SECTION 2 PREPARED

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1 SECTION 2 PREPARED PROJECT INTRODUCTION Introduction Summary SKETCH PLAN CORE PARCEL I AREA TWO PUD (TETON VILLAGE EXPANSION) TETON VILLAGE PLANNED RESORT DISTRICT (Hereinafter referred to as the Teton Village Expansion PUD, or the Area Two PUD) This Notebook includes the application for the SKETCH PLAN for the first parcel to be developed in the Village Core, one of the two primary areas of the Teton Village Expansion PUD. The Village Core consists of mixed-use tracts that include public areas, local and visitor services, commercial space, pathways, condominiums, townhouses affordable housing and employee housing. The subject parcel is identified in the Master Plan for the Teton Village Expansion PUD as Teton Village Core Parcel I (hereinafter referred to as Core Parcel I., or Parcel I) and is approved as a site for employee housing and commercial development. The development of this site, together with two employee housing units within the Shooting Star Golf Course / Nordic Track, which is adjacent to the Area Two PUD, will satisfy the Teton Village Expansion PUD Master Plan Housing Mitigation Plan Employee Housing Phase I requirement for housing that accommodates a minimum of 40 persons. As further explained below under Project Overview and Project Components, the two offsite Golf Course / Nordic Track units together with the first phase of Development Alternative One, or with the units of Development Alternative Two of this Sketch Plan will provide housing for a total of persons. This Sketch Plan has been prepared in accord with amendments to the Teton Village Expansion PUD Master Plan and an Official Zoning District Boundary Amendment that are being requested for processing concurrent with this Sketch Plan. The Master Plan Amendments will alter conditions, standards and design guidelines to facilitate better site design and to resolve certain requirement ambiguities. Adding site area to allow for better planning for this employee housing project is the primary purpose for the proposed Area Two PUD boundary changes that impact Parcel I. The boundary modifications will provide a landscape buffer area between Parcel I and the adjoining Teton Village parking lot, and allow for a variety of housing types rather than predominantly dorm-style units.. Page 1 of 6

2 Property Owner Applicant/ Developer Agent Four Shadows LLC 5700 N. Snake River Ranch Road Wilson, Wyoming (307) Crystal Springs Ranch, Inc Clubhouse Drive Wilson, Wyoming (307) Jorgensen Associates, P.C. 270 E. Simpson Ave. Jackson, Wyoming P.O. Box 9550 Jackson, Wyoming (307) Site Description and Prior Use Core Parcel I is part of a 112 acre tract owned by Four Shadows LLC. It is located just south of the Timbers at Granite Ridge, bordered on the east by the new Teton Village parking lot, and on the south by Apres Vous Road, with the east branch of Granite Loop Road running through it. (See Sheet C1.1 of the accompanying Sketch Plan Drawing Set.) The boundary of Core Parcel I will be established in the County records by a subdivision to be platted after the County s consideration of the above-mentioned Official Zoning District Map Amendment. The Master Plan for the Area Two PUD provides a graphic depiction of proposed development of lands within the Four Shadows tract adjoining the subject parcel. The site, was previously used for agricultural activities, and contains a section of Granite Loop Road that will be relocated to the west. As discussed below, two configurations and development scenarios are proposed for Parcel I. The preferred Development Alternative One encompasses a gross site area of 2.77 acres (base site area being 2.03 acres) with Development Alternative Two containing a gross site area of 2.08 acres (base site are being 1.48 acres). (See Sheet C1.1 of the accompanying Sketch Plan Drawing Set for base site area calculations.) Legal Description and Deed Adjoining Property Pertinent legal descriptions and an explanation of the deed record for Parcel I are included in Section 3 of this Notebook Adjoining property in the same ownership or under control of the same developer as the subject site is shown on the Vicinity Map on Sheet C1.1 of the Sketch Plan Drawing Set that accompanies this Notebook. Page 2 of 6

3 PROJECT OVERVIEW In accord with the Development Program of the Area Two PUD Master Plan (which is being amended in conjunction with the processing of this Sketch Plan) Core Parcel I is proposed for the following development: employee housing (see additional explanation below under Project Components) 750 square foot commercial space (initial use - restaurant) 1,000 square foot resort support / institutional office The Sketch Plan Application for the development of Core Parcel I of the Area Two PUD presents two development scenarios for approval. Development Alternative One, the preferred alternative, which will provide significantly more employee housing, is predicated on approval of the Official Zoning District Map Amendment (discussed above in the Project Introduction) that will effect changes to the boundary of the Area Two PUD. Development Alternative One is proposed to occur in 3 phases. Development Alternative Two, which is essentially the same as Phase 1 of Development Alternative One, is based on the currently approved zone district boundary of the Area Two PUD. Development Alternative Two is provided in the event the Official Zoning District Map Amendment is not approved. The buildings of each of the development alternatives are proposed for platting as Townhouse Lots with the foundations of the buildings being identical with the lot lines. PROJECT COMPONENTS Employee Housing See Section 6 of this Notebook For Employee Housing Restrictions and Monitoring Plan EMPLOYEE HOUSING WITH ADJUNCT COMMERCIAL & RESORT SUPPORT / INSTITUTIONAL SPACE (See accompanying Sketch Plan Drawing Set for proposed site plans with LSR and FAR information, and Section 5 of this Notebook for architectural plans and elevations with floor area numbers.) DEVELOPMENT ALTERNATE ONE is proposed to occur in 3 phases and result in the development of housing for a total of 70 persons in 43 units in 6 buildings on 2.77 acres (2.03 acres of base site area). PHASE 1: housing for persons* PHASE 2: housing for persons PHASE 3: housing for persons Total: persons* *The Housing Mitigation Plan of the Area Two PUD Master Plan requires that the Employee Housing Phase I provide for a minimum of 40 persons. The additional required 0.75 person is provided for in the two voluntary employee housing units approved under the Shooting Star Golf Course / Nordic Track Phase II Final Development Plan (DEV ). Building permits have been obtained, and site work commenced for a four bedroom detached residence and a two bedroom detached residence to be constructed within the Shooting Star Golf Course / Nordic Track (a Rural Zone Conditional Use Permit area adjacent to the Area Two PUD). The residences are credited as housing for 6.00 persons. With these 6.00 persons, by the completion of Development Alternative One Phase 3, employee housing would be provided for a total of persons. Page 3 of 6

