HomeMy WebLinkAboutResolution No. 3, Series of 2007 - Vail Reinvestment AuthorityFILE COPY
VAIL REINVESTMENT AUTHORITY
RESOLUTION NO. 3
Series of 2007
A RESOLUTION DESIGNATING SOLARIS PROPERTY OWNER, LLC, AS THE
SUCCESSFUL RESPONDENT UNDER THE REQUEST FOR PROPOSALS AND
DEVELOPER OF THE CROSSROADS PROPERTY; AND SETTING FORTH DETAILS IN
REGARD THERETO.
WHEREAS, the Vail Reinvestment Authority ( "Authority") has created an Urban Renewal
Area that includes certain real property located in the Town of Vail, Colorado (the " Town "), and
commonly known as the Crossroads of Vail (the "Crossroads Property ");
WHEREAS, the Vail Town Council adopted Resolution No. 24, Series of 2006 approving
the Crossroads Reinvestment Plan on December 19, 2006.
WHEREAS, the purpose for creating this Urban Renewal Area is to facilitate the
redevelopment of the Crossroads Property consistent with the Town's Comprehensive Plan and
the approvals for redevelopment within Special Development District No. 39, Crossroads, the
4C Crossroads Reinvestment Plan, Town of Vail Ordinance No. 5, 2006, and Town of Vail
Ordinance No. 21, Series of 2007 (collectively, the "Approvals ");
WHEREAS; the Crossroads Property is encumbered by certain use restrictions and
other limitations arising under the Protective Covenants for Vail Village, First Filing, as originally
recorded in the real property records for Eagle County, Colorado (the " Records ") on August 10,
1962, in Book 174 at Page 179, and as subsequently amended (the " Covenants ");
WHEREAS; such Covenants contain use restrictions and other limiting provisions that
may prevent or conflict with the redevelopment of the Crossroads Property;
WHEREAS, in order to remove the Covenants, the Authority has acquired or will acquire
100% of the Crossroads Property for not less than fair value and will transfer the same to a
developer qualified to redevelop the Crossroads Property in accordance with the Approvals;
WHEREAS, the Vail Reinvestment Authority issued a request for proposals on June 5,
2007, seeking qualified developers to redevelop the Crossroads Property in conformance with
the Approvals (the " RFP ");
WHEREAS, the RFP was published in the Vail Daily for two consecutive weeks (June 5,
2007 through June 18, 2007) in compliance with C.R.S. §31 -25- 106(2);
WHEREAS, Solaris Property Owner, LLC ( " Solaris "), was the only qualified Respondent
under the RFP;
WHEREAS, the proposal submitted by Solaris satisfies all of the Qualification Conditions
set forth in the RFP;
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WHEREAS, Solaris has agreed to compensate the previous owners of the Crossroads
Property, on a pro -rata basis, for their fair market value of their ownership interest in the
Crossroads Property;
WHEREAS, the Vail Reinvestment Authority instituted a condemnation action in Eagle
County District Court, Civil Action No. 2007cv143 (the " First Action ") to acquire the most of the
Crossroads Property;
WHEREAS, a small portion of the Crossroads Property was intentionally omitted from
the First Action for purposes of maintaining an existing metropolitan district on the Crossroads
Property (the " Omitted Portion ");
WHEREAS, the Eagle County District Court entered a Rule and Order on May 23, 2007,
conveying the entire Crossroads Property, save for the Omitted Portion, to the Vail
Reinvestment Authority;
WHEREAS, the Vail Reinvestment Authority has instituted a condemnation action, Civil
Action No. 2007cv251, to acquire the Omitted Parcel (the "Second Action "), although the
Second Action remains incomplete; and
WHEREAS, conveyance of the entire Crossroads Property (including the Omitted
Portion) to Solaris will accomplish the goals of established in the Crossroads Reinvestment Plan
and the other Approvals.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE VAIL REINVESTMNENT AUTHORITY THAT:
1. Solaris is designated as the successful Respondent under the RFP and
developer of the Crossroads Property.
2. The Executive Director is authorized to execute deeds to the Crossroads
Property and the Omitted Parcel conveying both parcels to Solaris in a form approved by the
General Counsel and to execute such other documents as necessary to complete the
conveyance of both parcels.
INTRODUCED, READ, APPROVED AND ADOPTED this 7th day of August, 2007.
Rodney Slifer, Chair
ATTEST:
Stan Zemler, Secretary/Executive Director
Resolution No. 3, Series of 2007 2