HomeMy WebLinkAbout2013-01-08 Agenda and Support Documentation Town Council Evening SessionVAIL TOWN COUNCIL
EVENING SESSION AGENDA
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
6:00 P.M., JANUARY 8, 2013
NOTE: Times of items are approximate, subject to change, and cannot
be relied upon to determine at what time Council will consider
an item.
1.
ITEM/TOPIC: Citizen Participation (15 min.)
PRESENTER(S): Public
2. ITEM/TOPIC: Town Manager Report: (5 min.)
3.
ITEM/TOPIC: Resolution No. 2, Series of 2013, A Resolution Approving the
Redemption of all Outstanding Timber Ridge Affordable Housing Corporation
Adjustable Rate Housing Facility Revenue Bonds and Authorizing the Town
of Vail's Funding of Timber Ridge Affordable Housing Development via
Capital Contribution and a Loan to the Timber Ridge Affordable Housing
Corporation (15 min.)
PRESENTER(S): Matt Mire and Judy Camp
ACTION REQUESTED OF COUNCIL: Approve, approve with amendments,
or deny Resolution No. 2, Series of 2013.
BACKGROUND: The Timber Ridge Affordable Housing Corporation
("TRAHC") is a Colorado non-profit corporation controlled by the Town of Vail
(the "Town") and is the entity that currently holds the debt obligations for the
Timber Ridge Apartments. On or about July 17, 2003, and in connection with
the purchase of the Timber Ridge Apartments, TRAHC issued $19,025,000
in adjustable rate housing facilities revenue bonds, Series 2003A. The
current outstanding balance of the adjustable rate housing facility revenue
bonds is $17,265,000. The Town and TRAHC desire to restructure the debt
obligations for the Timber Ridge Apartments by the redemption of all
outstanding adjustable rate housing facility revenue bonds. Pursuant to the
debt restructuring, the Town will fund the outstanding principal balance due
under the outstanding adjustable rate housing facility bonds by: (1) payment
of the TRAHC reserve funds currently on deposit with US Bank pursuant to
the bondholders letter of credit; (2) payment of a capital contribution to
TRAHC which shall represent an investment in the deed restrictions for the
Timber Ridge Apartments; and (3) issuance of a loan to TRAHC of the
remainder of the outstanding balance.
STAFF RECOMMENDATION: Approve, approve with amendments, or deny
Resolution No. 2, Series of 2013.
4. ITEM/TOPIC: First Reading of Ordinance No. 1, Series of 2013, An
Ordinance Adding A New Section 2-1-4 to the Vail Town Code, To Ensure
Adequate Funding for the Town's Long-Range Capital Program (30 min.) 1/8/2013
PRESENTER(S): Matt Mire & Judy Camp
ACTION REQUESTED OF COUNCIL: Approve, approve with modifications,
or deny Ordinance No. 1, Series of 2013, on first reading.
BACKGROUND: On November 6, 2012, the registered electors of the Town
of Vail voted to amend Section 9.4 of the Vail Town Charter, relating to the
Town's long-range capital program. Section 9.4 of the Vail Town Charter
now requires that each annual budget include a long-range capital program
as established by ordinance of the Town Council. To ensure adequate
funding for the Town's long-range capital program, the Council determines
that certain aspects of the former Section 9.4 of the Vail Town Charter should
be adopted by ordinance.
STAFF RECOMMENDATION: Approve, approve with modifications, or deny
Ordinance No. 1, Series of 2013, on first reading.
5.
ITEM/TOPIC: Resolution No. 1, Series of 2013; Posting of Public Notices
for Town of Vail. (5 min.)
PRESENTER(S): Pam Brandmeyer/Lorelei Donaldson
ACTION REQUESTED OF COUNCIL: Approve Resolution No. 1, Series of
2013.
BACKGROUND: Each year the Town of Vail must designate places in
which to post town meetings and other notices.
STAFF RECOMMENDATION: Approve Resolution No. 1, Series of 2013.
