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Home My WebLink About2024-09-24 VLHA Agenda1.Call to Order 1.1 Call to Order 5 Min. 1.2 Zoom Meeting 1 (Pre-Executive Session)45 Min. 1.3 Zoom Meeting 2 (Post-Executive Session)5 Min. 2.Citizen Participation 2.1 Citizen Participation 5 Min. 3.Approval of Minutes 3.1 VLHA September 10, 2024 Minutes 5 Min. Presenter(s): Missy Johnson, Housing Coordinator 4.Main Agenda 4.1 2020-2024 Housing Purchase Summary 15 Min. Presenter(s): Martha Anderson, Senior Housing Coordinator 4.2 A Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Subdivision: Alpen-Glo Condo Unit: 5, Eagle County, Colorado with a Physical Address of 5115 Black Bear Lane #5, Vail Colorado; and Setting Forth Details in Regard Thereto. 5 Min. Presenter(s): Missy Johnson, Housing Coordinator 4.3 A Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Subdivision: Subdivision: Pitkin Creek Park Unit 12-I, Eagle County, Colorado with a Physical Address of 4061 Bighorn Road 12I, Vail, Colorado; and Setting Forth Details in Regard Thereto. 5 Min. Presenter(s): Missy Johnson, Housing Coordinator 5.Matters from the Chairman and Authority Members VAIL LOCAL HOUSING AUTHORITY MEETING Agenda Vail Town Council Chambers 3:00 PM, September 24, 2024 2024-09-10 VLHA Minutes.pdf 2020-2024 Housing Purchase Summary.pdf 2024-6 VLHA Resolution Purchase of a deed restriction 5115 Black Bear Lane Unit 5.pdf 2024-7 VLHA Resolution Purchase of a deed restriction 4061 Bighorn Road 12-I.pdf 1 5.1 Matters from the Chairman and Authority Members 5 Min. Presenter(s): Steve Lindstrom, VLHA Chairman 6.Executive Session 6.1 Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED application. 10 Min. Presenter(s): Martha Anderson, Senior Housing Coordinator 7.Any Action as a Result of Executive Session 7.1 Any Action as a Result of Executive Session 8.Adjournment 8.1 Adjournment 5:00 PM (Estimate)5 Min. 9.Future Agenda Items 9.1 Discussion on Semi-Annual Update to Town Council Discussion on Eagle County Employment Qualifications . 10.Next Meeting Date 10.1 Next Meeting Date October 8, 2024 5 Min. Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vail.gov. All town council meetings will be streamed live by High Five Access Media and available for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access Media website the week following meeting day, www.highfivemedia.org. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 2 AGENDA ITEM NO. 3.1 Item Cover Page DATE:September 24, 2024 TIME:5 Min. SUBMITTED BY:Martha Anderson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes SUBJECT:VLHA September 10, 2024 Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson, Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2024-09-10 VLHA Minutes.pdf 3 Vail Local Housing Authority Minutes Tuesday, September 10, 2024 3:00 PM Council Chambers and hybrid via Zoom The Vail Local Housing Authority meets every 2nd and 4th Tuesday of the month unless otherwise noted. The meetings are always available via zoom and often they are Hybrid including in-person. Please check the agenda the day of each meeting for planning. PRESENT ABSENT Steve Lindstrom Christine Santucci Craig Denton Dan Godec Kristin Williams STAFF Jason Dietz, Vail Housing Director Missy Johnson, Housing Coordinator 1. Call to Order 1.1 Call to Order Called to order at 3:01 p.m. 1.2 Zoom Meeting 1 (Pre-Executive Session) Time: 60 Min. 1.3 Zoom Meeting 2 (Post-Executive Session) 2. Citizen Participation 2.1 Citizen Participation No citizen participation. 3. Approval of Minutes 3.1 VLHA August 27, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator Time: 5 Min. 2024-08-27 VLHA Minutes.pdf MOTION: Williams SECOND: Godec PASSED: 3-0 4. Main Agenda 4.1 Financial Policies and Best Practices Presenter(s): Carlie Smith, Finance Director VLHA Budgeting and Procurment.pdf Smith presented best practices on contracting, procurement and budgeting practices as she referenced multiple slides in detail. These are governed by state statute, so the Vail Local Housing Authority is included. 