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1982 Colorado Attorney General Reports and Opinions 1 (1982)

handle is hein.sag/sagco0021 and id is 1 raw text is: (EDITED) January 4, 1982 Representative Jeanne Faatz Chairman Representative Jack McCroskey Representative James Reeves Legislative Committee on RTD Oversight Room 46 State Capitol Building Denver, Colorado 80203 RE: Analysis of the develcpment and lease option agreement and lease between RTD and John W. Galbreath & Co. AG Alpha No. LE GA AGAHG AG File No. CHR/AGAHG/KL (EDITED) Dear Representatives Faatz, McCroskey and Reeves: I am responding to your letter dated December 3, 1981, requesting my opinion on several questions regarding agreements between the Regional Transportation District (RTD) and John W. Galbreath & Co. (Developer) for development of the block bounded by Broad- way, 16th Street, Lincoln and Colfax Avenue. In preparing this opinion we have reviewed the development and lease option agree- ment dated February 4, 1981, executed by RTD and the developer (the development agreement) and exhibit A to that agreement, which is an unexecuted lease of air rights (the lease). We are informed by RTD that the lease which we reviewed is the currently effective version and contains several amendments to the original lease. We have not reviewed exhibit A to the lease, which is to be a plot plan describing the limits and planes of the property leased to developer and the property retained for use by RTD, nor exhibit B to the lease, which is to be a description of certain easements granted to the developer. It is my understanding that these exhibits have not yet been finalized. As you know, the agreements contemplate an arrangement whereby developer will construct an office building above portions of an RTD transit facility. RTD will include in its construction of the transit facility the columns, supports, foundations and utilities necessary for the office building. At the present time, the developer has not made a binding commitment to enter into the lease. If the developer chooses to do so, the lease requires payment to RTD of (1) a minimum rent ranging from $100,000 to $400,000 per year and (2) a cash flow participation

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