Loading...
HomeMy WebLinkAboutPEC110018 EHU Exchange Program Memo 041111To: Planning and Environmental Commission From: Community Development Department Date: April 25, 2011 Subject: A request for a recommendation to the Vail Town Council for prescribed regulation amendments, pursuant to Section 12-3-7, Amendment, Vail Town Code, to amend Chapter 12-13-5, Employee Housing Deed Restriction Exchange Program, Vail Town Code, to establish additional exchange methods within the Employee Housing Unit Exchange Program, and setting forth details in regard thereto. (PEC110018) Applicant: Town of Vail, represented by the Vail Local Housing Authority Planner: Rachel Dimond / Nina Timm I. SUMMARY The applicant, the Town of Vail, represented by the Vail Local Housing Authority, is requesting a recommendation to the Vail Town Council for prescribed regulation amendments, pursuant to Section 12-3-7, Amendment, Vail Town Code, to amend Chapter 12-13-5, Employee Housing Deed Restriction Exchange Program, Vail Town Code, to establish additional exchange methods within the Employee Housing Unit Exchange Program, and setting forth details in regard thereto. Based upon Staff’s review of the criteria outlined in Section VI of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Commission forwards a recommendation of approval subject to the findings noted in Section V of this memorandum. II. DESCRIPTION OF THE REQUEST Some employee housing unit deed restrictions in the Town of Vail do not require an employee to occupy the unit. Further, extensive Staff resources are utilized for enforcement with employee housing deed restrictions. The Town created an EHU Exchange Program to increase the number of employee occupied units while reducing Staff resources spent on enforcement. However, this program has not been utilized, in part, because of the onerous nature of the exchange. Specifically, in order to remove a deed restriction, an owner would have to convey a dwelling unit that the Town would then deed restrict and sell or rent at the Town’s benefit with no payment to the owner. The goals of the proposed text amendments are: To ensure there is deed restricted employee housing for 30% of Vail’s workforce Turn non-performing/unoccupied EHUs into performing/occupied EHUs Provide additional options for EHU exchanges to improve participation in the program Improve compliance with EHU deed restrictions The existing exchange program regulations allow existing deed restricted employee housing to have the deed restriction removed in exchange for giving the Town of Vail a dwelling unit fee simple for the purpose of placing a deed restriction on that dwelling unit and housing employees through the resale or rental of that employee housing unit. According to the existing regulations, up to 20% of the required exchange square footage may be paid by fee-in-lieu. The proposed regulations create two new options for the exchange program: Partial or full cash fee-in-lieu payment Allow owners to keep proposed EHU instead of deeding unit to the Town of Vail for rental or resale The following are pros and cons for adopting the proposed regulations: PROS: Allows removal of non-performing EHUs in exchange for EHUs that actually house employees Creates a partnership with the community for the creation of more performing EHUs Allows Town resources to be used more effectively for compliance instead of enforcement Provision of cash to the Town of Vail will allow the Town to deed restrict a wider variety of unit types CONS: Allows deed restrictions to be removed from the commercial core, which could reduce the dispersal of EHUs throughout the town and further concentrate EHUs in less expensive neighborhoods The proposed program would allow EHU owners to pay their way out of their employee housing commitment Due to changes in GRFA requirements, EHUs that are eliminated in the commercial job core will not likely be replaced in a similar location The proposed regulation amendments are as follows (text that is to be added is bold italics): 12-13-5: Employee Housing Unit Deed Restriction Exchange Program: Purpose: The purpose of this Section is to provide occupied livable, affordable employee housing units within the Town of Vail through the establishment of an employee housing unit deed restriction exchange program. The exchange program allows for the Vail Town Council to release of a deed restriction from an existing employee housing unit in exchange for the conveyance of a free-market dwelling unit to the Town of Vail to be deed restricted the placement of an employee housing deed restriction on a proposed EHU and/ or a fee-in-lieu payment made to the Town of Vail. Applicability: The program established under this Section applies to existing employee housing units. This shall not apply to any existing employee housing unit that is already price appreciation capped or any employee housing unit established to meet the on-site employee mitigation requirements of Chapter 12-23, Commercial Linkage, or Chapter 12-24, Inclusionary Zoning, or as part of an approved development plan. Definitions: For the purpose of this Section: Commercial Job Core: Those areas located south of Interstate 70, east of the intersection of Forest Road and South Frontage Road, north of Vail Mountain, and west of the Town of Vail Soccer Fields on Vail Valley Road, as further defined by Exhibit A in this Section. Exchange