4 Conversation ensued, specifically around professional services agreements and allocation of funds. If it is not in an Authority budget, or supplemented, they should not be contracting for it. Lindstrom referenced the professional services budgeted but Carlie suggested to allocate the funds in a public way through a motion, as long as the funds in total are available. If the Authority becomes more involved, with a budget over $750,000, a procurement process must be in place. The following topics were also covered and referenced: grant administration, current VLHA revenue resources and discussion around the recent grant funding that was applied for and awarded to the Town of Vail. Godec suggested putting a procurement policy and a grant policy in place that can be revisited and/or on an annual basis. Documentation, due diligence and process for bid procurement is to be built into a purchasing policy. Carlie suggested using Town language and Deitz agreed. Denton joined at 3:15 p.m. 4.2 Update on VLHA Website and Email Accounts Presenter(s): Steve Lindstrom, VLHA Chairman Time: 10 Min. Lindstrom lead the group in discussion and plan for an Authority website and email accounts. He and Williams met with Resolution Graphics about the capabilities. Lindstrom also spoke with another contact but he has less graphics experience and offers more of back of house offerings. The group is seeking a domain name, website function and email addresses. Motion made to Engage Resolution Graphics for approximately $3,000 subject to any input from Town legal. MOTION: Denton SECOND: Williams PASSED: 4-0 4.3 Update on Local Planning Capacity Grant Presenter(s): Jason Dietz, Housing Director Time: 10 Min. Dietz provided a summary off status. It is TBD as to when the grant funding wi Intent is to utilize the grant funds as the Authority had advised in the application of the grant including MPG group and others. There was modification made to the grant to allow more flexibility to allow financial consulting as well as additional grant management. The procurement process will need to be followed, once the contract is signed. 4.4 Discussion on Semi-Annual Housing Update Presenter(s): Jason Dietz, Housing Director and Steve Lindstrom, VLHA Chairman Time: 15 Min. Lindstrom suggested getting it on the Council calendar. In addition to providing updated statistics, Lindstrom suggested adding an overview of financial overview and movement of funds starting in 2021. Additional items to include: Policy projects yet to be completed and those that were just recently updated. Updating Housing Zone District. 5 West Middle Creek trial through Design Review Boards and variety of variances. Dietz is unsure of when the strategic plan can be shared with the Authority but will update as appropriate. 4.5 Review of Employment Scenarios for Resident Community Housing Programs Presenter(s): Missy Johnson, Housing Coordinator Time: 20 Min. Employment Scenarios for Resident Occupied Deed Restrictions Staff Memo 09102024.pdf This item was moved to the end of the agenda. The memo and variety of employment scenarios was presented with the desire to put additional policy towards the employment qualifications. The housing staff presented a variety of examples in hopes of receiving feedback from the Authority. Primarily examples of LLCs, the information is presented as hypotheticals vs. specifics to local residents and homeowner with the intention of looking ahead towards the finalization of Timber Ridge deed restriction. The authority agrees that the LLC is not necessarily a determining factor of