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HomeMy WebLinkAbout2014-02 VLHA Timber Ridge Redevelopment Findings VAIL LOCAL HOUSING AUTHORITY A RESOLUTION MAKING FINDINGS AND APPROVING AN OPERATING AGREEMENT REGARDING A REDEVELOPMENT PROJECT FOR THE TIMBER RIDGE PROPERTY WHEREAS, the Town of Vail is planning a redevelopment project (the "Project") for the Timber Ridge property, which property is more particularly described as Lot 2, Timber Ridge Subdivision, a Resubdivision of Lion's Ridge Subdivision, Block C, a Resubdivision of Lots 1, 2, 3, 4 & 5, Town of Vail, County of Eagle, State of Colorado (the "Property"); WHEREAS, the Property is currently owned by the Town of Vail and is exempt from property taxation; WHEREAS, to facilitate the Project, the developer seeks to continue the existing property tax exemption for the Property; WHEREAS, to continue the property tax exemption from the Eagle County Assessor, the Vail Local Housing Authority (the "VLHA") must find that the Project substantially benefits persons of low income as determined by the VLHA; WHEREAS, to continue the property tax exemption from the Eagle County Assessor, the VLHA will also accept a nominal ownership interest in the entity that will act as the master lessee of the Property, which entity is known as Lion's Ridge Apartment Homes, LLC (the "LLC"); and WHEREAS, for the VLHA to accept an ownership interest in the LLC, the VLHA must approve the Operating Agreement for the LLC. NOW THEREFORE BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The VLHA hereby finds and determines, based on the evidence presented at the August 21, 2014 meeting of the VLHA Commissioners, that the redevelopment project contemplated for the Property substantially benefits persons of low income. Section 2. The VLHA hereby finds that it is in the best interest of the public health, safety and welfare for the VLHA to accept an ownership interest in the entity that will act as the master lessee of the Timber Ridge property. Section 3. Based on the foregoing findings, the VLHA hereby approves the Operating Agreement for Lion's Ridge Apartment Homes, LLC in substantially the form attached hereto, subject to final approval by the Town Attorney, and upon such approval, the Chair is authorized to execute such Operating Agreement. 1 9/30/2014 IIVWS-STORAGEIDESKTOPS$WTIMMIDESKTOPITIMBER RIDGE OPERATING K APPROVAL.DOCX INTRODUCED, PASSED AND ADOPTED this 21st day of August, 2014. Steve Lindstrom, Chair ATTEST: Secretary 2 9/30/2014 11VWS-STORAGEIDESKTOPS$WTIMMIDESKTOPITIMBER RIDGE OPERATING K APPROVAL.DOCX