HomeMy WebLinkAbout2017-03 VLHA Lions Ridge Apartment Homes Findings Resolution No. 3, Series 2017
VAIL LOCAL HOUSING AUTHORITY
A RESOLUTION MAKING FINDINGS AND REGARDING LION'S RIDGE
APARTMENT HOMES EMPLOYEE HOUSING PROJECT
WHEREAS, a portion of the Timber Ridge Employee Housing Project has been
redeveloped pursuant to a Ground Lease between the Town of Vail and Lion's Ridge
Apartment Homes, LLC ("Developer"), and such re-development is now known as Lion's
Ridge Apartment Homes (the "Project");
WHEREAS, the Developer previously obtained a property tax exemption from the
Eagle County Assessor pursuant to CRS 29-4-227, based on Vail Local Housing
Authority's ownership of a 0.01% interest in the Developer entity;
WHEREAS, subsequent to completion of the Project, CRS 29-4-227 was
amended, and now requires specific findings by Vail Local Housing Authority of the
percentage of the Project that is for occupancy by persons of low income;
WHEREAS, Vail Local Housing Authority considered all facts and circumstances
relating to the use, rental and deed restricted occupancy of the Project by tenants
thereof at its meeting held on June 13, 2017.
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 June 13, 2017 meeting of the VLHA Commissioners, that the
percentage of the Project that substantially benefits persons of low income is at least
70%.
INTRODUCED, PASSED AND ADOPTED this 13th day of June, 2017.
Steve Lindstrom, Chair
ATTEST:
Secret ry