6. ITEM/TOPIC: Adjournment (7:10 p.m.)
1/8/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: January 8, 2013
ITEM/TOPIC: Citizen Participation
PRESENTER(S): Public
1/8/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: January 8, 2013
ITEM/TOPIC: Town Manager Report:
ATTACHMENTS:
Golden Peak Traffic information
1/8/2013
To: Vail Town Council
From: Town Manager’s Office, Public Works Department, Vail Police Department
Date: November 20, 2012
Subject: Vail Valley Drive Traffic
I. SUMMARY
The purpose of this memorandum is to provide a report on the actions which have
resulted from refinements and a series of neighborhood meetings concerning traffic
issues on Vail Valley Drive associated with the Golden Peak area.
II. CHANGES AND COMMITMENTS FOR THE 2012-2013 SKI SEASON
Three meetings were held with the neighborhood concerning Vail Valley Drive traffic.
Issues brought up ranged from short term concerns to longer range issues. A final pre
ski season meeting was held on November 1, 2012, and the following is a summary of
the actions items and commitments by the various parties to be implemented this
coming ski season.
Town of Vail:
• All pedestrian crosswalks along Vail Valley Drive will be marked with the cross
walk signs, in addition to advance warning signs on either end of the
neighborhood. Signs will be in place for the ski season.
• Updated traffic counts will be taken during peak traffic times as a comparison to
previous traffic counts the town has on record to provide a more up to date
understanding of the traffic issues.
• The Police Department will have one more Code Enforcement Officer position
filled. In addition, a revised schedule for the Vail Police Department will have
additional police officer coverage on Saturdays during the 2012-2012 ski season.
• A Town of Vail Transportation Ordinance (Ordinance No. 15, Series of 2012,
passed on second reading November 6, 2012) which requires all private vehicles
providing transportation services to be registered and sets out where these
vehicles can operate within the town will be adopted and implemented. This will
allow better education and enforcement regarding issues with the providers.
1/8/2013
Town of Vail Page 2
Vail Resorts
• DEVO(Vail Development Team) drop off will occur at the Vail Transportation
Center exclusively. This will eliminate all traffic to Golden Peak for DEVO in the
mornings. The DEVO pick up will still occur at Golden Peak; however due to
many parents skiing down to pick up their kids, the pick up has been less of an
issue.
• There will be a limited amount of premiere reservation parking at the lots. This
will be a service which utilizes both passport spaces in the rental pool,
approximately 10-15, as well as utilizing 10 striped spaces which can be parked
with 15 cars. The personnel operating the service will also be responsible to
manage the parking lot per the Golden Peak Management Agreement.
Manor Vail
• Manor Vail will be utilizing two parking lot attendants to assist with moving traffic
near their entry when parking is available to the public.
Ski Club Vail
• If needed Ski Club will experiment with running their driveway traffic in the
opposite direction to lessen impacts to the Manor Vail entry. The traffic would
enter the east drive cut and exit out of the west drive cut.
All
• Meet to review the season to date after the Martin Luther King holiday to
evaluate the changes implemented.
1/8/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: January 8, 2013
ITEM/TOPIC: Resolution No. 2, Series of 2013, A Resolution Approving the Redemption of
all Outstanding Timber Ridge Affordable Housing Corporation Adjustable Rate Housing
Facility Revenue Bonds and Authorizing the Town of Vail's Funding of Timber Ridge
Affordable Housing Development via Capital Contribution and a Loan to the Timber Ridge
Affordable Housing Corporation
PRESENTER(S): Matt Mire and Judy Camp
ACTION REQUESTED OF COUNCIL: Approve, approve with amendments, or deny
Resolution No. 2, Series of 2013.
BACKGROUND: The Timber Ridge Affordable Housing Corporation ("TRAHC") is a
Colorado non-profit corporation controlled by the Town of Vail (the "Town") and is the entity
that currently holds the debt obligations for the Timber Ridge Apartments. On or about July
17, 2003, and in connection with the purchase of the Timber Ridge Apartments, TRAHC
issued $19,025,000 in adjustable rate housing facilities revenue bonds, Series 2003A. The
current outstanding balance of the adjustable rate housing facility revenue bonds is
$17,265,000. The Town and TRAHC desire to restructure the debt obligations for the Timber
Ridge Apartments by the redemption of all outstanding adjustable rate housing facility revenue
bonds. Pursuant to the debt restructuring, the Town will fund the outstanding principal balance
due under the outstanding adjustable rate housing facility bonds by: (1) payment of the
TRAHC reserve funds currently on deposit with US Bank pursuant to the bondholders letter of
credit; (2) payment of a capital contribution to TRAHC which shall represent an investment in
the deed restrictions for the Timber Ridge Apartments; and (3) issuance of a loan to TRAHC of
the remainder of the outstanding balance.
