HomeMy WebLinkAbout1974-19 Budget Supplemental from Open Space/Capital Improvements Fund and the Recreational Amentities Fund to Purchase Lot A, Block 2, Vail Village Seventh Filing• . • ~ ~.
ORDINANCE NO i 19
Series of 1974
AN ORDINANCE MAKING SUPPLENff~FT'AL APPROPRIATIONS
FROM THE urr~N SPACE/CAPITAL IMPRC~jTS FUND
AND THE RECREATIONAL AMEI~LI'I'TFS FUND OF THE 1974
BUDGET AND FINANCIAL PLAN FOR THE TOWN OF VAIL,
COLORADO, AND AUTHORIZING THE EXI'ENDITURF' OF SAID
Arrt~z.~rRIATIONS FOR THE PURCHASE OF TRACT A,
A PORTION OF LOT A, BLOCK 2, VAIL VILLAGE SEVF!~JTH
FILING, AN UNDEVL~.,OPED TRACT OF LAND SI`TL?A'T~
IN THE 'T'OWN; AUTHORIZING SHORT-TF~2M INDFBTEDr7F'..~5
OF $225,000.00; AUTHORIZING THE MAYOR AND THE TOWN
MASIAGER TO JOINTLY EXEC[TI'E A SF~ORT-TERM PRM4ISSORY
NOTE FOR PART OF THE PURCF~ASE PRICE AND O'I'fjER
INSTRUMF~`d'I'S RELATING TO SAID PURCHASE; A~+1D PFtC~'IDII~IG
FOR THE IRRFPEALABILITY I-~REOF UNTIL SAID INDEBTED-
NESS HAS BEF',2J DISCHARGED
WHERFI~S, contingencies hereinafter indicated have arisen
r?uring the fiscal year 1974 which could not have been reasonably
foreseen or anticipated by the Tawn Council at the time it enacter~
Ordinance No. 25, Series of 1973, adopting the 1974 Budget and Financial
rl_ar_ for the Town of Vail, Colorado;
Whc;ttr~A5, the Tam of Vail, Colorado, hereinafter referred
to as the "Town", has received certain revenues not budgeted for
previously;
WfiEREAS, the Town previously adopted a Budget which hay
not taken into consideration the increased revenues received by the
municipality this fiscal year, nor has said Budget taken into consideration
the increased expenditures now a~~r~opriate to obtain needed additional
recreational facilities;
Whr:.rcr;AS, the Town Manager has certified to the Town Council
that suffici~t funds are available to discharge the appropriations
referred to herein, not otherwise reflected in the Budget, in accordance
with Section 9.10 (a) of the Charter of the Town of Vail, Colorado;
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Whri~AS, the Town Council finds that it is in the interest
of the Town to now acquire additional open space for recreational
purposes within the Town for the benefit of its visitors and citizens
at the present and in the future;
tnT~~:KtsAS, Vail Associates, Tnc. , has offered to sell to the
Town at this time an undeveloped tract of land known as Tract A, a
portion of Lot A, Block 2, Vail Village Seventh Filing, described in
F.~hibit A attached hereto and made a part hereof, for the sum of
$300,000.00, with there being a $75,000.00 down payment and ttie
$225,000.00 balance of the purchase price to be paid within twelve
months after the effective date of this ordinance, said sale to be
consumated through a purchase agreement, a deed of trust, and a
short-term prc~nissory note;
Wl~tcr;A,S, in the event the Tawn purchases Tract A, Vail
Associates, Inc., will forthwith pay to the Town the sum of $75,000.00 in
~7.d,~. payment of the recreational amenities tax due for the
NortYiwoods development, which sum will be used by the Town to make
the down payment on said purchase;
VJl~ijt:AS, not only is Tract A desirable to the Town to enable
it to provide a needed additional recreational area of high quality,
unless the Town purchases said tract at this time the land will soon
be developed by Vail Associates, Inc., and lost as open space;
GVHEF~5, the Town Council finds that it is timely, reasonable,
and appropriate for the Town to purchase Tract A at the present on
the aforesaid terms and to create short-term indebtedness of $225,000.00
to make said purchase; and
Wl~tu.;AS, due to said contingencies the Town Council considers
that it should make supplemental appropriations in anticipation of
receipt of expected revenues in order to purchase Tract P. in the 1974
fiscal year;
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NOW, TF~RF,~'ORE, BE IT ORDAIN~L BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLOI2AD0, AS FOLLO6VS
Section 1. Title.