an approved resident. The discussion ensued around employees working for businesses that provide goods or services within Eagle County. Examples of employees that seem to be easy approved examples like ski reps. Other scenarios were discussed like the trades, creatives and more. The group aims to be sure the intended groups are being placed in community housing including Vail Resorts employees, trades servicing locally, and companies not requiring employees to work within the organization post-Covid. There was consensus to use 'goods and services' when considering how to build and protect housing for local workers. Clarification was provided around the qualification that requires 75% of an individual's overall income to come from a business in Eagle County vs. Town of Vail. Conversation ensued around the wide variety of LLCs in Eagle County to include creatives, designers, consultants, developers and more. 5. Matters from the Chairman and Authority Members 5. 1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Dietz and Lindstrom reviewed a few continuous topics within the Town including Vail InDEED funding, Civic Center planning, Dobson Ice Arena expansion and contracts and West Middle Creek. The Town is looking to update the TOV employee housing program including eligibility, rates and more. Finance continues to review in preparation to make recommendation for the STR nexus fees likely to revisit in October. The Authority left regular session to enter into Executive Session at 3:58 p.m. MOTION: Williams SECOND: Godec PASSED: 4-0 6 6. Executive Session 6.1 Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED application and an EHU Exchange. Presenter(s): Missy Johnson, Housing Coordinator Time: 10 Min. 7. Any Action as a Result of Executive Session 7.1 Any Action as a Result of Executive Session The authority reconvened at 4:16 p.m. into regular session. Motion made to direct staff to proceed with the terms as suggested in Executive Session. MOTION: Godec SECOND: Williams PASSED: 4-0 8. Adjournment 8.1 Adjournment 5:00 PM (Estimate) Time: 5 Min. The Authority adjourned at 4:17 p.m. 9. Future Agenda Items 9.1 Breakdown of Housing Funds Continuation of Eagle County Employee Qualifications 10. Next Meeting Date 10.1 Next Meeting Date September 24, 2024 7 AGENDA ITEM NO. 4.1 Item Cover Page DATE:September 24, 2024 TIME:15 Min. SUBMITTED BY:Martha Anderson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:2020-2024 Housing Purchase Summary SUGGESTED ACTION: PRESENTER(S):Martha Anderson, Senior Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2020-2024 Housing Purchase Summary.pdf 8 Year Fund Purpose Total Expenditures Sales Revenue Net Expenditures Revenue Source 2020 InDEED 2020 HF/CPF Community 1,538,974.00 1,538,974.00 Transfer from CPF 2021 InDEED 2021 HF/CPF Community 922,736.00 922,736.00 Transfer from CPF Chamonix Unit A4 2021 HF/CPF Community 545,891.00 513,283.13 32,607.87 Resale/Buydown funds RMV 2021 HF/CPF Community 1,500,000.00 1,500,000.00 InDeed Funds (Transfer from CPF)‐ Approved by Council Blackgore Creek 2021 HF/CPF Community/TOV Employee 2,144,791.00 2,144,791.00 BuyDown Funds ($768K plus $1,230,825 of Indeed); Approved by Council; Property used for TOV but planned for future redevelopment 2022 InDEED 2022 HF Community 582,245.00 582,245.00 Transfer from CPF Vail Heights #1 2022 HF Community 410,165.00 261,503.23 148,661.77 Resale/Buydown funds Vail Heights #10 2022 HF Community 548,938.00 385,169.00 163,769.00 Resale/Buydown funds Pitkin Creek 12‐L 2022 HF Community 977,727.00 619,721.00 358,006.00 Resale/Buydown funds Chamonix Unit B 2022 HF Community 636,413.00 632,008.77 4,404.23 Resale/Buydown funds Vail East Lodging Unit: 6‐U 2022 CPF TOV Employee 564,618.77 564,618.77 4% Sales Tax Pitkin Creek Park 5P 2022 CPF TOV Employee 560,429.69 560,429.69 