EHU: The existing non-price appreciation capped employee housing unit with a deed restriction that is being proposed to have the deed restriction released as part of this program. Proposed EHU: The existing dwelling unit that is being proposed to receive an be conveyed to the Town of Vail for the purpose of placing a new employee housing deed restriction as part of this program. General Requirements: The Town Council may approve the removal of an employee housing deed restriction from an existing employee housing unit in exchange for the placement of an employee housing deed restriction on to another dwelling unit, and/or the payment of a fee-in-lieu. Exchange EHU requirements: The exchange EHU shall not be part of any employee housing project developed or deed-restricted (in part or in whole) by the Town of Vail. The exchange EHU shall not be part of any on-site employee housing mitigation required by inclusionary zoning, commercial linkage, or as part of an approved development plan. c. The property that includes the exchange EHU shall comply with the prescribed development standards (density controls including GRFA and number of units, site coverage, landscaping and parking requirements, etc.), as outlined in the applicable zone district section of Title 12, Zoning Regulations, Vail Town Code, upon exchange of the deed restrictions. Proposed EHU requirements: The proposed EHU(s) shall be located within the Town of Vail. The proposed EHU(s) shall be within a homeowners association that does not preclude deed restricted units, does not have a right of first refusal, does not have right to approve the sale or the sale contract, or have any other requirements deemed to be similarly restrictive by the Administrator. c. The proposed EHU shall comply with the minimum size requirements shown in Table 13-2. TABLE 13-2: MINIMUM SIZE OF EMPLOYEE HOUSING UNITS Type Of Unit Minimum Size (GRFA)  Studio 438 square feet  1 bedroom 613 square feet  2 bedroom 788 square feet  3+ bedrooms 1,225 square feet   d. The proposed EHU shall contain a kitchen facility or kitchenette and a bathroom. e. All trash facilities shall be enclosed. f. The property on which the proposed EHU is located shall comply with Chapter 12-10, Off-Street Parking and Loading, Vail Town Code. g. The proposed EHU shall have its own entrance. There shall be no interior access from the proposed EHU to any dwelling unit to which it may be attached. Exchange Rate for Proposed EHUs: If the exchange EHU(s) is within the commercial job core and the proposed EHU(s) is also within the commercial job core, the gross residential floor area (GRFA) of the proposed EHU(s) shall be a minimum of two (2) times the gross residential floor area (GRFA) of the exchange EHU. If the exchange EHU is within the commercial job core and the proposed EHU(s) is outside of the commercial job core, the gross residential floor area (GRFA) of the proposed EHU(s) shall be a minimum of three (3) times the gross residential floor area (GRFA) of the exchange EHU. If the exchange EHU is outside of the commercial job core and the proposed EHU(s) is inside of the commercial job core, the gross residential floor area (GRFA) of the proposed EHU(s) shall be a minimum of one and one-half (1.5) times the gross residential floor area (GRFA) of the exchange EHU. If the exchange EHU is outside of the commercial job core and the proposed EHU(s) is outside of the commercial job core, the gross residential floor area (GRFA) of the proposed EHU(s) shall be a minimum of two (2) times the gross residential floor area (GRFA) of the exchange EHU. 4. Exception; Fee-In-Lieu: The applicant may elect to provide a proposed EHU(s) that is within 80% of the minimum required gross residential floor area (GRFA) for the proposed EHU if a payment is made for the remaining minimum required gross residential floor area (GRFA) at the rate established by the Vail Town Council for Inclusionary Zoning payments of fee in lieu established by Chapter 12-23, Inclusionary Zoning, Vail Town Code. 45. No Credit Given: If the gross residential floor area (GRFA) of the proposed EHU(s) is in excess of the minimum required gross residential floor area (GRFA) or fee-in-lieu payment is in excess of the required payment as set forth in Subsection D3 above, the additional gross residential floor area (GRFA) or payment shall not be eligible for use as any form of future credit or for the Commercial Linkage or Inclusionary Zoning employee housing mitigation banks established by Sections 12-23-7 and 12-24-7, Vail Town Code. 6. Compliance with Zoning Regulations: The properties that include the exchange EHU and the proposed EHU(s) shall fully comply with all requirements of Title 12, Zoning Regulations, and Title 14, Development Standards, Vail Town Code, upon exchange of the deed restrictions. 