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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: O Lynne Campbell . Secretary =o { SEgC = O ; „',,�'q�L CO\-`>t,' 1/11111111\x\ VLHA Resolution No.5, Series of 2019