4% Sales Tax Buffer Creek Condo Unit: 4 2022 CPF TOV Employee 780,606.25 780,606.25 4% Sales Tax Pitkin Creek Park 5L 2022 CPF TOV Employee 610,501.83 610,501.83 4% Sales Tax Vail Heights Condo Unit: 11 2022 CPF TOV Employee 548,483.45 548,483.45 4% Sales Tax Buffer Creek Condo Unit: 7 2022 CPF TOV Employee 520,726.24 520,726.24 4% Sales Tax Columbine West Condo Unit: 1 2022 CPF TOV Employee 565,653.62 565,653.62 4% Sales Tax Housing Fund Background: The Housing Fund was created as a subfund of the Capital Projects Fund in 2017. At that time, the main funding source was only an annual transfer of $2.5M from the Capital Projects Fund for the Vail InDEED program. It also recevied housing fee in leui revenue which can vary year over year but on average is less than $100K annually. The Housing Fund's original purpose was to track housing purchases separately from the Capital Projects Fund. With the passing of a 0.5% Housing Tax effective January 1, 2022, the Housing Fund became a "real" standalone fund. The housing sales tax generates about $5.0M annually and can be used towards housing projects, programs, and operations. Unofficially, the town designated Housing Fund funds towards community projects and programs; however, by ordinance, the sales tax can be used towards anything housing‐related, including TOV employee housing. The Capital Projects Fund continues to contribute $2.5M to the Housing Fund specifically for the Vail InDEED program. As applications for this program have slowed down, budgeted funds for this program have built up a large balance but have also been utilized to fund other community housing expenditures with Council's approval. The Housing Fund currently supports capital and planning expenditures but does not fund housing department operations or other housing‐related programs. 9 Buffer Creek Condo Unit: 9 2022 CPF TOV Employee 745,945.81 745,945.81 4% Sales Tax Hamlet Chalet Unit: 1 2022 CPF TOV Employee 1,796,712.98 1,796,712.98 4% Sales Tax Matterhorn Inn Unit: 10 2022 CPF TOV Employee 746,506.96 746,506.96 4% Sales Tax Matterhorn Inn Unit: 2 2022 CPF TOV Employee 746,511.96 746,511.96 4% Sales Tax Vail East Lodging Unit: 2‐L 2022 CPF TOV Employee 480,717.47 480,717.47 4% Sales Tax 2023 InDEED 2023 HF Community 532,000.00 532,000.00 Transfer from CPF TR Redevelopment 2023 HF Community 114,080.00 114,080.00 Housing Sales Tax W. Middle Creek 2023 HF Community 507,954.00 507,954.00 Housing Sales Tax RMV Opprotunity Fee 2023 HF Community 1,950,000.00 1,950,000.00 Housing Sales Tax Pitkin Creek Unit 14A 2023 HF Community 784,322.00 389,841.57 394,480.43 Resale/Housing Sales Tax HomeSteak Unit B103 2023 CPF TOV Employee 466,033.28 466,033.28 4% Sales Tax Buffher Creek B103 2023 CPF TOV Employee 515,542.23 515,542.23 4% Sales Tax Buffher Creek Unit A2 2023 CPF TOV Employee 785,051.07 785,051.07 4% Sales Tax Buffher Creek Unit A10 2023 CPF TOV Employee 783,505.83 783,505.83 4% Sales Tax Buffher Creek # 5A 2023 CPF TOV Employee 698,710.84 698,710.84 4% Sales Tax NorthTrail 2023 CPF TOV Employee 308,978.81 308,978.81 4% Sales Tax 2024 Pitkin Creek Unit #3B 2024 HF Community 785,433.00 389,902.00 395,531.00 Resale/InDeed Funds (Transfer from CPF) CDOT Parcel Acquisitions 2024 HF Community 2,630,858.00 2,630,858.00 Housing Sales Tax Meadow Creek L4 2024 CPF TOV Employee 1,270,267.84 1,270,267.84 4% Sales Tax Buffher Creek #3 2024 CPF TOV Employee 770,948.61 770,948.61 4% Sales Tax Homesteak A305 2024 CPF TOV Employee 649,447.46 649,447.46 4% Sales Tax 10 TOWN OF VAIL 5 YEAR PLAN SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND 2024 2020 2021 2022 2023 Amended 2024 Actual Actual Actuals Actuals Budget Forecast 2025 2026 2027 2028 2029 Revenue Housing Fee in Lieu (balance) Housing Sales Tax -$ -$ 4,954,438$ 5,075,762$ 4,950,000$ 4,950,000$ 4,949,999$ 