STAFF RECOMMENDATION: Approve, approve with amendments, or deny Resolution No.
2, Series of 2013.
ATTACHMENTS:
Resolution No. 2, Series of 2013
Promissory Note
1/8/2013
Resolution No. 2, Series of 2013
RESOLUTION NO. 2
SERIES OF 2013
A RESOLUTION APPROVING THE REDEMPTION OF ALL
OUTSTANDING TIMBER RIDGE AFFORDABLE HOUSING
CORPORATION ADJUSTABLE RATE HOUSING FACILITY REVENUE
BONDS AND AUTHORIZING THE TOWN OF VAIL'S FUNDING OF THE
TIMBER RIDGE AFFORDABLE HOUSING DEVELOPMENT VIA
CAPITAL CONTRIBUTION AND A LOAN TO THE TIMBER RIDGE
AFFORDABLE HOUSING CORPORATION
WHEREAS, the Timber Ridge Affordable Housing Corporation ("TRAHC") is a
Colorado non-profit corporation controlled by the Town of Vail (the "Town") and is the
entity that currently holds the debt obligations for the Timber Ridge Apartments;
WHEREAS, on or about July 17, 2003, and in connection with the purchase of
the Timber Ridge Apartments, TRAHC issued $19,025,000 in adjustable rate housing
facilities revenue bonds, Series 2003A;
WHEREAS, the current outstanding balance of the adjustable rate housing
facility revenue bonds is $17,265,000;
WHEREAS, the Town and TRAHC desire to restructure the debt obligations for
the Timber Ridge Apartments by the redemption of all outstanding adjustable rate
housing facility revenue bonds;
WHEREAS, pursuant to the debt restructuring, the Town will fund the
outstanding principal balance due under the outstanding adjustable rate housing facility
bonds by: (1) payment of the TRAHC reserve funds currently on deposit with US Bank
pursuant to the bondholders letter of credit; (2) payment of a capital contribution to
TRAHC which shall represent an investment in the deed restrictions for the Timber
Ridge Apartments; and (3) issuance of a loan to TRAHC of the remainder of the
outstanding balance.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT:
Section 1. Findings. The Town Council finds and determines as follows:
a. On or about July 17, 2003, and in connection with the purchase of the
Timber Ridge Apartments, TRAHC issued $19,025,000 in Adjustable Rate Housing
Facilities Revenue Bonds, Series 2003A (the "Revenue Bonds").
b. The current outstanding balance of the Revenue Bonds is $17,265,000.
c. In consideration for the issuance of the Revenue Bonds, TRAHC was
required to set aside a debt service reserve fund of $595,197 and an additional letter of
credit reserve of $615,296. The reserve funds are currently held in escrow at US Bank.
1/8/2013
Resolution No. 2, Series of 2013
The Town and TRAHC desire to restructure the debt obligations for the Timber Ridge
Apartments by calling for the redemption of all outstanding Revenue Bonds and the
provision of substitute funding by the Town as follows:
d. Upon completion of the revenue bond redemption, the released Reserve
Funds shall be applied to the outstanding debt.
1. The Town shall make a capital contribution to TRAHC in the
amount of $8,000,000, which shall represent an investment in deed restrictions
imposed on the Timber Ridge Apartments.
2. The Town shall grant TRAHC a loan (the "TRAHC Loan") in the
principal amount of $8,000,000.
e. The terms of the TRAHC Loan shall be as follows:
1. The term shall commence on February 1, 2013 and all principal and
interest shall be due and payable in full no later than January 31, 2033.
2. The principal loan amount is $8,000,000, and shall be evidenced by
a Promissory Note and Deed of Trust.
3. Simple interest shall accrue annually on the then outstanding
principal loan balance at a rate of 1.5%.
