Astor House proposal: Astor LLC

PROPOSAL OF ASTOR HOUSE LLC TO PURCHASE THE HISTORIC ASTOR HOUSE GOLDEN, COLORADO PURSUANT TO SEPTEMBER 24, 2018 CITY OF GOLDEN REQUEST FOR PROPOSALS

Submitted to: Carly Lorentz, Deputy City Manager City of Golden 1000 Tenth Street Golden, CO 80401

TABLE OF CONTENTS FOR Proposal of Astor House LLC To Purchase The Historic Astor House

Section A - Cover Letter

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Section B - Proposed Use If Leasing

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Section C - Notice Of Intent To Purchase

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Section D - Qualifications

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Section E - Financials

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Section F - Preservation Plan

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SECTION A: COVER LETTER As invited by the City of Golden’s Request For Proposals dated September 24, 2018, Astor House LLC submits the following Proposal to purchase the Historic Astor House.

Astor House LLC believes its Proposal supports and exemplifies Golden’s Heart & Soul Values as stated by the Golden Vision 2030 declaration for guiding Controlled and Directed Change such as the repurposing of the Historic Astor House.

The primary project representative for Astor House LLC is Gage Fellows. His address for contact for this Proposal is 1600 Jackson Street, Suite 350, Golden, CO 80401; his telephone number is 303-278-1605, extension 102; and his email is Gage@FQLaw.com The Members who own Astor House LLC are Gage Fellows, Sean Baker, and Jamie Sheridan. Gage and Sean both grew up in Golden, are Golden High School graduates, and have deep roots in the Golden community, with Sean’s family’s roots stretching back more than a century. Jamie is also a long-term Golden resident, with his twin ninth-graders currently attending Golden High School. Additionally, these Members collectively have over 70 years of legal experience as practicing attorneys, and are all successful business owners operating their legal practices from offices in the City of Golden.

In summary, Astor House LLC seeks to purchase the Historic Astor House and, after necessary renovation and construction, use the building as the office space for the Member’s law firms. These three law firms currently serve the Golden community, as well as clients throughout the state of Colorado and elsewhere, from leased offices in Golden. The firms provide convenient, important, and specialized services to both business and individual clients, including services in areas of law not typically served outside of major urban commercial centers. Each Member of Astor House LLC has strong ties to Golden, and the Members want to purchase the Historic Astor House (through Astor House LLC) to secure long-term ownership of office space for their firms in the heart of downtown Golden. Each Member of Astor House LLC believes bringing their services into the heart of downtown Golden would increase convenience for members of the Golden community, and would add to the diversity of high-quality businesses in the heart of downtown.

Astor House LLC recognizes the important history of the Astor House, and, like the City of Golden, wants to preserve that history so that the Astor House building continues to stand as an asset for the community. Astor House LLC’s stewardship of the Astor House would include extensive renovation of the building and property. The renovation would be made in a manner that would benefit the community by providing preservation and enhancement of the Astor house building, as well as a new, functional outdoor event garden space in the heart of downtown. This space would serve the community ASTOR HOUSE LLC PROPOSAL

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by providing enhanced aesthetics to the general area, as well as outdoor space to be used by organizations and businesses for events in the downtown area. In addition, the Members of Astor House LLC will continue to promote business and economic development in Golden, including, as good neighbors and active community members, using the Astor House to support a local entity. Astor House LLC will work with an appropriate committee of the City of Golden to select a start-up venture or early stage company in Golden each year, and the law firms owned by the Members of Astor House LLC will provide mentoring and legal guidance, as well as occasional use of office space, to aid the development of another successful Golden based business.

The Astor House LLC believes it proposal well serves the stated important community values of the Golden Vision 2030 declaration.

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SECTION B: PROPOSED USE IF LEASING

None. Astor House LLC seeks to purchase the Historic Astor House.

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SECTION C: NOTICE OF INTENT TO PURCHASE

Astor House LLC is prepared to purchase the Historic Astor House and the lot upon which it sits for $700,000.00, subject, of course, to traditional real estate inspections and due diligence (as well as subject to the “permanent historic preservation easement” referenced in the Request for Proposals). The form of contract to be utilized for the purchase would likely be the State of Colorado DORA-created form for the then current year for “Contract To Buy And Sell Real Estate (Commercial)” Exact dates and deadlines regarding Title, Seller’s Disclosures, Survey, Inspection and Due Diligence as well as Closing and Possession would be negotiated, with the understanding that Astor House LLC will require a 90-day Inspection Termination Deadline as well as a 90-day Environmental Inspection Termination Deadline as part of such contract. After a municipal election allowing sale of the Astor House, we expect the contract would be quickly concluded.

