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HomeMy WebLinkAbout2014-01 VLHA Timber Ridge Redevelopment Agreement VAIL LOCAL HOUSING AUTHORITY A RESOLUTION APPROVING AN AGREEMENT REGARDING A REDEVELOPMENT PROJECT FOR THE TIMBER RIDGE PROPERTY WHEREAS, the Town of Vail is planning a redevelopment 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; WHEREAS, to accommodate the redevelopment project, the master lessee of the Timber Ridge property is seeking a property tax exemption from the Eagle County Assessor; WHEREAS, to obtain the property tax exemption from the Eagle County Assessor, the Vail Local Housing Authority (the "VLHA") will eventually accept an ownership interest in the entity that will act as the master lessee of the Timber Ridge property; and WHEREAS, the attached agreement evidences the VLHA's intent to accept an ownership interest in the entity that will act as the master lessee of the Timber Ridge property, once an operating agreement has been negotiated by the parties. NOW THEREFORE BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY, THAT: Section 1. The VLHA hereby approves the Agreement Regarding Lion's Ridge Apartment Homes Project by and between Gorman Employee Group Lion's Ridge LLC, the Town of Vail and the VLHA, in substantially the form attached hereto, subject to final approval by the Town Attorney. Section 2. Consistent with the attached agreement, 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. INTRODUCED, PASSED AND ADOPTED this 28th day of January, 2014. Steve Lindstrom , Chair ATTEST: Secretary 1 1/27/2014 Q:IUSERSIVAILIVLHAIRESITIMBER RIDGE K APPROVAL.DOCX