4. Beginning August 1, 2013, semi-annual interest payments shall be
due and payable to the Town on August 1st and February 1st of each year of the
term in the amounts described in the schedule attached to the Promissory Note
as Exhibit A.
5. Beginning February 1, 2014, annual principal payments shall be
due and payable to the Town on February 1st of each year of the term. The
amount of the annual principal payment shall be at the discretion of TRAHC,
provided that such payment must comply with the loan's minimum debt service
limit.
6. The minimum annual debt service of principal and interest that shall
be due and payable to the Town shall be $465,966.
7. TRAHC may prepay the principal amount outstanding, in whole or
in part, at any time without penalty.
Section 2. Approval. The Town Council has reviewed and considered the
above findings and hereby approves the debt restructuring of the Revenue Bonds, as
described herein.
1/8/2013
Resolution No. 2, Series of 2013
INTRODUCED, PASSED AND ADOPTED this 8th day of January, 2013.
_______________________________
Andrew P. Daly, Mayor
ATTEST:
_____________________________
Lorelei Donaldson, Town Clerk
1/8/2013
PROMISSORY NOTE
U. S. $8,000,00.00 Vail, Colorado
February 1,2013
1. FOR VALUE RECEIVED, TIMBER RIDGE AFFORDABLE HOUSING CORPORATION,
Colorado a non-profit corporation ("Borrower"), promises to pay to the order of THE TOWN OF V AIL,
COLORADO, A COLORADO MUNICIPAL CORPORATION (the "Town"), the principal sum of EIGHT
MILLION DOLLARS ($8,000,000), with simple interest on the unpaid principal balance accruing from the 151 day
of February, 2013, at the rate of ONE AND ONE HALF percent (1.5%) per annum. Principal and interest shall be
payable at 75 South Frontage Road, Vail, Colorado 81657, or at such location as the Town may designate.
Beginning August 1, 2013, Borrower shall make semi-annual interest payments to the Town on August 1st and
February I sl of each year in accordance with the schedule attached hereto as Exhibit A and incorporated herein by
this reference. Beginning February 1, 2014, Borrower shall make annual principal payments to the Town on
February 15t of each year in an amount to be determined by the Town, provided that the minimum annual debt
service of principal and interest that shall be due and payable to the Town shall be not less than FOUR HUNDRED
SIXTY-FIVE THOUSAND NINE HUNDRED NINETY-SIX DOLLARS ($465,996). Such payments shall
continue until the entire indebtedness evidenced by this Note is fully paid; provided, however, if not sooner paid, the
entire principal amount outstanding and accrued interest thereon, shall be due and payable on January 31, 2033.
2. Borrower shall pay to the Town a late charge of FIVE PERCENT (5%) of any payment not
received by the Town within five (5) days after the payment is due.
3. Payments received for application to this Note shall be applied first to the payment oflate charges,
if any, second to the payment of accrued interest specified above, and the balance applied in reduction of the
principal amount hereof.
4. Ifany payment required by this Note is not paid when due, the entire principal amount outstanding
and accrued interest thereon shall become due and payable at the option of the Town ("Acceleration") twenty (20)
days after notice of Acceleration has been given. This time period shall run concurrently with the right to cure, if
any, allowed by the Uniform Consumer Credit Code. Such notice of Acceleration shall specify the amount of the
nonpayment plus any unpaid late charges and other costs, expenses and fees due under this Note. Until the
expiration of said twenty-day period, the Borrower may cure all defaults consisting of a failure to make required
payments by tendering the amounts of all unpaid sums due at the time of tender, without Acceleration, as specified
by the Town in such notice. Cure restores the Borrower to its rights under this Note as though defaults had not
occurred. Any defaults under this Note occurring within twelve (12) months after the Town has once given a notice
of Acceleration entitles Borrower to no right to cure, except as otherwise provided by law. The Town shall be
entitled to collect all reasonable costs and expense of collection and suit, including, but not limited to reasonable
attorney fees.
5. Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any
time without penalty. Any partial prepayment shall be applied against the principal amount outstanding and shall
not postpone the due date ofany subsequent payments or change the amount of such payments.
