HomeMy WebLinkAbout2018-01 VLHA Amendment to development agreement between VLHA and Sonnenalp Properties (Solar Vail) RESOLUTION NO. 1
Series of 2018
VAIL LOCAL HOUSING AUTHORITY
A RESOLUTION APPROVING AN AMENDMENT TO THE DEVELOPMENT AGREEMENT
DATED OCTOBER 25, 2017 BETWEEN THE TOWN OF VAIL, THE VAIL LOCAL
HOUSING AUTHORITY AND SONNENALP PROPERTIES, INC.; AND SETTING FORTH
DETAILS IN REGARD THERETO.
WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of
Colorado is a home rule municipal corporation duly organized and existing under the laws
of the State of Colorado and the Town Charter (the "Charter");
WHEREAS, the members of the Vail Local Housing Authority (the "VLHA") have
been duly elected and qualified;
WHEREAS, Sonnenalp Properties Inc. (the "Developer") is the owner of certain real
property with a physical address of 501 North Frontage Road West, Vail, CO 81658 (the
"Property");
WHEREAS, the Parties wish to amend the Agreement as set forth in this Amendment.
NOW, THEREFORE, for and in consideration of the mutual promises and covenants
contained herein, the sufficiency of which is mutually acknowledged, the Parties agree as
follows:
1. Section 3.a. of the Agreement is hereby amended to read as follows:
a. Payment. On or before April 30, 2018, if Developer has complied with the
Approved Plans and this Agreement, the Town shall provide to Developer evidence of
annual appropriation by the Town Council sufficient to meet the Town's obligations under this
Agreement. Subject to Section 8.h. hereof, if Developer completes the Development in
accordance with this Agreement and the Approved Plan, within 30 days of issuance of any
certificate of occupancy for the Development the Town shall pay the Town Contribution to
Developer.
2. Section 5.a. of the Agreement is hereby amended to read as follows:
a. Construction of Improvements. Developer shall, at its sole cost and in
compliance with this Agreement, the Approved Plan and the Vail Town Code, construct all
new improvements on the Property, including the Units, signage, streets, sidewalks, utilities
and other improvements necessary for the Development. Developer shall obtain final PEC
approval of the Development on or before March 26, 2018, and shall obtain from the Town
the first building permit for the Development on or before April 30, 2018.
3. The remainder of the Agreement, including all Exhibits, shall remain unchanged and
in full force and effect.
Resolution No. 4, Series of 2017
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail
Local Housing Authority of the Town of Vail held this 23rd day of January 2018.
Steve Lindstrom,
Vail Local Housing Authority Chairman
Town of Vail, Colorado
q,ST:
Lynne Campbell
Town of Vail Housing Coordinator
Resolution No.4, Series of 2017
AMENDMENT TO DEVELOPMENT AGREEMENT
THIS AMENDMENT TO DEVELOPMENT AGREEMENT (the "Amendment") is
made this o day of � , 2018 (the "Effective Date"), by and among
the Town of Vail, Colorado, a Colorado home rule municipality with an address of 75
South Frontage Road, Vail, Colorado 81657 (the "Town"), the Vail Local Housing
Authority, a local housing authority with an address of 75 South Frontage Road, Vail,
Colorado 81657 (the "VLHA"), and Sonnenalp Properties, Inc. a Colorado corporation
with an address of 20 Vail Rd., Vail, CO 81657 ("Developer") (each individually a "Party"
and collectively the "Parties").
WHEREAS, the Parties entered into a Development Agreement dated October
25, 2017 (the "Agreement"); and
WHEREAS, the Parties wish to amend the Agreement as set forth in this
Amendment.
NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which is mutually acknowledged, the
Parties agree as follows:
1. Section 3.a. of the Agreement is hereby amended to read as follows:
a. Payment. On or before April 30, 2018, if Developer has complied with the
Approved Plans and this Agreement, the Town shall provide to Developer evidence of
annual appropriation by the Town Council sufficient to meet the Town's obligations
under this Agreement. Subject to Section 8.h. hereof, if Developer completes the
Development in accordance with this Agreement and the Approved Plan, within 30 days
of issuance of any certificate of occupancy for the Development the Town shall pay the
Town Contribution to Developer.
2. Section 5.a. of the Agreement is hereby amended to read as follows:
a. Construction of Improvements. Developer shall, at its sole cost and in
compliance with this Agreement, the Approved Plan and the Vail Town Code, construct
all new improvements on the Property, including the Units, signage, streets, sidewalks,
utilities and other improvements necessary for the Development. Developer shall obtain
final PEC approval of the Development on or before March 26, 2018, and shall obtain
from the Town the first building permit for the Development on or before April 30, 2018.
3. The remainder of the Agreement, including all Exhibits, shall remain unchanged
and in full force and effect.
1/18/2018
C.1USERSITNAGEL.VAILGOV.0251APPDATAILOCALIMICROSOFTIW/NDOWSIINETCACHEICONTENT.OUTLOOKIUJWKOB5L1
DA AMEND-A011118.DOCX
WHEREFORE, the Parties have executed this Agreement as of the Effective
Date.
stv`40 P lI TOWN OF VAIL, COLORADO
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41 VAIL LOCAL USING AUTHORITY
Steve Lindstrom, Chair
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The foregoing instrument was subscribed, sworn to, and acknowledged
before me this d S day of jc..,,"�;1 , 2018, by`50V„, l c.4.c.15 I.e,c,
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