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HomeMy WebLinkAbout2025-06-10 VHLA Agenda1.Call to Order (3:00pm) 2.Citizen Participation (5 min.) 3.Approval of Minutes (15 min.) 3.1 Approval of April 8, 2025 Minutes 5 min. Presenter(s): Missy Johnson 3.2 Approval of May 20, 2025 - Special Meeting Minutes 5 min. Presenter(s): Missy Johnson 3.3 Approval of May 27, 2025 Meeting Minutes 5 min. Presenter(s): Missy Johnson 4.Main Agenda (25 min.) 4.1 Introduction of New Housing Team Member: Anna Bengtson 5 min. Presenter(s): Jason Dietz, Housing Director 4.2 Update on West Middle Creek 10 min. Presenter(s): Anna Bengtson, Housing Development Specialist 4.3 Arosa Drive Duplex Land Lease Renewal 10 min. Presenter(s): Missy Johnson, Housing Coordinator 5.Matters from the Chairman and Authority Members (5 min.) 6.Adjournment 3:50 pm (estimate) 7.Next Meeting Date (June 24, 2024) VAIL LOCAL HOUSING AUTHORITY MEETING Agenda Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 3:00 PM, June 10, 2025 2025-04-08 VHLA Minutes (1).pdf 2025-05-20 VLHA Meeting Minutes.pdf 2025-05-27 VLHA Meeting Minutes.pdf Arosa Drive Land Lease Fee Recommendation.pdf 2010 Lease Agreement with Dovid P. Mintz & Doba R. Raskin for Arosa Drive Duplex Residence Unit A Land.pdf 2010 Lease Agreement with Rebecca Friesen Hunt & Brian D. Hunt for Arosa Drive Duplex Residence Unit B Land-1.pdf Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website 1 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 970-479-2460 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:June 10, 2025 TIME:5 min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (15 min.) SUBJECT:Approval of April 8, 2025 Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-04-08 VHLA Minutes (1).pdf 3 Vail Local Housing Authority Minutes Tuesday, April 8, 2025 3:00 PM Vail Town Council Chambers and Virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 PRESENT ABSENT Steve Lindstrom Dan Godec Christine Santucci Kristin Kenny Williams Craig Denton STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order (3:00 pm) Called to order at 3:01 p.m. 2. Citizen Participation (5 min.) Town of Vail resident, Galen Aasland, a local architect joined the Authority meeting to present his opinion about the upcoming review of a deed restriction exchange. He owns a deed restricted home that also has a secondary dwelling unit with a similar deed restriction the address that will be discussed in the upcoming EHU Exchange application review. Aasland’s understanding is that 2349 Chamonix Lane is listed for $3M+ and that the Town has agreed to pay $180,000 to release the deed restriction. Aasland compares the upcoming review of a deed restriction exchange to a recent deed restriction exchange for homes on Beaver Dam Circle and Mill Creek Circle. Aasland does not believe the exchange rates are fair when looking at home values. 3. Approval of Minutes (5 min.) 3.1 Approval of March 25, 2025 Minutes Presenter(s): Missy Johnson Time: 5 Mins 2025-03-25 VHLA Minutes.pdf MOTION: Williams SECOND: Denton PASSED: 4 - 0 4. Main Agenda (30 min.) 4.1 2349 Chamonix Lane EHU Exchange Application Presenter(s): George Ruther, Principal, Ruther Associates LLC Time: 15 Mins 2349 Chamonix Lane EHU Exchange Vail Local Housing Authority Memorandum 04082025.pdf 484574 Amendment to Restrictive Covenants 2349 Chamonix Lane-1.pdf Ruther Associates presented a memo and a copy of an existing deed restriction, presenting on behalf of the property owner's entity with a request for a release of an existing deed restrictions pursuant to Vail Town Code 12-13-5. Ruther ran through the memorandum and reference the deed restriction to highlight the current proposal from the owner and respond to some of Galen's concerns. 4 Applicant submitted the application on behalf of the trust that owns this property which is currently for sale/under contract. This is a 450 sq. ft. deed restriction listed on the property and a fee in lieu is presented in the amount of $180,000. The applicant used the Town code multiplier and used the per sq. ft. deed restriction values based on recent Vail InDEED transactions. This particular deed restriction does not run in perpetuity based on the language of an expiration. Additionally, this deed restriction says if the unit shall be rented, it shall be rented to a qualified resident. It is not required to be rented and is an underperforming deed restriction. Ruther further explained that the fee in lieu is based on the per sq.ft. value of a deed restriction vs. the per sq.ft. value of the property. He showed that the application does comply with all requirements as prescribed for an EHU exchange per the Town code. The applicant requests that the Authority make a recommendation to the Town Council to release this deed restriction based on the application. Conversation ensued around the application of the fee in lieu and clarification regarding the language of the deed restriction and the