Page 1 of 2 __
Initial
C:IUSERSITNAGELIAPPDATAILOCALIMICROSOFTIWINDOWSlTEMPORARY INTERNET
FILESICONTENTOUTLOOKl60DK2M44\PROMISSORY NO TE-2. DOC
/1312013
1/8/2013
6. Borrower and all other makers, sureties, guarantors, and endorsers hereby waive presentment,
notice of dishonor and protest, and they hereby agree to any extensions of time of payment and partial payments
before, at, or after maturity. This note shall be the joint and several obligation of Borrower and all other makers,
sureties, guarantors and endorsers, and their successors and assigns.
7. Any notice to Borrower provided for in this Note shall be in writing and shall be given and be
effective upon
(I) delivery to Borrower or (2) mailing such notice by fIrst-class U.S. mail, addressed to Borrower at
the Borrower's address stated below, or to such other address as Borrower may designate by notice to the Town.
Any notice to the Town shall be in writing and shall be given and be effective upon (I) delivery to the Town or (2)
by mailing such notice by frrst-class U.S. mail, to the Town at the address stated in the fIrst paragraph of this Note,
or to such other address as the Town may designate by notice to Borrower.
Borrower: Timber Ridge Affordable Housing Corporation
Attn: Legal Counsel
75 South Frontage Road
Vail, Colorado 81657
8. The indebtedness evidenced by this Note is guaranteed by a Deed of Trust dated the 151 day of
February, 2013, by and between TIMBER RIDGE AFFORDABLE HOUSING CORPORATION and the PUBLIC
TRUSTEE OF THE COUNTY OF EAGLE, COLORADO in an amount not to exceed EIGHT MILLION
DOLLARS ($8,000,000). Until released said Deed ofTrust contains additional rights of the Town. Such rights may
cause Acceleration of the indebtedness evidenced by this Note. Reference is made to said Deed of Trust for such
additional terms. Said Deed of Trust grants rights in the property identifIed as follows:
SEE EXHIBIT B, ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE
9. This Note is to be construed in all respects and enforced according to the laws of the State of
Colorado.
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION
By: ______________________________
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
The foregoing instrument was acknowledged before me this day of ________" 2013,
by __________ for the Timber Ridge Affordable Housing Corporation.
Witness my hand and offIcial seal.
My commission expires: ______
Notary
Pagc2 of 2
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C;IUSERSITNAGELIAPPDATAILOCALIM1CROSOFliW1NDOWS\TEMPORARY INTERNET
F1LESICONTENT.OUTLOOKl60DK2M44IPROMISSORY NOTE-2.DOC
1/3/2013
1/8/2013
EXHIBIT A
Timber Ridge Affordable Housing Corporation
Amoritiaztion Schedule
20 Years at 1.5% simple interest
Outstanding
Payment Date Interest Principal Total Payment Principal
8,000,000
8/1/2013 60,000 60,000 8,000,000
2/1/2014 60,000 345,966 405,966 7,654,034
8/1/2014 57,405 57,405 7,654,034
2/1/2015 57,405 351,155 408,561 7,302,879
8/1/2015 54,772 54,772 7,302,879
2/1/2016 54,772 356,423 411,194 6,946,456
8/1/2016 52,098 52,098 6,946,456
2/1/2017 52,098 361,769 413,868 6,584,687
8/1/2017 49,385 49,385 6,584,687
2/1/2018 49,385 367,196 416,581 6,217,491
8/1/2018 46,631 46,631 6,217,491
2/1/2019 46,631 372,704 419,335 5,844,787
8/1/2019 43,836 43,836 5,844,787
2/1/2020 43,836 378,294 422,130 5,466,493
8/1/2020 40,999 40,999 5,466,493
2/1/2021 40,999 383,969 424,967 5,082,524
8/1/2021 38,119 38,119 5,082,524
2/1/2022 38,119 389,728 427,847 4,692,796
8/1/2022 35,196 35,196 4,692,796
2/1/2023 35,196 395,574 430,770 4,297,222
8/1/2023 32,229 32,229 4,297,222
2/1/2024 32,229 401,508 433,737 3,895,715
8/1/2024 29,218 29,218 3,895,715
2/1/2025 29,218 407,530 436,748 3,488,184
8/1/2025 26,161 26,161 3,488,184
2/1/2026 26,161 413,643 439,805 3,074,541
8/1/2026 23,059 23,059 3,074,541
2/1/2027 23,059 419,848 442,907 2,654,693
8/1/2027 19,910 19,910 2,654,693
2/1/2028 19,910 426,146 446,056 2,228,548
8/1/2028 16,714 16,714 2,228,548
2/1/2029 16,714 432,538 449,252 1,796,010
8/1/2029 13,470 13,470 1,796,010
2/1/2030 13,470 439,026 452,496 1,356,984
8/1/2030 10,177 10,177 1,356,984
2/1/2031 10,177 445,611 455,789 911,373
8/1/2031 6,835 6,835 911,373
2/1/2032 6,835 452,295 459,131 459,077
8/1/2032 3,443 3,443 459,077
2/1/2033 3,443 459,077 462,520
1/8/2013
EXHIBITB
PROPERTY
P.l.RCEL A:
LUIs I. 2. 3. -+ :.Il1d 5.
