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THE LANDMARK DETAILS


How many residences are there at The Landmark?

There are 271 total – 130 in The Landmark West and 141 in The Landmark East.

Can I use all of the amenities in both buildings?

Yes.

Are there extra parking spaces available for purchase or lease?

No, but there is additional parking in the central garage for visitors and guests.

Does each residence at The Landmark have assigned storage?

Yes.

Is there a one-stop shop for all things about The Landmark?

The Landmark has a resident website that is your resource for all things about The Landmark, including not just things like governing documents and contact information for staff , but also a place to register a maintenance request, reserve a guest suite or a public space in the building for an event, and find out about special events both in The Landmark and nearby. This website is landmarkgreenwoodvillage.com, and you will get a log-in when you close on your purchase.

 

THE LANDMARK RETAIL & SURROUNDING AREAS:


What is the best way to find out what is happening at The Landmark and the surrounding areas?

The resident website mentioned previously has quite a bit of information about regular weekly events, events sponsored by the
social committee and other events around town. You might also check out the website of the Greenwood Village Chamber of commerce or VisitTheLandmark.com for other events.

Are there special deals for The Landmark residents at any of the local businesses?

Yes, from time to time, businesses at The Landmark and in Greenwood Village provide special offers to residents, including discounts and free delivery. The resident website has a listing of these, and they may be sent in an email from time to time.

How large is the retail component of The Landmark community?

It is approximately 170,000 square feet, including The Landmark Theatre, Comedy Works, Jing, Pizza Republica and HW Home, just to name a few. For a complete directory of businesses and links to their websites, please visit our website, VisitTheLandmark.com.

Who is handling the property management and leasing of the retail businesses at The Landmark?

The retail is managed by the same company that manages the residential HOA, East West Urban Management.

What is happening with that vacant lot adjacent to I-25?

This lot is currently being marketed for lease. It is our thought that it is most likely to be a restaurant. The lot is currently zoned to include a 10,000-square-foot, single-story building as well as additional parking.

 

HOMEOWNERS ASSOCIATIONS (HOAs):


How are the HOAs structured?

There are three associations in the neighborhood, but only two of them are relevant to you as a purchaser at The Landmark. The first is a master association, which encompasses the entire community, including the two residential buildings and the entire retail area. This association is responsible for maintaining the larger community, including the private roads, landscaping of the common areas, the parking areas and so on. It has a board of five directors who represent both residential and commercial interests.

The second association covers all of the retail areas in the multi-story section of the retail area where Landmark Theatre and Comedy Works are. This association really only impacts you as a homeowner in that there are certain shared easements where this building connects to The Landmark West Tower.

The third association is likely the most important to you, and that is The Landmark Towers Condominium Association (Residential HOA), which is the association that covers all of the residential activity in the two towers. The retail in the two towers is actually not part of this association but instead is part of the master association, so it is separately governed.

Both buildings are managed under this single Residential HOA, with a single management company and central staff that floats between both buildings. The association provides for the common areas of the buildings and the parcels of land that they are located upon. In December 2014, this board expanded to five members who were elected by the homeowners.

What is the voting and expense allocation for the Master Association – what % for residential and what % for retail?

The residential towers pay what amounts to about 5% of the master association expenses, and that amount is paid by the Residential HOA and then included in the residential dues you pay each month. The Residential HOA appoints one seat, the building that houses the theatre gets one seat, and three other at-large seats are elected by the members, which include all retail owners and the Residential HOA in the community collectively.

What will my HOA dues include?

The Residential HOA dues include all of our amenities and concierge services (as listed in our brochure), engineering services, parking, water, sewer, trash, gas, recycling, snow removal and common area property maintenance. These association dues also include payment of the Residential HOA’s dues to the master association as mentioned above, and therefore you do not need to make a separate payment to the master association.

What are “engineering services”?

The Residential HOA has an Engineering Department that provides assistance with ongoing maintenance and basic repairs associated with each residence. Services include regularly scheduled replacement of air filters, changing of light bulbs, inspection and assessment of common plumbing problems, and assistance of installation of wall hangings, including pictures. The services above are provided at no additional cost to the owner, with the exception of the cost of any supplied part being replaced. If the repair exceeds the scope of services offered or requires a licensed professional, the Engineering Department will gladly recommend a preferred vendor. Please reference the association’s Residential Handbook for a complete list of services provided by the Engineering Department, as this is just a selection of those services.