value thereof. There was clarification around the public comment, clarity of how the value is calculated and the value of the deed restriction. The math of the proposed fee in lieu is consistent with the mathematics of recent deed restriction exchanges. After the authority motioned to make a recommendation to Council, further conversation ensued to better clarify the public comment and the values of unoccupied deed restrictions as Ruther referred to Vail's Vail InDEED program and the objectives. Kristin Kenney Williams made a motion to Recommend for approval Based on the findings in the applicants memorandum. MOTION: Williams SECOND: Santucci PASSED: 4 - 0 4.2 Discussion Regarding the Vail InDEED Program Presenter(s): Martha Anderson, Senior Housing Coordinator Time: 15 Mins In follow -up to the previous Authority meeting, there had been discussion around the desire for a Vail InDEED advertising plan as well as the discussion around boosting the Vail InDEED program to 2.0. Discussion around the Vail InDEED program ensued regarding Anderson came to the Authority in request of discussion to increase the utilization of Vail InDEED funding in additional to buy-down funds. In reference to the partnership between Town of Vail and Eagle County to an increase to 30% down (for price-capped deed restrictions). Lindstrom continued with suggestions about further exploration of the described concept and better determination of the terms of the deed restriction. He also suggested exploring a pro- active approach to Vail InDEED allowing the Authority to make decisions to approve home purchases and flipping them, much like the Buy Down program, starting within the Town of Vail using the resale formula currently in place. Discussion ensued around the feasibility of flipping homes into the deed restriction program, the volatile market, staff bandwidth and the applicant lists and other ideas around Vail InDEED 2.0 to bring to Vail Town Council in the future. Williams suggested that the Authority continue efforts towards strong desire to reach Eagle County Commissioners, such as a scheduled meeting, to determine if there is interest in 5 down valley partnerships. She weighed in regarding buy -down bandwidth and the opportunity to market the current Vail InDEED program, which can even help current owners hold on to their homes. Denton weighed in regarding the current market, affordability and the local desires to purchase homes down valley. He stated that people will make car payments before they are going to make their mortgage payments and the Towns and County should work together to make things happen. Santucci agreed her desire to better communicate what the Town of Vail and Housing Authority offer to support local home buying and educate the public regarding Vail InDEED. Additional opportunities exist to communicate Timber Ridge opportunities as part of a marketing campaign to many different audiences. Anderson will work through next steps and come back to the group with additional ideas. Housing staff also recommends updating the Employee Housing Guidelines, as agreed upon by Lindstrom. 5. Matters from the Chairman and Authority Members (5 min.) Williams described the new rental application that is available through Habitat for Humanity. It is a digital, bi-lingual map that highlights the variety of locations and options for rental opportunities in Eagle County. 6. Adjournment (estimate) Adjourned at 4:13 p.m. 7. Next Meeting Date (April 22, 2025) 6 AGENDA ITEM NO. 3.2 Item Cover Page DATE:June 10, 2025 TIME:5 min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (15 min.) SUBJECT:Approval of May 20, 2025 - Special Meeting Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-05-20 VLHA Meeting Minutes.pdf 7 Vail Local Housing Authority Minutes Special Meeting - Tuesday, May 20, 2025 11:30 AM Community Development Small Conference Room and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/83110634258 PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec Christine Santucci Kristin Kenny Williams STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order Call to order at 11:33 a.m. 2. Citizen Participation (5 min.) No comments. Williams moved that the Authority move into executive session. MOTION: Williams SECOND: Godec PASSED: 3 - 0 3. Executive Session (15 min.) 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 applications and deed restrictions. 