:\ RESUBDI\,ISION OF UO~'S RIDGE SUBDI\,[SION, BLOCK C.
According to the Plat recorded June 8. 1973 in Book 229 at Page -+58, County of Eagle. State
uf Colurado.
and
PARCEL B:
All rights, title and interest to an Easement in the following described property:
That property described in an Encroachment Easement Agreement filed for record January
30,
1980 in Book 298 at Page 22, more particularly described as follows:
A part of Lot 6, Resubdivision of Block C, Lion's Ridge Subdivision, Eagle County,
Colorado, a subdivision recorded in the Office of the Eagle County, Colorado Clerk and
Recorder:
Said part being more particularly described as follows:
Beginning at a point on the westerly line of said Lot 6 whence the southwest corner of said Lot
6 bears S 37 degrees 09'31" E 40.54 feet;
thence N 37 degrees 09'31" Won said westerly line 103.01 feet;
thence departing said westerly line N 41 degrees 23'21" E 7.25 feet,
) thence S 48 degrees 36'39" E 53.16 feet;
thence S 41 degrees 23'21" W 4.90 feet;
thence S 48 degrees 36'39" E 47.80 feet:
thence S 41 degrees 23 '21" W 22.80 feet To The Point Of Beginnine:.
COUNTY OF EAGLE
STATE OF COLORADO
)
RFK\591041447ZS8.03 U.S. Bank / Timber Rjdge Affordable Housing Corporation
Deed of Trust
1/8/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: January 8, 2013
ITEM/TOPIC: First Reading of Ordinance No. 1, Series of 2013, An Ordinance Adding A New
Section 2-1-4 to the Vail Town Code, To Ensure Adequate Funding for the Town's Long-
Range Capital Program
PRESENTER(S): Matt Mire & Judy Camp
ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, or deny
Ordinance No. 1, Series of 2013, on first reading.
BACKGROUND: On November 6, 2012, the registered electors of the Town of Vail voted to
amend Section 9.4 of the Vail Town Charter, relating to the Town's long-range capital
program. Section 9.4 of the Vail Town Charter now requires that each annual budget include
a long-range capital program as established by ordinance of the Town Council. To ensure
adequate funding for the Town's long-range capital program, the Council determines that
certain aspects of the former Section 9.4 of the Vail Town Charter should be adopted by
ordinance.
STAFF RECOMMENDATION: Approve, approve with modifications, or deny Ordinance No.
1, Series of 2013, on first reading.
