HomeMy WebLinkAbout2025-09 A Resolution Approving the Termination and Release of a restrictive Covenant for the Property Known As 363 Beaver Dam CircleRESOLUTION NO. 9
Series of 2025
A RESOLUTION APPROVING THE TERMINATION AND RELEASE OF A RESTRICTIVE
COVENANT FOR THE PROPERTY KNOWN AS 363 BEAVER DAM CIRCLE, VAIL,
COLORAOD 81657
WHEREAS, Owner is the owner of real property described as 363 Beaver Dam Circle,
Vail, Colorado 81657 (the "Property");
WHEREAS, the Property is encumbered by a Type II Employee Housing Unit
Restrictive Covenant dated December 27, 2002, which was recorded against the Property in
the records of the Clerk and Recorder of Eagle County, Colorado at Reception No. 818508(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.Fee in Lieu payment, pursuant to Section 12-13-5 of
the Vail Town Code ($275,400); and
2. The completed removal of the kitchen facilities from within the existing EHU.
Section 2.This Resolution shall take effect immediately upon is passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town
Council of the Town of Vail held this 4th day of February 2025.
_________________________
Travis Coggin, Mayor
ATTEST:
Stephanie Kauffman, Town Clerk