Given the price per square foot of other somewhat comparable commercial buildings sold within the last 24 months in the downtown Golden area (namely 1200 Arapahoe Street, 1100 Arapahoe Street, and 1111 Washington Avenue), as well as the restrictions associated with the Astor House and the substantial investment required to make the building habitable, Astor House LLC believes its proposed purchase price is significantly above going market rate.

1200 Arapahoe Street, with 3,023 rentable square feet, complete HVAC systems, and turn-key use as an office, sold for $950,000.00 on November 21, 2016. The persquare-foot price for the building, which needed no major renovation to be immediately utilized for office purposes, was $314.00. 1200 Arapahoe Street also has a private parking lot of over 20 individual parking spaces, which adds greatly to its value.

1100 Arapahoe Street, with 2,809 rentable square feet, a complete HVAC system, and a large private parking lot, sold for $950,000.00 on May 10, 2017. The per-square-foot price was $338.00.

The most recent documented comparable sale is 1111 Washington Avenue, which sold on October 17, 2017, for $2,345,000.00. The building has an above-ground square footage of 10,704, as well as a rentable basement for restaurants of 5,890 square feet, and required no renovation for office space use. Using the combined square footage of the entire building (16,594 square feet) results in a per-square-foot price of $141.00.

Ignoring the valuable basement square footage and using only the above-ground portion of the building (10,704 square feet) yields a per-square-foot price of $219.00.

Lastly, though not yet recorded, in August of 2018 the building at 1204 Washington Avenue with 3,942 square feet, turn key usability without any necessary renovation as well as private parking sold, for a reported $1,100,000.00, equivalent to $279.00 per square foot.

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According to the City’s provided detail, Astor House has 3,180 square feet. Using this square footage, Astor House LLC’s proposed purchase price of $700,000.00 is $220.00 per square foot — for a building that currently is unusable and requires substantial renovation. The City’s own calculations from May of 2018 place the cost to bring the Astor House to functional space at $477,840.00, plus an additional $90,000.00 to address the yard area, for a total of $567,840.00. Using the City’s estimated expense, there will be a cost to the purchaser of $178.00 per square foot to make the Astor House minimally usable. Combining that number with the Proposal purchase price, Astor House LLC would be paying a minimum of $398.00 ($220.00 + $178.00) per square foot for the Astor House.

Astor House LLC’s offer, thus, is far above the market rate and does not include the value impairment of limiting restrictions related to the easement required by the City that do not impact any of the other buildings. Additionally, Astor House LLC believes the actual renovation costs required for professional office space use by the Member’s law firms will far exceed the City’s estimated expense of $567,840.00. Astor House LLC is willing to invest and pay for the required renovation because its Members intend to use the Historic Astor House as professional office space for their firms well into the future.

The Members of Astor House LLC anticipate having their law practices in Golden for the remainder of their careers, and hope to practice from the Astor House. The Historic Astor House is currently zoned to allow for office use, and no rezoning or variance is required. Astor House LLC understands that the normal City of Golden permitting process will govern the expected major remodel of the interior of the building.

As noted above, Astor House LLC believes its cash offer to be higher than fair market value for the property (particularly the value given the current interior condition of the building, the lengthy and non-guaranteed process of attempting to purchase such property, and the significantly limiting easement and deed restrictions referenced in the Request for Proposals). Astor House LLC also believes its Proposal should be attractive to the City because, unlike other offers that may be submitted, Astor House LLC does not need commercial financing for the purchase. If higher purchase price offers are made by others, but are subject to the purchaser obtaining commercial financing, Astor House LLC believes the City should carefully evaluate financing potential. Astor House LLC believes obtaining commercial financing is not commercially realistic and will ultimately fail due to the valid concerns of third-party lenders who will not be interested in having such large debt secured by such unique and restricted property as the Historic Astor House.

