HomeMy WebLinkAbout2016-34 VLHA as Town Agent to Negotiate and Purchase Deed Restrictions in the TownRESOLUTION NO. 34
SERIES 2016
A RESOLUTION OF THE VAIL TOWN COUNCIL APPOINTING THE
VAIL LOCAL HOUSING AUTHORITY AS THE TOWN'S AGENT TO
NEGOTIATE AND PURCHASE DEED RESTRICTIONS IN THE TOWN
WHEREAS, through Resolution No. 29, Series 2016, the Town Council adopted
Vail Housing 2027, "A Strategic Plan for Maintaining and Sustaining Community through
the Creation and Support of Resident Housing in Vail" (the "Plan");
WHEREAS, the Town Council and the Vail Local Housing Authority (the "VLHA")
acknowledged in the Plan that "the acquisition of deed restrictions on homes for Vail
residents is critical to maintaining and sustaining community"; and
WHEREAS, the Town Council desires to appoint the VLHA as the Town's agent
for the purpose of negotiating and purchasing Deed Restrictions in accordance with the
Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL:
Section 1. The Town Council hereby designates the VLHA as the Town's
agent solely for the purposes set forth herein.
Section 2. The Town Council hereby delegates to the VLHA the authority to:
a. Implement the Plan through the negotiation and purchase of Deed
Restrictions in the Town;
b. Make, enter into, and execute purchase and sale agreements, deed
restrictions, documents, instruments, papers and other forms necessary for the
purchase of Deed Restrictions in accordance with the Vail Town Code and the Plan;
and
c. Expend funds that have been budgeted and appropriated in the Town's
housing fund for costs associated with the acquisition of Deed Restrictions pursuant to
the Plan, including without limitation costs for purchases, appraisals, legal fees, filing
fees, closing costs and title insurance.
Section 3. The following criteria and findings shall be used by the VLHA when
determining whether to acquire a deed restriction:
• Supports and maintains a permanent year-round resident population that grows a
diverse community where a wide range of demographics, economics, occupations and
family household sizes are served.
• Furthers the goal adopted in the Vail Housing 2027 Strategic Plan
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• Consistent with the housing policies adopted by the Vail Town Council for the acquisition
of deed restrictions for resident housing
• Demonstrated demand exists within the resident housing market for the type of
residential product (studio, flat, townhome, duplex, single family, etc.) that is to be deed
restricted
• Fulfills a demonstrated need within a defined segment (i.e. for rent, for sale, owner
occupied, etc.) of the residential property market.
• Demonstrates a quantifiable return on investment based upon the conclusions of the
Economic Value of the Town's Investment in Employee Housing Report, prepared by
BBC, dated March 12, 2012
• The market value of the deed restriction is comparable in value to other existing deed
restrictions within the community as demonstrated by a licensed real estate appraiser
• Most cost effective and efficient use of the Town's limited supply of financial resources
• Fair market value is paid for the deed restriction relative to current market conditions (i.e.
supply & demand)
• A transaction cap of $200,000 per dwelling unit to be deed restricted
Section 4. The Town Council may modify or revoke the VLHA's agency
designation or the authority of the VLHA under the agency designation at any time, in
the Town Council's sole discretion.
INTRODUCED, READ, APPROVED AND ADOPTED this 6th day of Iecember, 2016.
ATTEST:
Patty
Dave Chapin,
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