HomeMy WebLinkAbout2024-52 A Resolution Approving Conditional Termination and Release of Restrictive Covenant for the Property Known as 315 Mill Creek CircleRESOLUTION NO. 52
Series of 2024
A RESOLUTION APPROVING CONDITIONAL TERMINATION AND RELEASE OF
RESTRICTIVE COVENANT FOR THE PROPERTY KNOWN AS 315 MILL CREEK
CIRCLE, VAIL, COLORADO 81657
WHEREAS, Owner is the owner of real property described as 315 Mill Creek Circle,
Vail, Colorado 81657 (the "Property");
WHEREAS, the Property is encumbered by a Type I Employee Housing Unit
Restrictive Covenant dated November 15, 1993, which was recorded against the Property in
the records of the Clerk and Recorder of Eagle County, Colorado at Reception No. 520918
(the "Restrictive Covenant");
WHEREAS, the Restrictive Covenant runs with the Property, but the Town is the sole
beneficiary of the Restrictive Covenant, and as such, the Town is authorized to terminate
and release the Restrictive Covenant; and
WHEREAS, the Town desires to terminate and release the Restrictive Covenant if the
below conditions are met.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO THAT:
Section 1. The Town Council hereby approves the termination and release of
the Restrictive Covenant, and authorizes the Town Manager to execute and record
a termination and release of the Restrictive Covenant upon the satisfaction of
the following conditions:
1. The Fee in Lieu payment, pursuant to Section 12-13-5 of the Vail Town Code, of
$410,000 to the Town of Vail on or before January 21, 2025; and
2. The completed demotion of the Property on or before January 21, 2027.
Section 2.The Town shall be entitled to keep the Fee in Lieu payment of
$410,000 and shall have no obligation to terminate and release the Deed Restriction
if the second condition referenced above is not met.
Section 3. This Resolution shall take effect immediately upon its passage.