4. Any Action as a Result of Executive Session Williams motioned that the Authority direct staff to move forward as discussed during executive session. MOTION: Williams SECOND: Godec PASSED: 3 - 0 5. Adjournment from executive session at 11:58 a.m. 6. Future Agenda Items VLHA Semi Annual Report Planning and Looking Ahead Timber Ridge Village Update from Triumph Development Timber Ridge Site Tour with Triumph Development and Construction Team 8 AGENDA ITEM NO. 3.3 Item Cover Page DATE:June 10, 2025 TIME:5 min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (15 min.) SUBJECT:Approval of May 27, 2025 Meeting Minutes SUGGESTED ACTION: PRESENTER(S):Missy Johnson VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-05-27 VLHA Meeting Minutes.pdf 9 Vail Local Housing Authority Minutes Tuesday, May 27, 2025 3:00 PM Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/83110634258 PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec via zoom Christine Santucci via zoom Kristin Kenny Williams STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order (3:00pm) Call to order at 3 p.m. 2. Citizen Participation (5 min.) No comments. 3. Approval of Minutes (5 min.) 3.1 Approval of April 8, 2025 Minutes Presenter(s): Missy Johnson 2025-04-08 VHLA Minutes.pdf A second vote is needed by Authority members who were present at the April 8 meeting and noted in the minutes. 4. Main Agenda (65 min.) 4.1 Swearing in of Current Authority Member Steve Lindstrom to a Full Term on the Vail Local Housing Authority Expiring May 31, 2030 Presenter(s): Steph Johnson 4.2 A Resolution Authorizing the Appointment of Christine Santucci to the Board of Directors of the Vail Home Partners Corporation to a Full-Term Expiring May 26, 2026 Presenter(s): Steve Lindstrom Resolution No. 3 Series of 2025.pdf All authority members voted in favor. 4.3 Short-Term Rental Tax Presenter(s): Russ Forrest, Town Manager Town Manager, Russell Forrest joined the Authority meeting because the Town Council has directed staff to pursue next steps to put an STR excise tax on the ballot. Forrest led a discussion with the Authority members and posed a variety of questions around the future organization of a campaign for a housing tax. 10 Feedback was provided from the Authority about their experience when they participated in the housing sales tax proposal, as a separate legal body from the Town of Vail and Lindstrom recalled details of the Authority's active involvement. Current board members, Williams and Godec were part of the committee even prior to being Authority members. Discussion ensued and feedback included: - The Magellan Group is a good fit to include community input, and they will execute survey work and future campaigning. - There was a structured, broad local committee beyond the Authority, including community members and a strength of leaning into groups such as business owners, locals and advocates for housing. The authority assisted but there was a weekly meeting, led by Magellan. - Consideration of valid concerns from a core group of people and one-on-one meetings were of value, even before the survey taking place. - The committee did not lean in to use a specific housing project in the campaign and there was strong accountability towards the funding, especially during one-on-one conversations. In experience, there was efficiency of the group which did not involve hiring additional staff. - Williams stated that it is important that Town shows support of regional partnerships to maintain movement in the housing sector. - The Authority is willing to taking next steps to communicate with the community regarding this topic, and in full agreement to work with Magellan and to confirm that the tax dollars do not go to the Housing Authority, instead to the Town elected to determine the use of the funds. - Lindstrom suggests reaching out early to key individuals, with varying opinions. - Williams suggested the survey will provide valuable insight regarding the level of support of housing outside the Town of Vail is supported and if so, how far west and for Magellan to consider the recent housing study provided by Eagle County. - Williams suggests testing a variety of deed restrictions, i.e. resident occupied, price capped, AMI capped, owner occupied, remote workers and more. Topics of remote workers and the strong message that more housing is needed is of importance. - A strategy around the recreational offerings may be an additional topic around the decision makers. When multi-use buildings are built into the plan, do we have enough fields, parks and more. - Denton reminded the group that it is time to be cooperative around the county wide amenities with places to connect and play and Forrest agreed and that there is strong opportunity for partnership that exists today. - Denton mentioned the shift from the 70s and 80s when people came here to ski and stayed in the village. The community is not just here to ski anymore. They are here for a lifestyle of all different reasons including golfing, biking, fishing and so it is a battle to keep people in Town because of lack of affordability. 