to the left of 81 degrees 17 minutes for a distance of 481.7 feet, thence on an angle to the left of 88 degrees 13 minutes for a distance of 888.9 feet, thence on an angle to the left of 53 degrees 36 minutes for a distance of 351.2 feet, thence on an angle to the right of 40 degrees 42 minutes for a distance of 453.8 feet, thence on an angle to the left of 35 degrees 44-minutes for a distance of 241.0 feet, thence on an angle to the right of 37 degrees 43 minutes for a distance of 660.9 feet, thence on an angle to the left of 74 degrees 47 minutes for a distance of 748.0 feet, thence on an angle to the right of 35 degrees 9 minutes more or less for a distance of 392.2 feet more or less to the True Point of Beginning, containing 60.2 acres more or less. Net acreage for Parcel 1 is 214.5 acres more or less as shown on Exhibit A. Said Tract includes portions of Boulder County Assessor parcel numbers 1575-32-0-00-010, Oil & 012. Parcel 2: A tract of land located in the north one-half (N 1/2) of Section 33, Township 1 South, Range 69 West of the 6th Principal Meridian, County of Boulder, State of Colorado, more particularly described as follows: Commencing at the northwest comer of said Section 33, said point being the True Point of Beginning, thence southerly and along the west line of said Section 33 for a distance of 65.0 feet more or less, thence easterly along a line parallel to the north line of Section 33 for a distance of 1,718.0 feet, thence on an angle to the right of 43 degrees 45 minutes for a distance of 1,718.0 feet, thence on an angle to the right of 45 degrees 1 minute for a distance of 436.6 feet, thence on an angle to the right of 78 degrees 9 minutes for a ---PAGE BREAK--- 13 distance of 422.9 feet, thence on an angle to the left of 6 degrees 3 minutes for a distance of 1,034.6 feet, thence on an angle to the left of 23 degrees 20 minutes for a distance of 274.3 feet, thence on an angle to the right of 40 degrees 13 minutes for a distance of 461.4 feet more or less to a point on the west line of said Section 33, thence southerly and along said west line for a distance of 779.9 feet, thence on an angle to the left of 68 degrees 24 minutes for a distance of 100.8 feet, thence on an angle to the left of 30 degrees 37 minutes for a distance of 242.8 feet, thence on an angle to the left of 71 degrees 6 minutes for a distance of 483.9 feet, thence on an angle to the right of 74 degrees 14 minutes for a distance of 455.2 feet, thence on an angle to the left of 17 degrees 42 minutes for a distance of 485.9 feet, thence on an angle to the left of 23 degrees 38 minutes for a distance of 475.5 feet, thence on an angle to the right of 45 degrees 31 minutes for a distance of 738.1 feet, thence on an angle to the left of 86 degrees 58 minutes for a distance of 387.4 feet, thence on an angle to the right of 66 degrees 23 minutes for a distance of 374.1 feet, thence on an angle to the left of 48 degrees 23 minutes for a distance of 433.8 feet, thence on an angle to the left of 82 degrees 37 minutes for a distance of 188.3 feet more or less to a point on the north line of said Section 33, thence westerly and along said north line for a distance of 355.5 feet, thence on an angle to the left of 34 degrees 26 minutes for a distance of 206.3 feet, thence on angle to the left of 41 degrees 35 minutes for a distance of 167.8 feet, thence on an angle to the right of 120 degrees 35 minutes for a distance of 378.7 feet more or less to a point on the north line of said Section 33. thence westerly and along said north line for a distance of 1,828.5 feet more or less to the True Point of Beginning, containing 36.0 acres more or less as shown on 'Exhibit A. Said tract includes portions of Boulder County Assessor parcel numbers 1575- 33-0-00-018. 