HomeMy WebLinkAbout2024-12 An Ordinance Approving the Conveyance of Real Property Owned by the Town of Vail, Described as Lot 2, Timber Ridge Subdivision to Lion's Ridge Apartment Homes LLCORDINANCE NO. 12
Series of 2024
AN ORDINANCE APPROVING THE CONVEYANCE OF REAL PROPERTY
OWNED BY THE TOWN OF VAIL, DESCRIBED AS LOT 2, TIMBER RIDGE
SUBDIVISION TO LION’S RIDGE APARTMENT HOMES, LLC
WHEREAS, the Town of Vail (“Town”) and Lion’s Ridge Apartment Homes,
LLC (“Purchaser”) are parties to a certain Ground Lease Agreement, dated September
10, 2014 (the “Agreement) which sets forth in Section 27 of the Agreement the terms
for the option to purchase Lot 2, Timber Ridge Subdivision;
WHEREAS, the Town owns the real property described in Exhibit A, attached
hereto and incorporated herein by this reference (the "Property"); and
WHEREAS, the Town wishes to convey the Property to Purchaser pursuant to the
terms of the Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT:
Section 1. The sale of the Property is hereby authorized and approved by the Town
Council pursuant to the terms of the Agreement. The Town Manager is hereby authorized
to execute and deliver, on behalf of the Town, a special warranty deed for the sale of the
Property and to take whatever steps are necessary to complete the sale of the Property
to meet the Town's obligation pursuant to the Agreement.
Section 2. If any part, section, subsection, sentence, clause or phrase of this
ordinance is for any reason held to be invalid, such decision shall not effect the validity
of the remaining portions of this ordinance; and the Town Council hereby declares it
would have passed this ordinance, and each part, section, subsection, sentence, clause
or phrase thereof, regardless of the fact that any one or more parts, sections,
subsections, sentences, clauses or phrases be declared invalid.
Section 3. The Council hereby finds, determines and declares that this Ordinance is
necessary and proper for the health, safety and welfare of the Town of Vail and the
inhabitants thereof.
INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL ON FIRST READING this 3rd day of September,
2024 and a public hearing for second reading of this Ordinance set for the 17th day of
September, 2024, in the Council Chambers of the Vail Municipal Building, Vail,
Colorado.
_____________________________
Travis Coggin, Mayor
ATTEST:
____________________________
Stephanie Kauffman, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
this 17
th day of September, 2024.
_____________________________
Travis Coggin, Mayor
ATTEST:
____________________________
Stephanie Kauffman, Town Clerk
EXHIBIT A
Legal Description
Final Plat, Timber Ridge Subdivision, Lot 2, Town of Vail, County of Eagle, State of
Colorado