7. Conveyance of Proposed EHU: The proposed EHU shall be conveyed, fee simple, to the Town of Vail. 5. Fee-In-Lieu: The applicant may elect to provide a fee-in-lieu payment to the Town of Vail for any portion of the required square footage not provided by a proposed EHU. The applicant shall pay a fee-in-lieu equal to the following formulas: Existing EHU sq ft x multiplier x inclusionary zoning fee = Fee-in-Lieu Payment If the exchange EHU was approved prior to July 22, 1994 and has a deed restriction that includes the language stating “if the unit is rented, it shall be rented only to tenants who are full time employees…,” the formula for fee-in-lieu payment is: [the square footage of the exchange EHU as recorded on the deed restriction] x [the current rate for inclusionary zoning fee-in-lieu] x 1 If the exchange EHU was approved after July 22, 1994 and/or does not have a deed restriction that includes the language stating “if the unit is rented, it shall be rented only to tenants who are full time employees…”, and If the exchange EHU is outside of the commercial job core, the formula for fee-in-lieu payment is: [the square footage of the exchange EHU as recorded on the deed restriction] x [the current rate for inclusionary zoning fee-in-lieu] x 2 If the exchange EHU was approved after July 22, 1994 and/or does not have a deed restriction that includes the language stating “if the unit is rented, it shall be rented only to tenants who are full time employees…”, and is within the commercial job core, the formula for fee-in-lieu payment is: [the square footage of the exchange EHU as recorded on the deed restriction] x [the current rate for inclusionary zoning fee-in-lieu] x 3 E. Fees: The Town Council shall set an application fee schedule sufficient to cover the cost of Town Staff time and other expenses incidental to the review of the application. The fee shall be paid at the time of the application, and shall not be refundable. F. Review Process: Submittal Requirements: The Administrator shall establish the submittal requirements for an Employee Housing Deed Restriction Exchange application. A complete list of the submittal requirements shall be maintained by the Administrator and filed in the Community Development Department. Certain submittal requirements may be waived and/or modified by the Administrator and/or the reviewing body if it is demonstrated by the applicant that the information and materials required are not relevant to the proposed exchange. The Administrator and/or the reviewing body may require the submission of additional materials if deemed necessary to properly evaluate the application. Review Procedures: Administrator Review: The Administrator shall review the application for completeness and compliance with this Section, and shall make a determination of completeness and compliance with this Section within fourteen (14) days of application submittal. Should the Administrator deem that the application is incomplete or not in compliance with this Section, the Administrator shall deny the application. Should the Administrator deem the application is both complete and in compliance with this Section, the Administrator shall forward the application for review by the Vail Local Housing Authority. Vail Local Housing Authority Review: The review of a proposed Employee Housing Deed Restriction Exchange application shall be held by the Vail Local Housing Authority at a regularly scheduled meeting. A report of the Community Development Department Staff's findings and recommendations shall be made at the formal hearing before the Vail Local Housing Authority. Within twenty (20) days of the closing of a public hearing on a proposed amendment, the Vail Local Housing Authority shall act on the application. The Authority may recommend approval of the application as initiated, may recommend approval with such modifications as it deems necessary to accomplish the purposes of this Title, or may recommend denial of the application. The Authority shall transmit its recommendation, together with a report on the public hearing and its deliberations and findings, to the Town Council. Town Council Review: Upon receipt of the report and recommendation of the Authority, the Town Council shall set a date for hearing within the following thirty (30) days. Within twenty (20) days of the closing of a public hearing on the application, the Town Council shall act on the application. The Town Council shall consider but shall not be bound by the recommendation of the Vail Local Housing Authority. The Town Council may approve, either in accordance with the recommendation of the Vail Local Housing Authority or in modified form, or the Council may deny the application. Appeal: Administrator and Town Council decisions may be appealed in accordance with the provisions in section 12-3-3, "Appeals", of this title. Criteria and Findings: Criteria: Before acting on an Employee Housing Deed Restriction Exchange application, the Vail Local Housing Authority and Vail Town Council shall consider the following criteria with respect to the application: The proximity and accessibility of the proposed EHU(s) to the Commercial Job Core and public transportation; and The size of the proposed EHU(s) in relation to the minimum employee housing unit sizes established for Commercial Linkage mitigation in Section 12-23-3, Vail Town Code; and The effect of any homeowners association dues or maintenance fees imposed upon the proposed EHU(s) on the affordability of the proposed unit for an employee; and The correlation between any homeowners association fees imposed upon the proposed EHU(s) and the services and amenities provided by the homeowners association. The extent to which the exchange is consistent with all the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; and The extent to which the exchange presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives; and The extent to which the exchange provides for the