As part of its Proposal, Astor House LLC request that the City of Golden agree, in connection with the purchase and sale transaction, to designate eight continuous parking spaces in the City parking lot directly east of the property in the first row of parking spaces closest to the property as reserved for use of the Astor House LLC tenants and visitors, of which one parking space will be designated as a disabled parking apace. Such spaces to be reserved for Astor House LLC Monday through ASTOR HOUSE LLC PROPOSAL

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Friday 8 AM to 5 PM, and available for free use by Astor House LLC members and affiliates during other hours, if available.

Astor House LLC also seeks as part of its purchase an easement in the City parking lot directly east of the property to permit Astor House LLC to drill wells for use with a Geothermal Heating and Cooling system for the property so as to provide a “Green Building”. The system, if feasible, would be underground and at such a depth as to not interfere with use and/or maintenance of the above-surface space as parking spaces.

Such wells would, if feasible, be located beneath the eight parking spaces designated for the Astor House. If Astor House LLC pursues the system it will, of course, pay all costs of construction, as well as the expense of returning the parking spaces to their original condition.

Astor House LLC also anticipates replacing all windows in the historic “T” structure with modern, energy efficient windows that resemble original time period windows. Such windows are known to exist and be available for purchase from organizations related to NREL in Golden, Colorado. Such “Green” windows would substantially improve the energy efficiency of the building. Astor House LLC plans to also explore additional opportunities to make the Historic Astor House a “Green Building”.

Astor House LLC would agree to a permanent façade easement and deed restrictions to preserve the historic façade of Astor House main “T” stone building. Exact terms of the easement and deed restrictions would be negotiated with City before closing. Astor House LLC anticipates exploring the possibility of returning the exterior of the Historic Astor House to its original 1867 condition of unpainted stone (rather than the current white wash exterior). If the building were returned to its original raw stone exterior, Astor House LLC would place a sign - likely to consist of artfully designed metal lettering to spell out “Astor House” - on east side of building in at least equal size to current signage painted on east side of building. Astor House LLC will consult with the City of Golden regarding the potential return to the raw stone look, and whether that change would be beneficial for the overall look of the historic downtown area.

During its ownership, Astor House LLC would pay for the creation of, as well as the maintenance costs associated with, a permanently placed marker to present to the public information and historic pictures of the Astor House, the content of which would be submitted to the City of Golden for approval and would be similar to the historic markers currently sited on the bridge over Clear Creek on Washington Avenue.

Astor House LLC also pledges to first seek out Golden-based providers for all Astor House LLC directed design, engineering and construction related to renovating the property to create professional office space.

If the Astor House LLC proposal is selected by the City, Astor House LLC would promptly, and well in advance of the required Municipal Election, commence an interview and bidding process with architects and engineers with the intention of having construction planning well under way by the time of closing on the property. Astor ASTOR HOUSE LLC PROPOSAL

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House LLC further anticipates promptly moving forward with construction after closing.

Astor House LLC anticipates having renovation construction complete within six to nine months after closing, and moving in the law firms of the Members immediately upon completion of construction. Given the City’s timeline for the selection and approval process, as well as the required Election (anticipated to be in November 2019) and due diligence prior to closing, it is expected Astor House LLC would be in the building in the fall of 2020, hopefully sooner.

Lastly, as part of the Astor House LLC Proposal, the law firms of the principals would work with the Golden Community & Economic Development Department and City government to create a process for Golden citizens to apply to have a start up or early stage business they are associated with be mentored for one year by the three law firms of the Members. The mentoring would include guidance from the firms (which regularly work with start-ups and early stage businesses), occasional use of space at the Astor House, as well as introductions and guidance in working with angel investment groups, commercial bankers, real estate professionals, and other service providers. Members of Astor House LLC would work with a different Golden citizen or business each year with the goal to launch or further develop each recipient over the course of a year onto long-term success. Astor House LLC would pledge to continue this service to the Golden Community for a minimum of five years while owning the Astor House. It is expected such program would be a mutually beneficial enterprise and the Members of Astor House LLC would continue to partner with the City of Golden to continue the mentoring program after the initial five years.