11 4.4 Timber Ridge Update Presenter(s): Mike Foster, Triumph Development West Timber Ridge Village - Housing Authority Update - May 21 2025.pdf Michael O'Conner and Tish Palmer joined the Authority to provide a status update of Timber Ridge Village, recap of sales progress and next steps. Discussion ensued around remaining residences and mention that business contracts are not refundable while individuals do have a contingency. There are 76 units available, including 15 studios, 13 one-bedroom, 12 2-bedrooms, 29 3-bedrooms and 7 4-bedrooms. In July, there will be marketing around the release of 1-bedrooms to be purchased by others besides business owners. Williams reviewed the data from Habitat for Humanity Vail Valley and 12 families have been selected. Two hundred forty-eight applications were received and of those, 137 selected Timber Ridge and of those, 75 families qualified with an average AMI of 64%. Of the 12 families, 11 currently live or work in Vail and 17 adults and 11 children. This is 12 out of 75 qualified applicants to purchase at the published rates price as the buyers are managing the mortgage like any other buyers. This shows people want to live and work in Vail, where they are currently renting. Habitat for Humanity is under contract to purchase at the published prices like anyone else is paying, for 10 3-bedroom and 10 2-bedroom residences. Habitat is working with partners including the Town that committed $2M and the County that committed $2M, and Habitat still has an $8M subsidy to bring the mortgage costs down for the 20 units with zero interest loans. Discussion ensued around the remaining units, retirement requirements, property management and communication of the Timber Ridge EHU Credit Program. 5. Matters from the Chairman and Authority Members (5 min.) Reminder that the next meeting is a zoom only meeting. 6. Adjournment Meeting adjourned at 4:16 p.m. and the Authority left the Council Chambers for a site tour of the Timber Ridge Village site. The Authority joined the Triumph Development team on Lions Ridge Loop just above the project for a site visit where they saw the progress and no official Authority business was discussed. 7. Next Meeting Date (June 10, 2025) 12 75 South Frontage Road West Housing Department Vail, Colorado 81657 970.479.2150 vail.gov MEMORANDUM To: Vail Local Housing Authority From: Jason Dietz, Director of Housing Missy Johnson, Housing Coordinator Date: June 10, 2025 Re: Arosa Drive Duplex Land Lease Renewal I. PURPOSE The purpose of this memorandum is to inform the Authority that the Arosa Drive Duplex is scheduled for a Land Lease Rental Fee Review and to make a recommendation to the Authority regarding the land lease fee for the deed restricted Arosa Drive Duplex Residences, Unit A and Unit B. The term of the Land Lease is ninety-nine years effective upon the execution of the initial lease which was the 24th day of June, 2010. Per the terms of the lease agreement, the fee shall be reviewed by the Vail Local Housing Authority or Town Council consistent with the timeline noted in the fully executed agreements attached as Attachment A and Attachment B. II. BACKGROUND The deed restriction for this duplex residence was recorded on June 22, 2010, at Reception Number 201012563 of the Clerk and Recorder of Eagle County. Subject to the Deed Restriction, Tenant may use the Land for purposes consistent with its ownership and occupancy of the Unit(s), and Tenant may make such improvements to the Land necessary for and consistent with use… Section 3 of the Lease Agreements for Arosa Drive Duplex Residences, Units A and Unit B state the following: Rent: For the first ten (10) year period of the term this Lease is in effect, Tenant shall pay as rent to Vail the sum of twenty- five dollars ($ 25.00) per year. On the tenth (10th) year anniversary of this Lease, the Vail Town Council or the Vail Local Housing Authority shall review the rent paid by Tenant, and upon such review, in its sole discretion, may increase said rent to 13 Town of Vail Page 3 an amount not to exceed the fair rental value of the Land. Vail shall conduct such a review at subsequent five (5) year intervals during the term of this Lease, and after each such review, has the option, in its sole discretion, to increase the rent by an amount not to exceed the fair rental value of the Land. The annual fee of $25 per residence, per year, has remained consistent since June 24, 2010. III. RECOMMENDATION Based on the review of the Lease agreement, it is clear that the annual fee was not meant to be a money maker and to facilitate workforce housing. These two residences have complied by the terms of the deed restrictions and for the duration of the last leases and it’s the recommendation of staff to keep the $25 fee as is, without an increase. IV. NEXT STEPS Based on the terms of the lease agreement, staff seeks direction from the Vail Local Housing Authority to approve the current land lease fee as is at $25 per year or to change the fee. 14 THIS DOCUMENT HAS LEASE AGREEMENT BEEN E -RECORDED t + I, MK& THIS LEASE AGREEMENT ( "Lease ") is made effective as of the 2— day of 2010 between the TOWN OF VAIL ( "Vail ") and the owner of AROSA DRIVE DUPLEX RESIDENCE UNIT A ( "Tenant "). RECITALS Vail is the owner of a parcel of real property described on Exhibit A ( "Land "). Tenant is the owner