This ordinance shall be known as the "Ordinance Making
Supplemental Appropriations for the Purchase of Tract A and Authorizing
Short-Term Indebtedness for Part of the Purchase Price."
Section 2. Supplemental aNN,.~Nriations from Open Space/
Capital Improvements Fund and P,ecreational Amenities Fund; authorization
for ek~~lditure of said appropriations for the purchase of Tract A.
Pursuant to Section 9.10 (a) of the Charter of the Town of
Vail, Colorado, the Town Council hereby makes a supplemental appropriation
in the sum of $200,000.00 from the Open Space/Capital. Improvements Fund and
a supplemental appropriation in the sum of $100,000.00 from the Recreational
Amenities Fund of the 1974 Budget and Financial Plan for the Town, and
authorizes the expenditure of. said appropriations totalling $300,000.00
within a reasonable time and as N~~~ided herein for the purchase of Tract
A, a r."~~ion of Lot A, Block 2, Vail Village Seventh Filing, an undeveloped
tract of land situated in the Town, described in T~hibit A attached hereto
and made a part hereof.
Section 3. Authorization for short-term indebtedness of $225,000.00.
The Town of Vail, Colorado, is hereb~T authorized pursuant to
Sections 4.8, 10.1, anc? 10.2 of its Charter to create short-term indebtedness
in the ~~~ant of $225,000.00, for a period rot to exceed twelve (12) months
after the effective date of this ordinance, at a rate of interest not to
exceed h.7 per cent per anri~n, for the purpose of purchasing Tract A in
accordance with Section 2 hereof.
Section 4. Payment to the Town of $75,000.00 of the recreational
amenities tax of. approximately $100,000.00 due f_or Northwoods development;
use of tax payment for down payment on purchase of Tract A; ~.imitaticn.
The recreational amenities net t.as. due for the Northwoods
development of Vail Associates, Tnc., shall be approximately $100,000.00;
a portion thereof, the sLUn of $75,000.00, shall be paid by Vail Associates,
inc., tc the Town in conjunction with the sale of Tract A and shall be used
by the Town to make the down payment csi
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said purchase; provided, however, that to be effective said terms
must be inco~~Lated in the purchase agreement for Tract A to be entered
into by the Torun and Vail Associates, Inc.
Section 5. F~ecu.tion of purchase agreement, deed of trust,
short-term promissory note, and any other appropriate instruments relating
to purchase of Tract A.
The Town Council authorizes the Mayor and the Town Manager
to jointly execute within a reasonable time and in accordance with the
provisions hereof a purchase agre~nent whereby the Town will purchase
Tract A from Vail Associates, Inc., for the sLUn of $300,000.00 with
there being a $75,000.00 down payment in accordance with Section 4
hereof and the $225,000.00 balance of the purchase price to be paid
within twelve (12) months after the effective date of this ordinance,
a deed of trust for said conveyance, a $225,000.00 short-team prcgnissory
note for a part of the purchase price to Vail Associates, Inc., payable
within said twelve (12) months and bearing a rate of interest not to
exceed 6.7 per cent per annum, and any other appropriate instruments
relating to said purchase.
Section 6. Irrepealability.
This ordinance shall be irrepealable until the entire
indebtedness herein authorized, together with any accrued interest
thereon, has been fully paid or discharged.
Section 7. Effective date.
This ordinance shall take effect five days after publication
following the final passage hereof.
Section 8. Supplement to Annual Appropriation Ordinance.