Astor House LLC is not currently represented by any real estate broker in relation to a potential purchase of the Historic Astor House. If such professional were later engaged

by Astor House LLC, all fees for their services would be paid by Astor House LLC. It is assumed that the City of Golden is not currently represented by a real estate broker or other professional in relation to a potential sale of the Historic Astor House. If such professional is retained by the City of Golden, any fees for such services would be paid by the City of Golden.

This Proposal does not constitute a binding agreement between Astor House LLC and the City of Golden, even if accepted. Astor House LLC does not intend, by setting forth in this Proposal provisions of a possible transaction, to create any legally binding obligation or liability. No agreement shall be binding unless and until each party has executed a definitive written agreement incorporating all the terms, conditions, and obligations of the parties. The legal rights and obligations of each party shall be only those that are set forth in the definitive written agreement.

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SECTION D: QUALIFICATIONS

The Astor House LLC proposal fulfills the criteria set by the City’s Golden Vision 2030 for the use of a City asset in these unique circumstances.

Astor House LLC is made up of experienced, Golden-based businesspersons that have the financial resources to successfully fund this project, and, more importantly, to maintain the Historic Astor House in a manner that makes it useful, allows it to house important downtown Golden businesses, and continues to honor it as a significant building anchoring Golden to its past and roots. By accepting the Astor House LLC proposal, the City will save thousands of dollars that otherwise would have to be spent on the property in the immediate and long-term future, as well as receive valuable property tax revenues. Additionally, the overarching goal of preserving a piece of Golden history will be met while importantly creating new jobs in and resources in downtown Golden.

ASTOR HOUSE LLC MEMBER BACKGROUNDS

Gage Fellows Gage Fellows graduated from Golden High School in 1985 (after attending Kyffin Elementary and Bell Junior High). Gage both resides and maintains an office in Golden, Colorado. He is a long-term Golden resident first moving to Golden in 1970 when his father George Fellows began to work for Coors Brewing Company.

Gage has been practicing law in Colorado since being admitted to the Colorado Bar in October of 1993 and is commencing his 26th year as a practicing attorney. He is also admitted to practice in the United States District Court . Upon graduation from law school in 1993, Gage had the privilege to serve as a law clerk for the Honorable Warren O. Martin of the Denver District Court. Since 1994, Gage has been helping private clients with their legal needs. Gage has maintained a core legal practice focused on corporate law, estate planning and probate, as well as family law for the last 24 years.

Gage attended one of the top ten rated law schools in the United States, the Gould School of Law at the University of Southern California. He received his Juris Doctorate from the University of Southern California in May of 1993. He additionally studied European Economic Community commercial law at Trinity College in Dublin, Ireland and Charles University in Prague, Czech Republic. Gage graduated from the University of Colorado, Boulder in 1989 with a degree in economics.

Currently, Gage serves on the Board of Directors of the Golden High School Alumni Foundation, Inc., which strives to aid economically challenged students to allow them to benefit from all the programs offered by Golden High School, and awards college ASTOR HOUSE LLC PROPOSAL

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scholarships on Golden High Seniors who have demonstrated excellence during their time at Golden High School.

Gage is a founding partner and current Managing Partner of Fellows & Quenzer LLC, a law firm that aids businesses whether they are a Non-Profit, Start–Up, a Family Business, or a Mid-Sized Business. Fellows & Quenzer LLC also provides personal services related to Family Law, Probate matters, and Estate Planning, which many of our clients find valuable to protect their assets and families. Fellows & Quenzer LLC is dedicated to providing our business clients with professional cost-effective, responsive solutions. Attorneys at Fellows & Quenzer LLC have experience working for large national law firms as well as handling matters for Fortune 500 Companies. Both founding firm partners have years of experience serving as general counsel for various companies, in business sectors ranging from energy to beverage. Fellows & Quenzer LLC offers its clients the best of all worlds: big law firm experience at a cost that is typically half of what big firms charge, and personal service that is second to none. For personal legal matters, Fellows & Quenzer LLC is dedicated to aiding clients through trying situations with compassion, as well as efficiently and economically guiding its clients to make intelligent decisions regarding their interests and the interests of their families.

Sean Baker Sean Baker also grew up in Golden, having been born into a family with roots in Golden going back to approximately 1901. After attending Earle Johnson Elementary and Bell Junior High, he attended Golden High School and graduated in 1988. Sean went on to attend the University of Colorado, Boulder, and graduated in 1992 with a bachelors degree in Political Science. He then went to the Arizona State University College of Law, graduating with honors in 1995.

