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