of one -half of a duplex residence constructed on the Land, known as Arosa Drive Duplex Residence Unit A ( "Unit A "). Vail has determined, after an extensive review of proposals and public hearings, that to accomplish its adopted goal of ensuring there is deed restricted employee housing for at least thirty percent (30 %) of Vail's workforce within the Town of Vail and other public objectives with minimal cost to Vail, it is necessary and desirable to lease the Land to Tenant for the purposes stated herein. SECTION 1 Lease: Vail hereby leases to Tenant and Tenant hereby leases from Vail, subject to all terms and conditions of this Lease, the Land, as depicted on attached Exhibit A. This Lease shall at all times be subject to the deed restriction recorded on June 22, 2010, at Reception Number 201012563 of the Clerk and Recorder of Eagle County, and if any provision of this Lease conflicts with any provision of the Deed Restriction, the Deed Restriction shall control. Subject to the Deed Restriction, Tenant may use the Land for purposes consistent with its ownership and occupancy of Unit A, and Tenant may make such improvements to the Land necessary for and consistent with such use, such as landscaping improvements ( "Improvements "); provided that, upon assignment of this Lease pursuant to Section 5, all Improvements shall become the property of the assignee, and further provided that, upon expiration or termination of this Lease, all Improvements shall become the property of Vail. SECTION 2 Term of Lease: The Lease shall be effective upon execution, and continue thereafter for ninety -nine (99) years. SECTION 3 Rent: For the first ten (10) year period of the term this Lease is in effect, Tenant shall pay as rent to Vail the sum of twenty -five dollars ($25.00) per year. On the tenth (10 year anniversary of this Lease, the Vail Town Council or the Vail Local Housing Authority shall review the rent paid by Tenant, and upon such review, in its sole discretion, may increase said rent to an amount not to exceed the fair rental value of the Land. Vail shall conduct such a review at subsequent five (5) year intervals during the term of this Lease, and after each such review, has the option, in its sole discretion, to increase the rent by an amount not to exceed the fair rental value of the Land. SECTION 4 Lease and Improvements: This Lease and all Improvements shall be subject to the party wall agreement between Tenant and the owner of Arosa Drive Duplex Residence Unit B ( "Unit B "), as approved by Vail. Unit A and Unit B are each Employee Housing Units pursuant to the Vail 15 Town Code. The remainder of the Land shall be Common Elements designated for common ownership. Common Elements shall be maintained at the expense of the Duplex. SECTION 5 Assignment: This Lease shall be automatically assigned by Tenant each time the ownership of Unit A changes, and the subsequent owner shall thereafter become known as Tenant under this Lease and be bound by all of its provisions. The assignment of and acceptance of this Lease shall be an express condition of the sale of Unit A. Other than by transfer of ownership of Unit A, this Lease shall not be assigned by Tenant. SECTION 6 Affordable Housing: The Land is subject to the Deed Restriction and pursuant to the Deed Restriction, Employee Housing Units shall be sold only to qualified buyers, with Vail acting as the transaction broker. SECTION 7 Maintenance and Charges: Tenant covenants that throughout the term of this Lease, it will, at its sole expense, clean and maintain the Improvements and the Land in an appropriate manner, and will keep the same in good working order and condition and shall promptly, and at its own cost and expense, make all repairs to the Land, Unit A and the Improvements necessary to keep the Land, Unit A and the Improvements in a condition comparable to new condition, ordinary wear and tear excepted. When used in this Lease, the term "repairs" shall include replacement or removal when necessary. All such repairs shall be equal in quality to the original work. Tenant shall pay when due all charges for janitorial and landscaping services, trash removal and snow removal, fuel, water, gas, sewer, electricity, other utilities and services, and all other charges of every kind and nature incurred in the use, occupation, maintenance, operation or possession of the Land, Unit A and the Improvements throughout the term of this Lease. Should Tenant fail to pay any such charges, or to maintain the Land, Unit A or the Improvements or to make or commence to make any repair or replacement required by this paragraph for a period of thirty (30) days after receipt of written notice of the necessity for same by Vail to Tenant, Vail at its option with respect to a condition on the Land, but outside the interior of Unit A and which poses an immediate risk of personal injury, may pay any such charges or make any such repair or replacement, and any sums