growth of an orderly viable community and serves the best interests of the community as a whole. b. Necessary Findings: Before recommending and/or granting an approval of an Employee Housing Deed Restriction Exchange application, the Vail Local Housing Authority and the Vail Town Council shall make the following findings with respect to the application: The application meets the general requirements of Section 12-13-5D, Vail Town Code; and The application is consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the Town; and The application furthers the general and specific purposes of the zoning regulations, Section 12-1-2, Vail Town Code, and the employee housing regulations, Section 12-13-1, Vail Town Code; and The application promotes the health, safety, morals, and general welfare of the town and promotes the coordinated and harmonious development of the town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality. III. BACKGROUND On January 2, 2009, the Vail Town Council adopted the Employee Housing Unit Exchange Program. The program allows owners of deed restricted employee housing units (EHU) to exchange the existing deed restricted unit for another unit elsewhere in the Town of Vail.  The program applies to all non-appreciation capped, deed-restricted employee housing units in Vail that are attached to a private residence and are not required by the Town’s Zoning Regulations to mitigate a development’s impact.   There are currently 699 deed restricted employee housing units in Vail.  There are numerous variations within each of the restrictions.  Generally, there are five categories of restrictions based on the time the restriction was recorded. Deed Restriction:  not required to rent or provide annual verification Deed Restriction:  not required to rent and must provide annual verification Deed Restriction:  required to rent and required to provide annual verification Deed Restriction:  required to rent and provide notarized affidavit annually Deed Restriction:  required to be owner-occupied, appreciation capped and provide annual verification By the Numbers: 31 EHUs are not required to be rented or provide annual verification 22 EHUs are not required to be rented and must provide annual verification 81 EHUs are owner-occupied and appreciation capped 45 EHUs are owned by the Town of Vail 108 EHUs are required to mitigate development impacts 198 EHUs are at Timber Ridge Village Apartments 142 EHUs are at Middle Creek Village Apartments Approximately 125 EHUs are eligible to participate in the Employee Housing Deed Restriction Exchange Program.  Included in the 125 are 53 EHUs that are not required to be employee occupied.  The current Exchange Program does not take into account the “reduced value” to the Town of Vail of those particular deed restrictions. Amendments to the Exchange Program should take those EHUs into account. This will allow the Town and those owners to achieve the Town’s goal of increasing the number of employee occupied units in Vail.  Taking into account all of these factors, there are +/- 75 EHU owners that could benefit or be able to utilize the Exchange Program. As of April 11, 2011, the program has not fulfilled the goal of converting non-performing EHUs into employee occupied, performing EHUs in Vail, as no one has utilized the program. If no action is taken, this will likely continue to be the scenario, with no participants in the program. This will further exacerbate the underlying problem of EHU enforcement. Each year, Staff confirms compliance with the deed restriction through an annual affidavit by EHU owners. However, the validity of certain information within the affidavits has been called into question. Further, Town resources spent on the affidavit process could be spent elsewhere if employee housing deed restrictions could be lifted from non-performing EHUs. On February 3, 2011, the Vail Town Council received a letter from a Vail property owner requesting an amendment to the program to provide an additional method of exchange. Based upon the letter and the fact that no one has utilized the program, Staff presented proposed amendments at the Vail Town Council public hearing on March 1. Town Council requested recommendations on the following proposals: An exchange rate for units approved prior to Ordinance No. 14, Series of 1994, that do not require the EHU to be occupied; and A proposed method of exchange that may be financially more practical for a local EHU owner to utilize the exchange program. The Town Council requested Staff present the proposed amendments to the VLHA and include their recommendation(s) in any proposed amendments. The Vail Local Housing Authority met on March 23 and April 12, 2011 and made recommendations for the proposed amendments that are outlined in Section IV of this memorandum. IV. VAIL LOCAL HOUSING AUTHORITY RECOMMENDATION At the March 1, 2011 Vail Town Council public hearing, the Town Council requested the Vail Local Housing Authority (VLHA) provide a recommendation regarding proposed changes to the Employee Housing Deed Restriction Exchange Program, 12-13-5, Vail Town Code. The VLHA met on March 23 and April 12 to discuss proposed amendments as well as the Planning and Environmental Commission’s (PEC) input from the PEC’s April 11 public hearing. The VLHA recommends amending the Exchange Program in order to increase the number of occupied employee