4 PHASE 1 will consist of 3 buildings: Building A*: 5 studio-one units = 6.25 persons Building B: 4 studio-one units = 5.00 persons 4 one-bedroom units = 7.00 persons 2 two-bedroom units = 4.50 persons Building C: 4 studio-one units = 5.00 persons 4 one-bedroom units = 7.00 persons 2 two-bedroom unit = 4.50 persons 25 Total Units = Total Persons *The 1 st floor of Bld. A of Phase 1 will contain commercial and resort support / institutional space; see discussion below; studio-one units will constitute the 2 nd floor. Employee Housing Continued PHASE 2 will consist of Building D: 12 studio-one units = persons 1 two-bedroom unit = 2.25 persons 1 three-bedroom unit = 3.00 persons 14 Total Units = Total persons PHASE 3 will consist of 2 buildings: Building E: 1 two-bedroom unit = 2.25 persons 1 three-bedroom unit = 3.00 persons Building F: 1 two-bedroom unit = 2.25 persons 1 three-bedroom unit = 3.00 persons 4 Total Units = Total persons DEVELOPMENT ALTERNATIVE ONE UNIT TOTALS: Unit Type: Unit No. Employees Housed Studio- One One- BDR Two-BDR Three-BDR TOTALS DEVELOPMENT ALTERNATIVE TWO, which has a building layout identical with that of as Phase 1 of Development Alternative One, will be developed on 2.08 acres (1.48 acres base site area) and result in: housing for employees* *Together with the above-discussed Shooting Star Golf Course / Nordic Track units, upon completion of Development Alternative Two, there would be housing for employees. DEVELOPMENT ALTERNATIVE TWO UNIT TOTALS: Unit Type: Unit No. Employees Housed Studio- One One- BDR Two-BDR TOTALS Page 4 of 6

5 Commercial Resort Support / Insitutional ZONING, EASEMENTS, RESTRICTIONS AND AGREEMENTS Zoning A 750 square foot commercial space, currently planned for use as a restaurant, is proposed to serve as an amenity to Parcel I employees and employees living and working in Teton Village. The restaurant is proposed for both Phase I of Development Alternative One and for Development Alternative Two. Along with the resort support / institutional space discussed below, the commercial space will constitute the first floor of Building A of both development scenarios. 1,000 square feet of resort support or institutional office space will be located along with the restaurant on the first floor of Building A of both Phase I of Development Alternative One and of Development Alternative Two. This space will be assigned either as a resort support or institutional space depending on the specifics of its use. It is contemplated that the first occupiers of the space will be a nonprofit with rent free status. (Non-profits would only be required to cover utilities, maintenance and other direct costs.) As this and other Teton Village Expansion Core sites develop, the space may be used as a Resort Support office, e.g. for managers of Parcel I buildings. ZONE DISTRICT Teton Village Planned Unit Development District for Planned Resort Area Two Planned Unit Development Commercial Resort Sub-Zone ZONE OVERLAY DISTRICT Scenic Resources Overlay District Easements Areas Dedicated to the Public Statement Regarding Roads Record and proposed easements and rights-of-way for access, utilities, pathways, drainage or other purposes pertinent to this development are shown on the accompanying Sketch Plan Drawing Set. Information on the easements is included in Section 3 -Title Information of this Notebook. There are no areas dedicated to the public. Granite Loop Road, the only road within the boundaries of Core Parcel I is maintained by the Teton Village Improvement and Service District. Teton County is under no obligation to construct, maintain or replace the roads of this development. Page 5 of 6

6 Copies of Agreements Copies of all pertinent agreements are included in Section 3 - Title Information of this Notebook. Covenants or Restrictions A copy of the draft Declaration of Restrictive Covenants for Employee Housing Units Located within Core Parcel I is included in Section 6 of this Notebook. H:\2006\06095\51 Parcel I\Docs\12-Concept - Sketch\APPLICATION\NOTEBOOK\Sec 2 Intro\Section 2 Introduction and Project Desc.doc Page 6 of 6