Monday, December 18, 2006

Peak 7 Development Given Extension

An agreement between the Town of Breckenridge and the Peak 7 Development Company, LLC would give the developers of the base area complex an extended period of vested development rights of up to six years to complete the project, including residential units and commercial skier service facilities.

The Breckenridge Town Council first considered the agreement several months ago, asking the developers to propose some financial commitments (public benefits) to the town in exchange for the extension, commonly granted for large and complex projects.

Under Colorado law, the vested property rights preclude any action by a local government (such as a change in the development code) that would "alter, impair, prevent, diminish" or otherwise delay development of the property.

At the most recent council meeting, the agreement was revived, with the developers offering to pay the town $50,000 for the extension, to be used for affordable housing or for the installation of artificial turf at Summit High.

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