5,049,000$ 5,150,000$ 5,253,000$ 5,358,000$ Housing Fee in Lieu Annual Collections 76,053 34,112 52,425 17,104 - 44,787 - - - - - Reimbursement from CPF for North Trail Townhome Unit D (TOV unit)- - - - - 308,799 - - - - - Transfer in from Capital Projects Fund 2,500,000 4,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Transfer in from General Fund - - - 1,200,000 - - - - - - - Workforce Housing Sales 1,123,597 1,054,110 1,251,730 385,169 1,100,000 1,100,000 - - - - - Housing Late Fees - - 6,750 4,000 - - - - - - - Lionsridge purchase - - - - - - 5,000,000 - - - - Project Reimbursements - - 2,040,000 1,000,000 - - - - - - - Earnings on Investments - - - 304,854 - - - - - - - Total Revenue 3,699,650 5,588,222 10,805,344 10,486,889 8,550,000 8,903,586 12,449,999 7,549,000 7,650,000 7,753,000 7,858,000 Expenditures Housing Programs InDeed Program 1,539,487 922,736 582,245 532,000 3,019,645 3,019,645 1,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Buy Down Housing - 11,412 4,591 - 106,891 106,891 - - - - Timber Ridge Unit Purchases - - - - - - - 25,449,948 - - - New BuyDown Purchases Placeholder - - - - 1,500,000 1,500,000 2,275,000 - - - - Chamonix unit A4 - 545,891 - - - - - - - - - Vail Heights Unit 1 - 410,162 - - - - - - - - - North Trail Townhomes Unit D - - 308,979 - - - - - - - - Pitkin Creek Unit #14A - - - 778,507 4,000 4,000 - - - - - Pitkin Creek Unit #3B - - - - 785,444 785,444 - - - - - Vail Heights #10 - 548,938 - - - - - - - - Pitkin Creek 12-L unit - - 977,727 - - - - - - - - Chamonix unit B - - 636,413 - - - - - - - - Construction Housing Projects Timber Ridge Redevelopment - - - 114,080 80,920 80,920 - - - - - Timber Ridge Habitat Contribution - - - - - - 2,000,000 - - - - W. Middle Creek Development - - - 507,954 3,892,046 3,892,046 - - - - - W. Middle Creek Development Legal Fees Contingency - - - - 50,000 50,000 - - - - - Residences at Main Vail Opportunity Fee - 1,500,000 - 1,950,000 50,000 50,000 - - - - - Land Purchases for future Housing Black Gore Creek Property - 2,144,791 - - - - - - - - - CDOT Parcel Acquisition Placeholder - - - 69,339 5,920,000 5,920,000 - - - - - Eagle-Vail Parcel Placeholder - - - - 50,000 50,000 - - - - - Total Expenditures 1,539,487 5,534,993 3,058,893 3,951,879 15,458,946 15,458,946 5,775,000 27,949,948 2,500,000 2,500,000 2,500,000 Operating Income 2,160,164 53,229 7,746,451 6,535,010 (6,908,946) (6,555,360) 6,674,999 (20,400,948) 5,150,000 5,253,000 5,358,000 Other Finance Sources (Uses Loan from GF for TR units - - - - - - - 13,721,299 (13,721,299) - - Transfer to Timber Ridge- Site and Podium - - - (850,000) (9,093,105) (10,464,365) - - 11,647,849 - - Transfer to Timber Ridge- CDOT Land Acquisition - - - - (1,715,000) (1,715,000) - - 1,715,000 - - Transfer to GF for W Middle Creek - - - - - - - - (4,791,550) (5,208,450) - Total Other Finance Sources (Uses) - - - (850,000) (10,808,105) (12,179,365) - 13,721,299 (5,150,000) (5,208,450) - Surplus (Deficit) Net of Transfers and One-Time Items 2,160,164 53,229 7,746,451 5,685,010 (17,717,051) (18,734,725) 6,674,999 (6,679,649) - 44,550 5,358,000 Beginning Fund Balance 3,139,310 5,299,474 5,352,703 13,099,154 18,784,164 18,784,164 49,438 6,724,437 44,788 44,788 89,338 Ending Fund Balance 5,299,474$ 5,352,703$ 13,099,154$ 18,784,164$ 1,067,112$ 49,438$ 6,724,437$ 44,788$ 44,788$ 89,338$ 5,447,338$ 11 Assumptions: VRA Finances renovation of Dobson arena with $30.0M Loan and $20.0M from CPF Cash Payment for $25.5M of TR unit purchases $10.0M for West Middle Creek All TR units sell and TOV is reimbursed full $49.0M‐ fund balance increases in 2026 and 2027 are reliant upon TR sales 130.0M 60.6M 34.7M 49.1M 64.7M 59.4M 65.7M 0.0M 20.0M 40.0M 60.0M 80.0M 100.0M 120.0M 140.0M 2023 2024 2025 2026 2027 2028 2029 5 Year Reserves Projection GF CPF HF Reserve Min 12 AGENDA ITEM NO. 