paid by Vail for such purposes shall be repaid by Tenant to Vail on the first day of the calendar month next following payment thereof. SECTION 8 A. Insurance: Tenant shall maintain at all times during the term of this Lease, at its expense, a public liability insurance policy covering the Land and Unit A with limits of at least two million dollars ($2,000,000.00) for any number of persons injured or killed in one accident and one million dollars ($1,000,000.00) property damage resulting from any occurrence upon the Project (including any sidewalk or driveway contiguous to or abutting the Project.) Vail shall be named as an additional insured on such policy. Vail shall have the right to reasonably increase the amount of insurance required by this Section 8 not more than once every ten (10) years during the term of this Lease. 2 16 B. Vail's Non - Liability /Indemnification: Except for the willful acts of Vail or Vail's failure to act as necessary to discharge its obligations under this Lease, Vail shall not be liable for (i) any damages to the Land, Unit B, the Improvements or any part thereof, or (ii) any damage to any person or property , regardless of the cause thereof, and Tenant hereby agrees to indemnify, hold harmless and defend Vail and its representatives, officers, employees, agents, and contractors from and against all liabilities, penalties, costs, losses, damages, expenses, causes of action, claims, demands, or judgments, including, without limitation, reasonable attorney fees, arising from or in any way connected with injury to or the death of any person or physical damage to any property resulting from any act, omission, condition, or other matter related to or occurring on or about the Property under this Agreement. SECTION 9 Notices: If either party desires to give notice to the other in connection with and according to the terms of this agreement, such notice shall be by certified mail and it shall be deemed given when deposited in the United States mail with postage pre -paid and such notices are addressed as follows: To Vail: Town Manager Town of Vail 75 S. Frontage Road Vail, Colorado 81657 To Tenant: IN WITNESS WHEREOF, the parties hereto have duly executed this Lease as of the day and year first written above. TOWN OF VAIL A Colorado Municipal Corporation By H /. Pamela A. Brandmeyer, ing Town Manager 4 , 0 ... - .fAttest '•. p f • / Tam el, own C erk sfi STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me thiday ofZJvyiv, 2010, by Pamela A. Brandmeyer, Acting Town Manager of the Town of Vail. ,,,,, ++ ++ + ++ur ,,, 1 , NAGF4 % Witness my hand and official seal. `J •••Y My commission expires / 4' P O otary •. P v • p9 g7 * Eof'' . 3 17 TEN IN STATE OF COLORADO COUNTY OF EAGLE ss. and L A% 1 11 DA skin 0c, v o 7- t4A) mv The foregoing instrument was acknowledged before me this c day of 2010, by Dovid P. Mintz and Doba R. Raskin Owners of Unit A of the Arosa Drive uplex Residence. Witness my hand and official seal. My commission expires 3a Notary Public HENRY JA "- C NOTARY RU FkApO STAB OF COLD MY Commission Expires y30 p13 4 18 Exhibit (k LOT 8A, VAIL RIDGE, A RESUBDIVISION OF LOT 8. BLOCK C, ACCORDING TO THE PLAT RECORDED JUNE 22, 2010 UNDER RECEPTION NO. 201012562, COUNTY OF EAGLE, STATE OF COLORADO. Form 13426 07/2008 exhibit.a.ocit V50028638 {9841755} 19 EAGLE COUNTY, CO 201012998 TEAK J SIMONTON PEgs: 03:13:31PM 06/29/2010 R C: $ DOC: THIS DOCUMENT HAS LEASE AGREEMENT mar- I P® ECORDED THIS LEASE AGREEMENT ("Lease") is VIPs 2010 between the TOWN OF VAIL PLEX RESIDENCE UNIT B ("Tenant"). made effective as of the 24 day of Vail") and the owner of AROSA DRIVE RECITALS Vail is the owner of a parcel of real property described on Exhibit A ("Land"). Tenant is the owner of one-half of a duplex residence constructed on the Land, known as Arosa Drive Duplex Residence Unit B ("Unit B"). Vail has determined, after an extensive review of proposals and public hearings, that to accomplish its adopted goal of ensuring there is deed restricted employee housing for at least thirty percent (30%) of Vail's workforce, within the Town of Vail and other public objectives with minimal cost to Vail, it is necessary and desirable to lease the Land to Tenant for the purposes stated herein. SECTION 1 Lease: Vail hereby leases to Tenant and Tenant hereby leases from Vail, subject to all terms and conditions of this Lease, the Land, as depicted on attached Exhibit A. This Lease shall at all times be subject to the deed restriction recorded on June 22, 2010, at Reception Number 201012563 of the Clerk and Recorder of Eagle County, and if any provision of this Lease conflicts with any provision of the Deed Restriction, the Deed Restriction shall control. Subject to the Deed Restriction, Tenant may use the Land for purposes consistent with its ownership and occupancy of Unit B, and Tenant may make such improvements to the Land necessary for and consistent with such use, such as landscaping