Since 1995, Sean has been a licensed attorney practicing law in Colorado. Over the past 23 years, the majority of Sean’s legal work has involved the resolution of disputes involving businesses or business dealings, whether through litigation, arbitration, mediation, or direct negotiation. Sean regularly handles breach-of-contract, fraud, breach-of-fiduciary-duty, trade secret, real estate, and other business disputes, including disputes between business owners. Sean has also handled a wide variety of other legal matters, including representing individuals and businesses in business transactions. Sean’s work has been noted, and he has been recognized as a Colorado Super Lawyer® since 2012. Before starting his own law firm, which is known as Crux Legal LLC, six years ago, Sean was a partner with a large, highly-regarded Denver based law firm. Since starting Crux Legal, which is located in Golden, Sean has continued to provide his clients with the same quality services, but at a lower cost and in a more convenient and relaxed environment.

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Away from the office, Sean spends his time with his wife (also a Golden High School graduate), their two girls, and the family’s dog, Joy. In addition, Sean spends time outdoors, enjoys the mountains, and serves on the boards of two non-profit organizations.

Jamie Sheridan Jamie Sheridan is a long-term Golden resident. Jamie first heard of Golden through the Colorado School of Mines when he received an unsolicited application for admission as a high school senior through the ACT testing process. After receiving an offer for admission, Jamie elected to obtain his engineering degree from Syracuse University, inasmuch as Golden seemed too far away from his home in the northeast. Soon after starting college, Jamie experienced in person the mystique of Colorado. Keeping an eye on the West, he earned a law degree at Franklin Pierce Law Center, now the University of New Hampshire, with an emphasis on patent law. Almost fourteen years ago, Jamie and his wife, Julie, and their young twins were able to relocate from the Boston area to a home in the Village at Mountain Ridge neighborhood of Golden.

Over seven years ago, Jamie established a new boutique patent and trademark law firm, Sheridan Law LLC, in Golden. This endeavor is an extension built on Jamie’s over 20 years of practice in the area of patent, trademark, copyright, and other areas of intellectual property law. This experience extends from firms located in the Boston and Denver areas, including several years spent forging relationships with numerous people at the regional law firm of Holland & Hart LLP. Sheridan Law LLC provides value driven services to its worldwide clients. Current and former clients comprise a vast range of people and entities, including, for example, individual inventors, emerging growth companies, established businesses, government and university tech transfer offices, non-profit institutions, and large corporations. Jamie especially enjoys interacting with local inventors, often at no initial charge, regarding their intellectual property strategies.

For the past several years, Sheridan Law’s clients have also received experienced legal services from a second engineer and patent attorney, Libby Huskey. Libby previously worked for law firms in Boulder, including Holland & Hart LLP. Libby and her husband, Tom, are also homeowners in the City of Golden. Libby typically walks to work so as to reduce her footprint while enjoying her pleasant commute.

Marcie King and Julie Sheridan are two other professionals providing skilled support to the clients of Sheridan Law LLC. Marcie is a certified intellectual property paralegal and also previously worked at Holland & Hart. Julie is the Sheridan Law office manager, and she has a keen appreciation of the geographic location of our office space near the mountains and her family. A native of Colorado, Julie briefly left after high school to earn her undergraduate and graduate degrees at the University of New Hampshire.

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Jamie did not need to plead with her to relocate to Colorado, and Julie was emphatic that life would be better in Golden than other areas near Denver.

Sheridan Law LLC has professionals committed to building and strengthening our community through a variety of endeavors in terms of sharing time, treasure, and talent.

For example, Jamie is currently the president of the Foothills Art Center. He will be continuing into his third year on their board of directors. Jamie also has been a member of the Rotary Club of Golden since 2006 and is a past member of its board of directors. Jamie and Julie remain active members of Calvary Church since 2005.

