HomeMy WebLinkAbout2019-05 VLHA Resolution East Vail Development Parcel VAIL LOCAL HOUSING ATHORITY
RESOLUTION NO. 5
Series of 2019
A RESOLUTION MAKING FINDINGS REGARDING A DEVELOPMENT PROJECT FOR
THE EAST VAIL DEVELOPMENT PARCEL; AND SETTING FORTH DETAILS IN
REGARD THERETO.
WHEREAS, Triumph Development West, LLC (the "Developer") is the prospective
owner of certain real property with a physical address of 3700 North Frontage Road East,
Vail, CO 81658 (the "Property");
WHEREAS, the Developer plans to develop the Property for as many as 145
resident-occupied, deed-restricted homes for Vail residents employed a minimum of 30
hours per week at a business licensed in the Town of Vail, (the "Development");
WHEREAS, the Developer has formed Triumph East Vail, LLC, a Delaware limited
liability company (the "Company") for purposes of developing, constructing, owning and
operating the Development;
WHEREAS, to facilitate the construction and operation of the Development,
Developer seeks to obtain a real estate property tax exemption for the Property;
WHEREAS, to obtain a 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 obtain a property tax exemption from the Eagle County Assessor,
the VLHA will also accept a 0.10 % ownership interest in the Company; and
WHEREAS, for the VLHA to accept a nominal ownership interest in the Company
the VLHA must approve the Operating Agreement for the Company (the "Agreement")
NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING
AUTHORITY THAT:
Section 1. The VLHA finds and determines, based on the evidence presented at
the February 12, 2019 meeting of the VLHA commissioners, that the Development
contemplated for the Property substantially benefits persons of low income;
especially given that Eagle River Valley employees have a weekly wage $220, or
$11,400 annually, lower than employees in Colorado overall.
Section 2. The VLHA finds that is in the best interest of the public health, safety
and welfare to accept an ownership interest in the Company for that portion of the
Development which is deed-restricted for resident-occupancy.
Section 3. This resolution shall take effect immediately upon its passage.
VLHA Resolution No.5, Series of 2019
INTRODUCED, PASSED AND ADOPTED this 12th day of February, 2019.
Steve Lindstrom, Chair
Vail Local Housing Authority
ATTEST:
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Lynne Campbell .
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VLHA Resolution No.5, Series of 2019