HomeMy WebLinkAbout2009-24 Approving the Pre-Development Agreement with Timber Ridge Affordable Housing Corporation RESOLUTION NO. 24
Series of 2009
A RESOLUTION APPROVING THE PRE - DEVELOPMENT AGREEMENT BETWEEN THE
TOWN OF VAIL, COLORADO, TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
AND VAIL TIMBER RIDGE LLC REGARDING THE REDEVELOPMENT OF THE TIMBER
RIDGE PROPERTY; 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 "); and
WHEREAS, the members of the Town Council of the Town (the "Council ") have been
duly elected and qualified; and
WHEREAS, on December 18, 2008, the Town issued a request for qualifications and
proposals ( "RFQP ") seeking qualified individuals or organizations to develop the Timber Ridge
property (the "property "); and
WHEREAS, the Vail Timber Ridge, LLC (the "Developer") submitted a response to the
RFQP, and the Town selected the Developer's response to the RFQP as the best option for
development of the Property for employee housing; and
WHEREAS, the Town, Timber Ridge Affordable Housing Corporation ( "TRAHC ") and the
Developer wish to enter into a Pre - Developer Agreement (the "Agreement ") for the
redevelopment of the Timber Ridge property.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO THAT:
Section 1. The Council hereby approves and authorizes the Town Manager to enter
into the Agreement with TRAHC and the Developer, in a form approved by the Town Attorney, for
the redevelopment of the Timber Ridge property
Section 2. This Resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town Council of
the Town of Vail held this 20 day of October, 2009.
Richard Clevelan
Town Mayor
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Resolution No. 24, Series 2009