Jamie served a three-year term on the church’s Vestry (local leadership committee of the Episcopal Church), and Julie worked a number of years as a paid staff member in charge of children’s education programs. Julie also worked for a number of years as an educator at the South Table Mountain Preschool. Both of these positions were a natural extension of her many previous years as a special education teacher and an elementary education teacher in New Hampshire. Both Julie and Jamie also provide ongoing support of various types to Young Life, with Jamie currently serving on their Committee for the Central Jeffco Area. Several years ago, from 2008-2011, Jamie donated his time, while forging many strong friendships, during his tenure on Golden’s Local (Liquor) Licensing Authority.

Jamie is admitted to practice law in Colorado and is registered to practice before the U.S. Patent and Trademark Office. He is recognized as a Colorado Super Lawyer® and a member of several bar associations and other professional organizations. Jamie mentors law students and young lawyers interested in intellectual property law. He feels very fortunate to be able to share his specialized knowledge with others in this very fascinating area of law as well as live and work in a very unique location with access to numerous professional and cultural amenities.

Joint Experience of Astor LLC’s Members In addition to working with start ups and early stage businesses (among others) as clients, the Members of Astor House LLC have experience presenting complimentary informational seminars focused on important business topics relevant to entrepreneurs.

In the past, the Member’s three law firms have collaborated to put on presentations known as the Co Biz Boot Camp presenting speakers on legal issues, real estate issues, financing sources, and energy issues.

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Benefits of Astor House LLC’s Proposal Astor House LLC respects that this land use decision is to be determined by a process focused on defined guiding principles and community values. Astor House LLC believes its Proposal meets the criteria set by the City of Golden’s Golden Vision 2030 for the use of a City asset in these unique circumstances.

Astor House LLC is comprised of the principals of an experienced group of Golden based businesses that have the financial resources to successfully fund this project as proposed and, more importantly, to maintain the Historic Astor House as a significant architectural asset for the citizens of Golden as well as the thousands of visitors to Golden. By accepting the proposal of the Astor House LLC, the City of Golden will save thousands of dollars that would have to be spent on the property in the immediate as well as long term future, and the overarching goal of preserving a piece of Golden history will be met while creating new jobs in Golden, bringing new visitors to spend money in Golden, and originating a new concept to help start and/or grow select Golden businesses to hopefully initiate a wave of additional new jobs in Golden.

Bringing unique value to the City of Golden is this Proposal’s offer to provide mentoring and legal guidance to a selected Golden Citizen based start-up or early stage business, and to make introductions to potential investors, bankers, and many other key connections most start-ups need to succeed. A year of incubation with the ability to use space at the Astor House, as well as industry introductions, will hopefully greatly assist a new Golden business each year with hopes of new jobs and economic growth, as well as developing Golden’s reputation as a destination for other businesses.

If not selected as a viable Proposal for further consideration, the principals of Astor House LLC will be faced with a challenging office space landscape in downtown Golden, where the Colorado School of Mines is consistent in expanding and taking over commercial buildings in the downtown Golden area, depriving Golden of available office space. Since 2017, the Colorado School of Mines has acquired over 30,000 square feet of existing available office space in downtown Golden, not including the largest plot of vacant land, which Mines acquired and will not include office space for private business. If not remedied with opportunities such as the Historic Astor House, businesses that would be officing in downtown Golden will likely have to seek future office space outside of Golden proper and locate to the office areas of Denver West or on Union Avenue in Lakewood. The principals prefer to continue to office in Golden and are participating in this request for proposals in an effort to remain in an officing situation in the downtown Golden area.

Accepting the Proposal of the Astor House LLC for further consideration is not likely to cause any significant negative impact to City of Golden Heart & Soul values, but rather supports those values as stated by the Golden Vision 2030 declaration. Accepting the Proposal of the Astor House LLC will well serve the continued economic and ASTOR HOUSE LLC PROPOSAL

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environmental sustainability of the Golden community and will aid in the City’s efforts to maintain Golden’s Heart & Soul community values. Astor House LLC believes its Proposal is an investment that will increase the economic vitality of Golden and aid the City of Golden in its ambition to maintain and improve a strong tax base and fiscal position to fund the amenities and programs supportive of the City of Golden’s community values.