ATTACHMENTS:
Ordinance No. 1, Series of 2013
1/8/2013
Ordinance No. 1. Series of 2013 1
ORDINANCE NO. 1
SERIES 2013
AN ORDINANCE ADDING A NEW SECTION 2-1-4 TO THE VAIL TOWN
CODE, TO ENSURE ADEQUATE FUNDING FOR THE TOWN'S LONG-
RANGE CAPITAL PROGRAM
WHEREAS, the Town of Vail, in the County of Eagle and State of Colorado (the
"Town"), is a home rule municipal corporation duly organized and existing under laws of
the State of Colorado and the Vail Town Charter;
WHEREAS, on November 6, 2012, the registered electors of the Town of Vail
voted to amend Section 9.4 of the Vail Town Charter, relating to the Town's long-range
capital program;
WHEREAS, Section 9.4 of the Vail Town Charter now requires that each annual
budget include a long-range capital program, with the percentage of revenues to be
allocated to the long-range capital program as established by ordinance of the Town
Council; and
WHEREAS, to ensure adequate funding for the Town's long-range capital
program, the Council determines that certain aspects of the former Section 9.4 of the
Vail Town Charter should be adopted by ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT:
Section 1. The Vail Town Code is hereby amended by the addition of the
following new Section 2-1-4:
2-1-4: CAPITAL PROGRAM:
Pursuant to Section 9.4 of the Vail Town Charter, each annual budget
shall include a long-range capital program. To ensure adequate funding
for the long-range capital program, at least _______ percent (___%) of all
sales tax revenues received by the Town shall be used for capital
improvements, open space acquisition, or open space improvements, or
for the payment of debt service to finance the same, unless otherwise
approved by not less than five (5) affirmative votes of the Town Council.
Section 2. The Town Council hereby finds, determines and declares that this
ordinance is necessary and proper for the health, safety and welfare of the Town of Vail
and the inhabitants thereof.
Section 3. The amendment of any provision of the Town Code as provided in
this ordinance shall not affect any right which has accrued, any duty imposed, any
violation that occurred prior to the effective date hereof, any prosecution commenced,
nor any other action or proceeding as commenced under or by virtue of the provision
1/8/2013
Ordinance No. 1. Series of 2013 2
amended. The amendment of any provision hereby shall not revive any provision or
any ordinance previously repealed or superseded unless expressly stated herein.
Section 4. All bylaws, orders, resolutions and ordinances, or parts thereof,
inconsistent herewith are repealed to the extent only of such inconsistency. This
repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or
part thereof, theretofore repealed.
INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL ON FIRST READING this 8th day of January, 2013 and a
public hearing for second reading of this Ordinance set for the 5th day of February,
2013, in the Council Chambers of the Vail Municipal Building, Vail, Colorado.
_____________________________
Andrew P. Daly, Mayor
ATTEST:
____________________________
Lorelei Donaldson, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
this 5th day of February, 2013.
_____________________________
Andrew P. Daly, Mayor
ATTEST:
____________________________
Lorelei Donaldson, Town Clerk
1/8/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: January 8, 2013
ITEM/TOPIC: Resolution No. 1, Series of 2013; Posting of Public Notices for Town of Vail.
PRESENTER(S): Pam Brandmeyer/Lorelei Donaldson
ACTION REQUESTED OF COUNCIL: Approve Resolution No. 1, Series of 2013.
BACKGROUND: Each year the Town of Vail must designate places in which to post town
meetings and other notices.
STAFF RECOMMENDATION: Approve Resolution No. 1, Series of 2013.
ATTACHMENTS:
Resolution No. 1, Series of 2013
1/8/2013
RESOLUTIO O. 1
SERIES OF 2013
A RESOLUTIO DESIGATIG A PUBLIC PLACE WITHI THE TOW OF VAIL
FOR THE POSTIG OF OTICE FOR PUBLIC MEETIGS OF THE VAIL TOW
COUCIL, PLAIG AD EVIROMETAL COMMISSIO, DESIG REVIEW
BOARD, AD OTHER BOARDS, COMMISSIOS, AD AUTHORITIES OF THE
TOW OF VAIL.
WHEREAS, Section 24-6-402(2)(c), C.R.S., as amended provides that local public
bodies must give full and timely notice to the public of any meetings at which the adoption of
any proposed policy, position, resolution, rule, regulation, or formal action occurs at which a
majority or quorum of the body is in attendance, or is expected to be in attendance; and
WHEREAS, the Town of Vail now wishes to designate a public place within its
boundaries for the posting of such full and timely notice to the public for meetings of the Town
Council, the Planning and Environmental Commission, the Design Review Board, and other
boards, committees, and authorities of the Town.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado:
1. The Town Council hereby designates the bulletin boards at the east and west
entrances of the Town of Vail Municipal Offices as the public places for the posting of full and
timely notice as required by Colorado law.
2. This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 8th day of January, 2013.
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Andrew P. Daly, Mayor
ATTEST:
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Lorelei Donaldson, Town Clerk
1/8/2013