019 & 021. Parcel 3: A tract of land located in the east one-half (E 1/2) of the east one-half (E 1/2) of Section 29 and the west one-half (W 1/2) of Section 28, Township 1 South, Range 69 West of the 6th Principal Meridian, County of Boulder, State of Colorado, more particularly described as follows: Commencing at the southwest comer of said Section 28, said point also being the True Point of Beginning, thence easterly and along the south line of said Section 28 for a distance of 2,733.7 feet, thence on an angle to the left of 90 degrees for a distance of 65 feet, thence westerly and along a line parallel to said south line for a distance of 2,646.0 feet more or less to a point 100.0 feet cast of the west line of said Section 28, thence northerly and along a line parallel to said west line for a distance of 1,248.6 feet, thence on an angle to the right of 90 degrees 19 minutes for a distance of 633.5 feet, thence on an angle to the left of 90 degrees 32 minutes for a distance of 437.6 feet, thence on an angle to the right of 121 degrees 20 minutes for a distance of 1,230.7 feet, thence on an angle to the left of 164 degrees 42 minutes for a distance of 2,145.6 feet, thence on an angle to the right of 45 degrees 2 minutes for a distance of 328.0 feet, thence on an angle to the left of 90 degrees 13 minutes for a distance of 195.4 feet more or less to a point 100.0 feet east of the west line of said Section 28, thence northerly and along a line parallel to said west line for a distance of 2,268.2 feet more or less to a point on the north line of said Section 28, thence westerly and along said north line for a distance of 100.0 feet to the northwest comer of said Section 28, said point also being the northeast comer of said Section 29, thence westerly and along the north line of said Section 29, for a distance of 100.0 feet, thence southerly and along a line parallel to the east line of said Section 29 for a distance of 2,512.2 feet, thence on an angle to the right of 120 degrees 28 minutes for a distance of 899.4 feet, thence on an angle to the left of 89 ---PAGE BREAK--- 14 degrees 50 minutes for a distance of 451.9 feet, thence on an angle to the left of 89 degrees 45 minutes for a distance of 300.2 feet, thence on an angle to the right of 22 degrees 50 minutes for a distance of 551.4 feet, thence on an angle to the left of 21 degrees 3 minutes for a distance of 550.5 feet more or less to a point 100.0 feet west of the east line of said Section 29, thence southerly along a line parallel to said east line for a distance of 1,889.4 feet more or less to a point on the south line of said Section 29, thence easterly and along said south line for a distance of 100.0 feet to the True Point of Beginning, containing 64.7 acres more or less as shown on Exhibit A. Said tract includes portions of Boulder County Assessor parcel numbers 1575-29-0-00-009 & 010 and 1575-28-0- 00-002. 005. 012. 016 & 019. TOTAL ACREAGE =315. 2 (MINIMUM) ---PAGE BREAK--- 15 ---PAGE BREAK--- 16 ---PAGE BREAK--- 17 ---PAGE BREAK--- 18 ---PAGE BREAK--- 19 EXHIBIT A ---PAGE BREAK--- 20 ---PAGE BREAK--- 21 9. THENCE North 9°57'59" West, a distance of 659.38 feet; 10. THENCE North 42°59'24" East, a distance of 106.58 feet; 11. THENCE South 75°31'14" East, a distance of 767.02 feet; 12. THENCE South 45°00'27" East, a distance of 694.34 feet; 13. THENCE South 85°26'57" East, a distance of 144.04 feet; 14. THENCE South 9°21'12" East, a distance of 326.29 feet; 15. THENCE southwesterly on the arc of a non-tangent, 1014.93-foot radius curve concave southeasterly through a central angle of 42°58'42", an arc distance of 761.31 feet (the long chord of which bears South 52°48'01" West, a distance of 743.59 feet); 16. THENCE South 31°18'40" West, a distance of 206.07 feet; 17. THENCE South 58°41'20" East, a distance of 195.48 feet; 18. THENCE South 14°42'20" East, a distance of 127.95 feet; 19. THENCE South 54°57'22" East, a distance of 81.18 feet; 20. THENCE North 86°12'59" East, a distance of 345.95 feet; 21. THENCE South 10°02'20" East, a distance of 631.41 feet; 22. THENCE North 89°44'48" East, a distance of 823.88 feet to the southwest comer of the N1/2 of the SE1/4 of said Section 32; 23. THENCE North 89°44'48" East. on the south line of the N1/2 of the SE1/4 of said Section 32, a distance of 770.85 feet; 24. THENCE North 0°15'13" West, a distance of 25.82 feet; 25. THENCE North 68°44'36" East, a distance of 944.52 feet; 41. THENCE North 28°44'18" East, a distance of 119.48 feet; 42. THENCE North 55°35'03" East, a distance of 106.77 feet; 43. THENCE South 89°44'27" East, a distance of 30.00 feet; 44. THENCE southerly on the arc of a non-tangent, 1065.00-foot radius curve concave easterly through a central angle of 