housing units and moving the Town closer to fulfilling its goal of providing deed restricted employee housing for at least 30% of Vail’s workforce within the Town of Vail. At the March 23, 2011 VLHA Meeting, the VLHA: Affirmed that allowing existing EHU owners to exchange a non-performing EHU is a win-win for the Town, the existing EHU owner, and employees Recognized the Exchange Program is an efficient use of Town resources Unanimously recommended adding additional methods of exchanging EHUs in order to convert non-performing EHUs into performing EHUs Recommends adding two new methods of exchanging an EHU A full cash payment option A deed restriction relocation option At the April 12, 2011 VLHA Meeting, the VLHA: Re-affirmed that a successful Exchange Program is an efficient tool for the conversion of non-performing EHUs into performing EHUs Acknowledged that no EHU owner is ever compelled to use the Exchange Program and that each EHU owner that does utilize the Exchange Program will be motivated by their personal reasons to participate in the Exchange Program Discussed the PEC’s recommendations on proposed amendments Re-affirmed that a cash payment option is an important option to maintain Any funds collected shall be placed in a dedicated fund and be timely spent establishing new EHUs in Vail The decision to make a cash payment is up to the existing EHU owner Cash payments allow for an exact exchange with no credits remaining There will always be a need for funds Buy-down existing units so they are not converted to second homes Opportunities to create new units in the future By allowing a cash payment option of 1% to 100% there is no need to create a separate “bank” program Existing EHU owners may choose to relocate the EHU and provide a unit that is the size they determine is most effective for them If the unit is smaller than required they will pay a fee-in-lieu for the difference in required square feet They may choose a unit that is larger than required because it better meets their needs Examples: generates more rental income per square foot, costs less per square foot, or meets some other need they have No credits should be given for square feet in excess of the required square feet By allowing cash payments and not providing a “bank” program each exchange is completed in one transaction with the Town IV. APPLICABLE DOCUMENTS Staff believes the following documents are relevant to the review of this proposal: Title 12, Zoning Regulations, Vail Town Code (in part) 12-1-2: Purpose A. General: These regulations are enacted for the purpose of promoting the health, safety, morals, and general welfare of the Town, and to promote the coordinated and harmonious development of the Town in a manner that will conserve and enhance its natural environment and its established character as a resort and residential community of high quality. B. Specific: These regulations are intended to achieve the following more specific purposes: To provide for adequate light, air, sanitation, drainage, and public facilities. To secure safety from fire, panic, flood, avalanche, accumulation of snow, and other dangerous conditions. To promote safe and efficient pedestrian and vehicular traffic circulation and to lessen congestion in the streets. To promote adequate and appropriately located off street parking and loading facilities. To conserve and maintain established community qualities and economic values. To encourage a harmonious, convenient, workable relationship among land uses, consistent with municipal development objectives. To prevent excessive population densities and overcrowding of the land with structures. To safeguard and enhance the appearance of the town. To conserve and protect wildlife, streams, woods, hillsides, and other desirable natural features. To assure adequate open space, recreation opportunities, and other amenities and facilities conducive to desired living quarters. To otherwise provide for the growth of an orderly and viable community. 12-13-1: Purpose: The town's economy is largely tourist based and the health of this economy is premised on exemplary service for Vail's guests. Vail's ability to provide such service is dependent upon a strong, high quality and consistently available work force. To achieve such a work force, the community must work to provide quality living and working conditions. Availability and affordability of housing plays a critical role in creating quality living and working conditions for the community's work force. The town recognizes a permanent, year round population plays an important role in sustaining a healthy, viable community. Further, the town recognizes its role in conjunction with the private sector in ensuring housing is available. V. REVIEW CRITERIA The extent to which the text amendment furthers the general and specific purposes of the Zoning Regulations; and Staff finds the text amendments further the general and specific purposes of the Zoning Regulations. Specifically, the purpose of the text amendments is to exchange non-performing (under-utilized) EHUs for performing EHUs. This in turn will further the Town’s goal of providing deed-restricted employee housing for 30% of the workforce. This will further the specific goals of the Zoning Regulations, including conserving and maintaining “established community qualities and economic values,” encouraging “a harmonious, convenient, workable