4.2 Item Cover Page DATE:September 24, 2024 TIME:5 Min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:A Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Subdivision: Alpen-Glo Condo Unit: 5, Eagle County, Colorado with a Physical Address of 5115 Black Bear Lane #5, Vail Colorado; and Setting Forth Details in Regard Thereto. SUGGESTED ACTION: PRESENTER(S):Missy Johnson, Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2024-6 VLHA Resolution Purchase of a deed restriction 5115 Black Bear Lane Unit 5.pdf 13 Resolution No. 6, Series of 2024 RESOLUTION NO. 6 Series of 2024 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED AS ALPEN-GLO CONDO UNIT: 5, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 005115 BLACK BEAR LN #5 VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagle and State of Colorado is duly organized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Subdivision: Alpen-Glo Condo Unit: 5, Eagle County, Colorado with a Physical Address of 5115 Black Bear Lane #5, Vail Colorado (the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1. The purchase of the Deed Restriction on the Property is hereby approved by the Authority at the maximum purchase price of $134,000, or 19.7% of purchase price. 2. The Chairman of the Vail Local Housing Authority is hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restriction and to take whatever steps are necessary to complete the purchase of the Deed Restriction on the Property. 3. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing Authority of the Town of Vail held this 24 day of September , 2024. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Melissa Johnson, Secretary of the Vail Local Housing Authority 14 AGENDA ITEM NO. 4.3 Item Cover Page DATE:September 24, 2024 TIME:5 Min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:A Resolution Approving the Purchase of a Deed Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail Legally Described as Subdivision: Subdivision: Pitkin Creek Park Unit 12-I, Eagle County, Colorado with a Physical Address of 4061 Bighorn Road 12I, Vail, Colorado; and Setting Forth Details in Regard Thereto. SUGGESTED ACTION: PRESENTER(S):Missy Johnson, Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2024-7 VLHA Resolution Purchase of a deed restriction 4061 Bighorn Road 12-I.pdf 15 Resolution No. 6, Series of 2024 RESOLUTION NO. 7 Series of 2024 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED AS PITKIN CREEK PARK UNIT: 12-I, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 4061 BIGHORN ROAD 12-I, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority (the “Authority”), in the Town of Vail, County of Eagle and State of Colorado is duly organized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Authority have been duly appointed and qualified; and WHEREAS, the Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the “Deed Restriction”) on the property legally described as Subdivision: Pitkin Creek Park Unit 12-I, Eagle County, Colorado with a Physical Address of 4061 Bighorn Road 12I, Vail Colorado (the “Property”); and NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1. The purchase of the Deed Restriction on the Property is hereby approved by the Authority at the maximum purchase price of $161,500, or 19% of purchase price. 2. The Chairman of the Vail Local Housing Authority is hereby authorized to execute, on behalf of the Town, an agreement to purchase the Deed Restriction and to take whatever steps are necessary to complete the purchase of the Deed Restriction on the Property. 3. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing Authority of the Town of Vail held this 24 day of September , 2024. Steve Lindstrom, Chairman of the Vail Local Housing Authority ATTEST: Melissa Johnson, Secretary of the Vail Local Housing Authority 16