What additional costs will I be responsible for as an owner?

In addition to individual Residential HOA dues, each homeowner is responsible for their home’s electrical service, communications (cable, phone and Internet), insurance, property taxes, and maintenance and repairs above and beyond the engineering services mentioned above.

Is the Residential HOA healthy?

The Residential HOA completed a reserve study in late 2014, and determined that it is over 90% funded, which is very healthy. The HOA has over $2.8 million put away for whatever repairs and capital improvements may need to be made in the future. Funds continue to be set aside based on the findings of that study.

How are reserves funded for the Tower HOA?

To ensure the long-term care and beauty of The Landmark, the Residential HOA collects a capital contribution equal to three months of association dues at closing to help fund the initial reserves of the association. In addition, a portion of your regular monthly dues continues to fund this reserve in order to make sure that the reserves stay sufficient for years to come.

Will my HOA dues ever increase?

Certainly there are costs that increase over time, such as utilities for common areas and those paid for all residences, as well as cost-of-living adjustments for staff in order to make sure that we maintain the best staff available in the area. As a result, dues are expected to increase slightly over time, but owners are provided an opportunity to review and comment on the budget for each year in the fall. It is reasonable to expect at least an adjustment equal to inflation in a given year.

How can I get acquainted with the HOA once I have closed?

The Residential HOA has a new-resident orientation where you will be provided with a new-resident handbook, which explains much of the above and much more. There will also be a copy of the rules and regulations included. We will also provide you with a moving guide that will help you with these details of moving, utility connection, and more.

 

METROPOLITAN DISTRICT:


What is the Marin Metropolitan District?

The Marin Metropolitan District is a special-improvement district that was formed in November 2007 to provide certain improvements for the adjacent development site, and The Landmark Towers were included in this district. This District originally had the ability to assess a mill levy on the property for both debt service and operations. Mill levies are assessments that affect the amount of property taxes paid on a property. Please ask your broker for the latest updates related to the Purchase and Sale Agreement.

I heard that there is a lawsuit out there regarding this District. What is that about?

The Residential HOA did not feel that this District should include these towers. The remaining lawsuit in this matter challenged whether the mill levies can be charged against the owners in The Landmark because they do not receive the benefit from the improvements that the District was intended to create. In fall 2013, the court ruled in favor of the Residential HOA and removed the debt portion of the mill levy, leaving just a 1.5 mill assessment for operations, which is charged to owners in The Landmark. The District and its co-defendants filed an appeal on this case that challenges the court’s holdings on improper taxation issues and the injunction on the imposition of taxes against the property owners. In April 2016, the Colorado Court of Appeals ruled in favor of the Residential HOA, and therefore only the smaller 1.5 mill assessment remains. The District and its co-defendants filed an appeal to the Colorado Supreme Court in June 2016. In November, the Colorado Supreme Court granted the appeal on portions of the case. The briefing provided on both sides of the matter could take through the end of 2016, but it is possible that oral argument would not occur until Summer 2017. The grant of a Writ of Certiorari neither indicates that the Colorado Supreme Court agrees nor disagrees with the positions of the defendants, but it does mean that the injunction against the levying of taxes remains in place.

At each board of directors meeting for the Residential HOA there is a discussion of the status of the case. In addition, all of the filings in the case are posted on the Residential HOA website for review by interested homeowners. Please ask your broker for the latest updates related to the Purchase and Sale Agreement.

What happens if the Towers HOA wins this case?

We are not sure, but if the remaining case is won by the residential HOA, the District could be forced to remove The Landmark from assessment, or the court could just keep things as they are, where only 1.5 mills are charged. Please ask your broker for the latest updates related to the Purchase and Sale Agreement.

What happens if the Towers HOA loses this case?

We are not sure, but it would likely result in all of the levies increasing back to the 2013 ruling. This would mean that the property taxes for owners could rise back to former levels (59.5 mills), or certainly higher (there is a maximum in the service plan of 69 mills). There is also a possibility that the taxes could be assessed for 2013 or 2014 or 2015 as well, although even the defendants agree this is unlikely. At this point, we don’t know. Please ask your broker for the latest updates related to the Purchase and Sale Agreement.