Ut,~,~~ its enactment Section Z of this ordinance shall be a
supplement to the 1974 Annual At.r~opriation Ordinance, Ordinance No. 25,
Series of 1973, of the Town of Vail, Colorado.
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II~ITRODUCL~, REAI? ON FIRST RF~ADING, APPROVF~, AND ORDF,RII~
PUBLISHF~ ONCE IN FULL, this 17th day of September, 1974, and a public
hearing on this ordinance shall be held at the regular meeting of the
'Ibwn Council of the Town of Vail, Colorado, on the 1st day of October,
1974, at 7:30 P.M., in the Municipal Building of the Town.
~~~ v/ ~~/ wr4~
Mayor ~
ATTF~ST:
lt~'
7'oGJt~ CTSer~ U
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EX.NIBIT "~"
LEGAL DESCP,IPTI0~1
A portion of Lot A, clock 2, Vail Village Seventh
Filin4, as filed under reception numher 182730, filed in 'dap
Case 2 in Drati~~er ~l, of the Eagle County, Coicrado, Clerk and
Recorder`s records, said portion or Land being more particularly
described as follotirs:
Beninnina at the northeast corner of Lot A, Slock 2,
Vail Village Seventh Filino; thence S 21° 27' 30" E a distance
of 50.00 feet; thence S 41~ ('~2' 30" ~t a distance of 445.00 fee;
thence S G2° a5' S7" !'1 a distance of 12.25 feet• thence S 81
50' S5" W a distance of 557.°~ feet; thence `+ 14b 51' 3£3" E a
distance of 49.15 feet, to a point of curvature; thence an arc
distance of 75.23 feet along a curve to 'ra heft, laid curve
having a radius of 112 feet, a central angle of 3£~ 30' 42" and
a!hase chord bears ;1 ~4° 23' 43" !~! a distance of 73.87 to a point
of tangency; thence P, 230 3^' 04" !d a distance of ?.2.07 feet to
a point on the southerly R~;ght-of-1~?ay line of Fail Valley Orive;
_ thence along said southerly Right-of-t~!ay line for the follov!ina
t~~ra (2) courses: (1) N 6G° 2~' S5" E a distance of 369.71 feet,
(2) N bB° 32' 30" E a distance of 709.52 feet to the true point
of beginning, containing 217,216.15 square feet cr 4.937 acres
more ar less. ~ _
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Ordinance No. 19, Series of 1974
INTRODUCED, READ ON SECOND READING, APPROVED ,AS AMENliru,
ENACTED, AND ORDERED PUBLISHED ONCE IN FULL, this 1st day
of October, 1974.
:~, _.
Mayor
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t ATTEST,'.:
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Town C
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town o f nail ~
box 100
vail, Colorado 81657
(3031 476-5613
'Ibwn Council
Zbwn of Vail, Colorado
P.O. Box 100
Vail, Colorado 81657
office of the town manager
September 16, 1974
Re: Supplemental arN~~~riation for the purchase of
Tract A, a portion of Block 2, Vail Village
Seventh Filing, an undeveloped tract of land
situated in the Town of Vail, Colorado
Councilpersons:
Pursuant to Section 9.10 (a) of the Qzarter of the Town of Vail,
Colorado, I hereby certify that based on apparently reliable
information from the Finance Department there are available for
at~N~v~.~iation expected revenues in excess of those estimated
in the 1974 Budget and Financial Plan for the Town of Vail
which will enable the Town Council to make the supplemental
appropriation of $300,000.00 for the purchase of Tract A above
during the 1974 fiscal year.
Accordingly, I re~..~~n~~end that the 'Ibwn Council N~~~~Lly enact
a suppl~~~~tal app~~~~iation ordinance for this purpose.
Sincerely,
r-~ %`~~ '
' ~~~~
Terrell J. ger,
Zrhun Manager
Subscribed and swul~~ to before me this
16th day of September, 1974.
`~~
Notary Public ;/ /
County of Eagle, State of Colorado
My Commission expires November 30, 1977.
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