improvements ("Improvements"); provided that, upon assignment of this Lease pursuant to Section 5, all Improvements shall become the property of the assignee, and further provided that, upon expiration or termination of this Lease, all Improvements shall become the property of Vail. SECTION 2 Term of Lease: The Lease shall be effective upon execution, and continue thereafter for ninety-nine (99) years. SECTION 3 Rent: For the first ten (10) year period of the term this Lease is in effect, Tenant shall pay as rent to Vail the sum of twenty-five dollars ($25.00) per year. On the tenth (10') year anniversary of this Lease, the Vail Town Council or the Vail Local Housing Authority shall review the rent paid by Tenant, and upon such review, in its sole discretion, may increase said rent to an amount not to exceed the fair rental value of the Land. Vail shall conduct such a review at subsequent five (5) year intervals during the term of this Lease, and after each such review, has the option, in its sole discretion, to increase the rent by an amount not to exceed the fair rental value of the Land. SECTION 4 Lease and Improvements: This Lease and all Improvements shall be subject to the party wall agreement between Tenant and the owner of Arosa Drive Duplex Residence Unit A ("Unit A', as approved by Vail. Unit A and Unit B are each Employee Housing Units pursuant to the Vail 20 LEASE AGREEMENT THIS DOCUMENT HAS BEEN E-CORDED THIS LEASE AGREEMENT ("Lease") is made effective as of the 2 `—'day of i 2010 between the TOWN OF VAIL ("Vail") and the owner of AROSA DRIVE LEX RESIDENCE UNIT B ("Tenant"). RECITALS Vail is the owner of a parcel of real property described on Exhibit A ("Land"). Tenant is the owner of one-half of a duplex residence constructed on the Land, known as Arosa Drive Duplex Residence Unit B ("Unit B"). Vail has determined, after an extensive review of proposals and public hearings, that to accomplish its adopted goal of ensuring there is deed restricted employee housing for at least thirty percent (30%) of Vail's workforce within the Town of Vail and other public objectives with minimal cost to Vail, it is necessary and desirable to lease the Land to Tenant for the purposes stated herein. SECTION 1 Lease: Vail hereby leases to Tenant and Tenant hereby leases from Vail, subject to all terms and conditions of this Lease, the Land, as depicted on attached Exhibit A. This Lease shall at all times be subject to the deed restriction recorded on June 22, 2010, at Reception Number 201012563 of the Clerk and Recorder of Eagle County, and if any provision of this Lease conflicts with any provision of the Deed Restriction, the Deed Restriction shall control. Subject to the Deed Restriction, Tenant may use the Land for purposes consistent with its ownership and occupancy of Unit B, and Tenant may make such improvements to the Land necessary for and consistent with such use, such as landscaping improvements ("Improvements"); provided that, upon assignment of this Lease pursuant to Section 5, all Improvements shall become the property of the assignee, and further provided that, upon expiration or termination of this Lease, all Improvements shall become the property of Vail. SECTION 2 Term of Lease: The Lease shall be effective upon execution, and continue thereafter for ninety-nine (99) years. SECTION 3 Rent: For the first ten (10) year period of the term this Lease is in effect, Tenant shall pay as rent to Vail the sum of twenty-five dollars ($25.00) per year. On the tenth (10th) year anniversary of this Lease, the Vail Town Council or the Vail Local Housing Authority shall review the rent paid by Tenant, and upon such review, in its sole discretion, may increase said rent to an amount not to exceed the fair rental value of the Land. Vail shall conduct such a review at subsequent five (5) year intervals during the term of this Lease, and after each such review, has the option, in its sole discretion, to increase the rent by an amount not to exceed the fair rental value of the Land. SECTION 4 Lease and Improvements: This Lease and all Improvements shall be subject to the party wall agreement between Tenant and the owner of Arosa Drive Duplex Residence Unit A ("Unit A"), as approved by Vail. Unit A and Unit B are each Employee Housing Units pursuant to the Vail 21 Town Code. The remainder of the Land shall be Common Elements designated for common ownership. Common Elements shall be maintained at the expense of the Duplex. SECTION 5 Assignment: This Lease shall be automatically assigned by Tenant each time the ownership of Unit B changes, and the subsequent owner shall thereafter become known as Tenant under this Lease and be bound by all of its provisions. The assignment of and acceptance of this Lease shall be an express condition of the sale of Unit B. Other than by transfer of ownership of Unit B, this Lease shall not be assigned by Tenant. SECTION 6 Affordable Housing: The Land is subject to the