relationship among land uses, consistent with municipal development objectives” and “to otherwise provide for the growth of an orderly and viable community.” The extent to which the text amendment would better implement and better achieve the applicable elements of the adopted goals, objectives, and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and The Town of Vail adopted the Employee Housing Strategic Plan on September 2, 2008 and established the goal “to ensure there is deed restricted housing for at least 30% of Vail’s workforce within the Town of Vail.” Increasing the number of performing EHUs with the Exchange Program will further the Town’s efforts in achieving its adopted goal. As of April 11, 2011, the program has not fulfilled the goal of converting non-performing EHUs into employee occupied, performing EHUs in Vail, as no one has utilized the program. If no action is taken, this will likely continue to be the scenario, with no participants in the program. The current policy has not been effective in increasing the number of occupied EHUs in Vail. The proposed amendments will increase Vail’s ability to control the requirements, occupancy, and types of future EHUs. Additionally, the proposed amendments allow the Town the flexibility to provide a wider variety of EHU types than has historically been offered in Vail. The proposed regulations will also further the goal of the Town of Vail to use resources efficiently. Each year, Staff confirms compliance with the deed restriction through an annual affidavit by EHU owners. However, the validity of certain information within the affidavits has been called into question. Further, Town resources spent on the affidavit process could be spent elsewhere if employee housing deed restrictions could be lifted from non-performing EHUs. The proposed regulations will increase the Town’s efficiency and occupancy of EHUs. The extent to which the text amendment demonstrates how conditions have substantially changed since the adoption of the subject regulation and how the existing regulation is no longer appropriate or is inapplicable; and The Exchange Program has not been utilized since it was adopted in January 2009. Staff believes the changes in real estate values since the time when most employee housing units were built and when the EHU Exchange Program was adopted have changed substantially enough to warrant amending the subject regulation. Additionally, the current regulations do not reflect the Town’s focus on increasing the qualitative aspects of employee housing units. The extent to which the text amendment provides a harmonious, convenient, workable relationship among land use regulations consistent with municipal development objectives. The proposed regulation amendment requires the exchange EHU remain in full compliance with the Town’s zoning regulations. This will prevent a property owner from benefiting unfairly from the proposed amendment. EHUs are allowed in all residential zone districts therefor future EHUs will also be in full compliance with the Town’s zoning regulations. Therefore, Staff believes the proposed text amendments will facilitate and provide a harmonious, convenient, workable relationship among land use regulations consistent with the Town of Vail master plans and development objectives. Such other factors and criteria the Commission and/or Council deem applicable to the proposed text amendment. VI. STAFF RECOMMENDATION The Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of approval to the Vail Town Council for prescribed regulation amendments, pursuant to Section 12-3-7, Amendment, Vail Town Code, to amend Chapter 12-13-5, Employee Housing Deed Restriction Exchange Program, Vail Town Code, to establish additional exchange methods within the Employee Housing Unit Exchange Program, and setting forth details in regard thereto. Should the Planning and Environmental Commission choose to forward a recommendation of approval of this request, the Community Development Department recommends the Commission pass the following motion: “The Planning and Environmental Commission forwards a recommendation of approval to the Vail Town Council for prescribed regulation amendments, pursuant to Section 12-3-7, Amendment, Vail Town Code, to amend Chapter 12-13-5, Employee Housing Deed Restriction Exchange Program, Vail Town Code, to establish additional exchange methods within the Employee Housing Unit Exchange Program, and setting forth details in regard thereto.” Should the Planning and Environmental Commission choose to forward a recommendation of approval to the Vail Town Council for the proposed text amendment, the Community Development Department recommends the Commission makes the following findings: “Based upon the review of the criteria outlined in Section V of Staff’s April 11, 2011 memorandum and the evidence and testimony presented, the Planning and Environmental Commission finds: That the amendment is consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; and That the amendment furthers the general and specific purposes of the Zoning Regulations outlined in Section 12-1-2, Purpose, and 12-13-1 Purpose, Vail Town Code; and That the amendment promotes the health, safety, morals, and general welfare of the Town and promotes the coordinated and harmonious development of the Town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality.”