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HomeMy WebLinkAbout2018-25 Second Amendment to Development Agreement with VLHA and Sonnenalp Properties Inc.RESOLUTION NO. 25 Series of 2018 A RESOLUTION APPROVING THE SECOND AMENDMENT TO DEVELOPMENT AGREEMENT 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 Town Council of the Town (the "Council") 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 Developer plans to redevelop the Property for rental employee housing (the "Development"); WHEREAS, the Town and the Developer are parties to a certain Development Agreement dated October 25, 2017 (the "Agreement"); and WHEREAS, the Town and the Developer wish to modify the Agreement with regard to the number of units which must be occupied by at least one Qualified Resident who is employed within the Town's boundaries, but not employed by the Master Lessee (the "Second Amendment to Development Agreement"). NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: 1. The Second Amendment to Development Agreement is hereby approved in substantially the same form attached hereto as Exhibit A and in a form approved by the Town Attorney, and the Town Manager is hereby authorized to execute the Second Amendment to Development Agreement on behalf of the Town. 2. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regul. j meeting of the Town Council of the Town of Vail held this 19th da of June Resolution No. 25, Series of 2018 ave Chapin, Mayor of the Town of Vail, olorado ATTES Patty M Town CI Resolution No. 25, Series of 2018 SECOND AMENDMENT TO DEVELOPMENT AGREEMENT THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (the "Second Amendment") is made this 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"); WHEREAS, the Parties entered into an Amendment to Development Agreement dated (the "Amendment"); and WHEREAS, the Parties wish to amend the Agreement as set forth in this Second 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 7.a. of Exhibit B (the "Solar Vail Apartment Homes Rental Guidelines") of Exhibit A ("Deed Restriction for the Occupancy of Solar Vail Apartment Homes") of the Agreement is hereby amended to read as follows: 7. Occupancy of Restricted Units. a. At all times, 10 studio apartment Units and 7 one -bedroom apartment Units (collectively, the "Restricted Units") shall be occupied by a Qualified Household that includes at least one Qualified Resident who is employed within the Town's boundaries, but not employed by the Master Lessee. 2. The remainder of the Agreement, including all Exhibits, shall remain unchanged and in full force and effect. 6/14/2018 C: I USERSISBELLM. VAILGOV.0331APPDATAILOCALIMICROSOFTIWINDOWSIINETCACHEICONTENT.OUTLOOKIO2PJPTHRI DA SECOND AMEND -A011118 - JMM.DOCX WHEREFORE, the Parties have executed this Second Amendment as of the Effective Date. ATTEST: Patty McKenney, Town Clerk ATTEST: Secretary STATE OF COUNTY OF ) ss. TOWN OF VAIL, COLORADO Greg Clifton, Town Manager VAIL LOCAL HOUSING AUTHORITY Steve Lindstrom, Chair DEVELOPER The foregoing instrument was subscribed, sworn to, and acknowledged before me this day of , 2018, by My commission expires: (S E A L) 2 Notary Public 6/14/2018 C: IUSERSISBELLM. VAILGOV.0331APPDATAILOCALIMICROSOFTIWINDOWSIINETCACHEICONTENT.OUTLOOK102PJPTHRI DA SECOND AMEND -A011118 - JMM.DOCX