4°58'00", an arc distance of 92.32 feet (the long chord of which bears South 2°13'27" East, a distance of 92.29 feet); ---PAGE BREAK--- 22 45. THENCE North 85°17'33" East, a distance of 130.00 feet; 46. THENCE North 85°06'21" East, a distance of 246.01 feet; 47. THENCE North 77°53'44" East, a distance of 425.86 feet; 48. THENCE North 66°26'16" East, a distance of 857.13 feet; 49. THENCE North 17°20'31" East, a distance of 271.47 feet; 50. THENCE North 45°24'29" East, a distance of 101.92 feet to the southerly right-of-way line of U.S. Highway No. 36; 51. THENCE North 44°35'31" West, on said southerly right-of-way line of U.S. Highway No. 36, a distance of 528.19 feet; 52. THENCE North 66°50'34" West, on said southerly right-of-way line, a distance of 615.22 feet to the southerly right-of-way line of Coalton Road; 53. THENCE North 88°43'41" West, on said southerly right-of-way line of Coalton road, a distance of 131.85 feet; 54. THENCE North 89°44'27" West, on said southerly right-of-way line of Coalton Road, a distance of 480.19 feet; 55. THENCE South 0°00'04" East, a distance of 141.86 feet; 72. THENCE North 0°01 '20" East, a distance of 475.00 feet; 73. THENCE North 26°10'46" West, a distance of 885.01 feet; 74. THENCE North 0°01'20" East, a distance of 1430.00 feet to the north line of the NW1/4 of said Section 28; 75. THENCE South 89°48'55" West, on said north line of the NW1/4 of Section 28, a distance of 195.00 feet; 76. THENCE South 0°01'20" West, a distance of 25.00 feet; 77. THENCE South 89°48'55" West, a distance of 25.00 feet to the west line of said NW1/4 of Section 28; 78. THENCE South 0°01'20" West, on said west line of the NW1/4 of Section 28, a distance of 1477.76 feet; 79. THENCE South 24°19'11" East, a distance of 261.49 feet; 80. THENCE South 12°25'35" East, a distance of 243.42 feet; ---PAGE BREAK--- 23 81. THENCE South 1°13'03" West, a distance of 357.27 feet; 82. THENCE South 89°26'26" West, a distance of 152.81 feet to said west line of the NW1/4 of Section 28; 83. THENCE South 0°01'20" West, on said west line of the NW1/4 of Section 28, a distance of 171.32 feet; 84. THENCE North 78°05'47" West, a distance of 554.14 feet; 85. THENCE South 30°06'44" West, a distance of 50.84 feet to said northerly right-of-way line of U.S. Highway No. 36; 86. THENCE South 30°06'44" West, a distance of 300.05 feet to said southerly right-of-way line of U.S. Highway No. 36; 100. THENCE South 3°45'33" West, a distance of 90.00 feet; 101. THENCE southerly on the arc of a tangent, 5794.58-foot radius curve concave easterly through a central angle of2°17'33", an arc distance of 231.85 feet (the long chord of which bears South 2°36'47" West, a distance of 231.82 feet); 102. THENCE South 75°08'37" West, a distance of 611.33 feet; 103. THENCE South 72°51'51" West, a distance of 141.32 feet; 104. THENCE South 72°23'04" West, a distance of 504.20 feet; 105. THENCE South 52°44'15" West, a distance of 789.77 feet; 106. THENCE North 73°39'53" West, a distance of 200.00 feet; 107. THENCE southerly on the arc of a non-tangent, 1045.92-foot radius curve concave westerly through a central angle of 11°49'12", an arc distance of 215.77 feet (the long chord of which bears South 22°14'44" West, a distance of 215.39 feet); 108. THENCE North 69°01'31" West, a distance of 803.02 feet; 109. THENCE South 52°12'44" West, a distance of 150.69 feet; 110. THENCE South 2°28'50" East, a distance of 205.80 feet; 111. THENCE westerly on the arc of a non-tangent, 878.51-foot radius curve concave southerly through a central angle of 30°15'33", an arc distance of 463.96 feet (the long chord of which bears South 73°00'12" West, a distance of 458.59 feet); 112. THENCE South 57°52'25" West. a distance of 396.82 feet; ---PAGE BREAK--- 24 113. THENCE North 32°05'17" West, a distance of 249.68 feet; 114. THENCE North 6°04'41" West, a distance of 109.12 feet; 133. THENCE South 89°52'29" West, on said north line of the Sl/2 of the NE1/4 of Section 32, a distance of 1646.73 feet to the northeast comer of the S172 of the NW1/4 of said Section 32; 134. THENCE South 89°43'30" West, on said north line of the Sl/2 of the NW1/4 of Section 32, a distance of 2634.08 feet to the POINT OF BEGINNING; Said parcel contains 324.455 acres (more or less 0.03 acres).