Accepting the Proposal of Astor House LLC for further consideration by the Golden City Council is a course of action that well supports and enhances the overall Heart & Soul community values of the City of Golden. Specifically, referencing relevant portions of Golden Vision 2030, the Proposal of Astor House LLC serves the Guiding Principles of Golden’s Heart & Soul Values including “As a community, we expect sustainability that preserves the small town look, feel and character, of Golden for today and for future residents.” The Proposed use of the Historic Astor House as an office while maintaining and preserving the exterior preserves the small town look and feel, with local attorneys housed to serve the citizens of Golden for personal as well as business related legal needs. Rather than being an ongoing derelict building constantly in need of City financial resources, the use as a well-cared for private office will meet Community Value Theme C of safe, clean and quiet neighborhoods. Our proposed use will not impose undue noise on neighbors going on into the evening, and will not create a new source of litter and nuisance from leaving patrons as other uses might.

The Proposal of Astor House LLC also serves Community Value Theme D of Golden supporting its local businesses and keeping a vibrant downtown for future generations.

The acceptance of this Proposal would demonstrate the City’s efforts to encourage a variety of quality and locally owned businesses so that residents of Golden can purchase locally while continuing to encourage visitors to visit Golden and support our local businesses. The clients of the Member’s law firm, particularly those from outside of the Denver Metro area, will come to meetings and be available to support Golden hotels, restaurants and local shops. The acceptance of this Proposal also preserves, enhances and complements the historic buildings downtown with private investment.

Accepting the Proposal also would demonstrate the City valuing joint efforts by business people as an important driver to promote business success and preserve the historic look and feel of Golden, and would support other local Golden based businesses, including, hopefully, the contractors and others necessary for the major renovation project. The Proposal of Astor House LLC also serves Community Value Theme E of Golden valuing retaining convenience to services and amenities within Golden. The unique collection of professional legal services that would be offered at the Historic Astor House would provide a convenience to citizens of Golden and business principals located in Golden to sophisticated legal services one would typically have to travel to downtown Denver to seek, and would be offered at much more economical rates.

The Proposal of Astor House LLC also serves Community Value Theme F of Golden valuing the appreciation of history. The Proposal clearly supports the City of Golden’s stated value of “collaboration between public and private groups to allow for preservation of our historical and cultural assets, while providing ASTOR HOUSE LLC PROPOSAL

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continuity with the future.� The Proposal of Astor House LLC also serves Community Value Theme H of Golden valuing a connected Golden community through local merchants and friendly and welcoming neighbors in the downtown shopping district. The Proposal of the Astor House LLC further serves Community Value Theme I of Golden valuing the diversity of people and amenities enhanced by intimate and social connections as well as a sense of security and tradition. The Proposal provides a diversity of services offered in downtown Golden by local business owners who are also individuals with strong Golden ties. Finally, the Proposal of Astor House LLC serves Community Value Theme J of Golden valuing involvement in the community and volunteerism. The complimentary efforts to mentor Golden based startups as well as the actual active involvement of the principals in Golden based and focused charitable organizations support Community Theme Value J. Astor House LLC is confident that its Proposal does reflect a controlled and directed change for the Historic Astor House that is guided by Golden’s Heart & Soul Values as provided by the Golden Vision 2030 declaration. As such, Astor House LLC believes its Proposal to be a worthy candidate for further consideration and hoped for acceptance by the City of Golden.

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SECTION F: PRESERVATION PLAN Astor House LLC will maintain sufficient capital reserves to address all future maintenance costs to maintain an exquisite building and fine example of historic Colorado buildings. These expenses are expected to be incurred to maintain the unique façade of the exterior of the original “T” stone building. It is expected with new construction for the interior, there will not be significant costs to maintain the interior of the building for a minimum of ten to fifteen years. As law offices, to be successful, need to present a professional office setting to clients, it is expected that Astor House LLC will proactively and quickly address any issue of maintenance to the building and grounds.

It is currently expected that the exterior, if not renovated to its original raw stone look of 1867, will need to be painted approximately every 6 to 7 years with the signage on the east side of the building redone at the same time. If the white wash exterior remains in place, it will need to be power washed every other year to maintain a clean look. If the exterior is returned to its original raw stone look of 1867, it is expected that the stones will need to be power washed every 4 years to maintain their natural coloring. The masonry is expected to be inspected each year and any necessary repairs done forthwith to maintain an exquisite building and fine example of a historic Colorado building. It is expected that with routine yearly maintenance, the planned improvements to the grounds will be preserved without the need for major work projects related to the grounds for decades.

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