Deed Restriction and pursuant to the Deed Restriction, Employee Housing Units shall be sold only to qualified buyers, with Vail acting as the transaction broker. SECTION 7 Maintenance and Charges: Tenant covenants that throughout the term of this Lease, it will, at its sole expense, clean and maintain the Improvements and the Land in an appropriate manner, and will keep the same in good working order and condition and shall promptly, and at its own cost and expense, make all repairs to the Land, Unit B and the Improvements necessary to keep the Land, Unit B and the Improvements in a condition comparable to new condition, ordinary wear and tear excepted. When used in this Lease, the term "repairs" shall include replacement or removal when necessary. All such repairs shall be equal in quality to the original work. Tenant shall pay when due all charges for janitorial and landscaping services, trash removal and snow removal, fuel, water, gas, sewer, electricity, other utilities and services, and all other charges of every kind and nature incurred in the use, occupation, maintenance, operation or possession of the Land, Unit B and the Improvements throughout the term of this Lease. Should Tenant fail to pay any such charges, or to maintain the Land, Unit B or the Improvements or to make or commence to make any repair or replacement required by this paragraph for a period of thirty (30) days after receipt of written notice of the necessity for same by Vail to Tenant, Vail at its option with respect to a condition on the Land, but outside the interior of Unit B and which poses an immediate risk of personal injury, may pay any such charges or make any such repair or replacement, and any sums paid by Vail for such purposes shall be repaid by Tenant to Vail on the first day of the calendar month next following payment thereof. SECTION 8 A. Insurance: Tenant shall maintain at all times during the term of this Lease, at its expense, a public liability insurance policy covering the Land and Unit B with limits of at least two million dollars ($2,000,000.00) for any number of persons injured or killed in one accident and one million dollars ($1,000,000.00) property damage resulting from any occurrence upon the Project (including any sidewalk or driveway contiguous to or abutting the Project.) Vail shall be named as an additional insured on such policy. Vail shall have the right to reasonably increase the amount of insurance required by this Section 8 not more than once every ten (10) years during the term of this Lease. 2 22 B. Vail's Non-Liability/Indemnification: Except for the willful acts of Vail or Vail's failure to act as necessary to discharge its obligations under this Lease, Vail shall not be liable for (i) any damages to the Land, Unit A, the Improvements or any part thereof, or (ii) any damage to any person or property , regardless of the cause thereof, and Tenant hereby agrees to indemnify, hold harmless and defend Vail and its representatives, officers, employees, agents, and contractors from and against all liabilities, penalties, costs, losses, damages, expenses, causes of action, claims, demands, or judgments, including, without limitation, reasonable attorney fees, arising from or in any way connected with injury to or the death of any person or physical damage to any property resulting from any act, omission, condition, or other matter related to or occurring on or about the Property under this Agreement. SECTION 9 Notices: If either party desires to give notice to the other in connection with and according to the terms of this agreement, such notice shall be by certified mail and it shall be deemed given when deposited in the United States mail with postage pre -paid and such notices are addressed as follows: To Vail: To Tenant: Town Manager Town of Vail 75 S. Frontage Road Vail, Colorado 81657 IN WITNESS WHEREOF, the parties hereto have duly executed this Lease as of the day and year first written above. TOWN OF VAIL A Colorado Municipal Corporation BY: ,A. Pamela A. Brandmeye , cting Town Manager Attest mmy N , Duty Clerk STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me thi 3ay ofSune , 2010, by Pamela A. Brandmeyer, Acting Town Manager of the Town of Vail. Witness my hand and official seal. : `C`'' • • • •' 0 6-''`F My commission expires _; Q V '•,0. J ca J • No a ubfc "•• `` 23 By: _ andVe4beLcca`FrieLsenHunt Bryan D. unt STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day ot 2010, by Rebecca Friesen Hunt and Bryan D. Hunt, Owners of Unit B of the Arosa Drive Duplex Residence. Witness my hand and official sea ` My commission expires l L_ 3\ 6 3 . Notary Pub is HENRY JAMES NOTARY PUBLIC STATE OF COLORADO i My Commission Expires 12/30M13 4 24 Exhibit A LOT 8B, VAIL RIDGE, A RESLBDIVISION OF LOT 8, BLOCK C, ACCORDING TO THE PLAT RECORDED JUNE 22, 2010 UNDER RECEPTION NO. 201012562, COUNTI' OF EAGLE, STATE OF COLORADO. Dorm 13426 07/2008 exhibit.a.odt V50028641 19841753) 25