HomeMy WebLinkAbout1978- 3 Imposing a Land Transfer Tax Upon the Transfer of Interests in Real Property; Earmarking the Proceeds Therefrom for the Purchase of Real Property to be Used for Open Space, Recreational or Park Purposes, or Employee Housingr~ r~ r~
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ORDINANCE NO. 3
Series of 1978
AN ORDINANCE DEPOSING A LAND TRANSFER TAX UPON
THE TRANSFER OF INTERESTS IN REAL PROPERTY; EAR-
MARKING THE PROCEEDS THEREFROM FOR THE PURCHASE
OF REAL PROPERTY TO BE USED FOR OPEN SPACE, RE-
RECREATIONAL OR PARK PURPOSES, OR EMPLOYEE
HOUSING; REQUIRING THE COLLECTTON OF SUCH TRX BY
THE TOWN MANAGER QR HIS AGENTS; EXEMPTING CERTAIN
TRANSACTIONS FROM THE TAX IMPOSED; ESTABLISHING
PROCEEDURES FOR ACQUIRIPIG A CERTIFICATE OF EX-
EMPTION; ESTABLISHING A LAND ACQUISITION ADVISORY
COMMITTEE; ESTABLISHING PENALTIES FOR VIOLRTIONS
OF THTS ORDINANCE; CREATION OF A LIEN OF THE
PROPERTY TRANSFERRED FOR THE AMOUNT OF THE TAX
UNPAID; SUBMITTING THIS ORDINANCE TO THE QUALIFIED
ELECTORS OF THE TOWN; AND SETTING FORTH DETAILS IN
RELATION TO THE FOREGOING.
WHEREAS, the Town Council is of the opinion that there
are certain properrties within and without the Town of Vail that
should be acquired by the Town for use as one or more of the
following public purposes:
(a} Parks,
(b) Recreation,
(c) Open space to be preserved in its natural state,
(d) Housing for employees working for public and
private employers within the Town, and
(e) Similar uses;
WHEREAS, the Town Council is of the opinion that the
owners and .future owners of real property within the Town will
benefit from the acquisition of property for parks, recreation,
open space, employee housing, and similar uses;
WIiEREAS, the Town Council is of the opinion that the
citizens of the Town of Vail will be benefited by the parks,
recreational, open space, and employee housing lands that may
be acquired and by the preservation of the quality and character
of the Town;
6dHERFAS, funds necessary for the purchase of such
properties may be realized by the imposition of a land transfer
tax; and
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Ord. 3 Page 2
WHEREAS, the Town Council wishes to impose a land
transfer tax on transfers of real prnperty within the Town of
Vail. and to provide for the earmarking of the proceeds there-
from for the purchase of real property, and it is the intention
of the Town Council that at such time as sufficient parcels of
property have been acquired, the tax shall cease;
NOW, THEREFORE, BE TT ORDAINED BY THE TOWN COUNCIL
Ok' THE TnWN OF VAIL, COLORADO, THAT:
Section 1. Imposition of Tax. There is hereby
imposed a tax an all transfers by deeds, instruments, writings,
certain leases, or any other document by which any lands, tene-
menu or other interests in real property located in the Tawn
of Vail are sold, granted, assigned, transferred or otherwise
conveyed to or vested in a purchaser, or purchasers thereof,
ar any other person or persons, except as may be specifically
exempted by Section ~ of this ordinance. Said tax shall be due
and payable at the time of transfer and contemporaneously there-
with.
Section 2. Persons Liable far Tax. Any seller, or
sellers, or person ar persons who make a transfer which is sub-
ject to the tax imposed under Section 1 above, and any purchaser
or purchasers thereof, or any other r~erson or persons to whom
such a transfer is made shall be jointly and severally liable
for payment of the tax.
Section 3. Definitions.
a. Consideration. "Consideration" means and includes
the actual cash paid and/or value of the property delivered, or
contracted to be paid or delivered, in return for the transfer
of ownership or title to real property and shall include the
amount of any lien, mortgage, contract indebtedness, or other
encumbrance, either given to secure the purchase price, or any
part thereof, or remaining unpaid on the nroberty at the time
of sale. The term does not include the amount of any outstand-
ing lien or encumbrance in favor of the United States, the State
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Ord. -~ Page 3
of Colorado, or of a municipal or quasi-governmental corporation
or district for taxes, special benefits or improvements. In the
event the transaction or transfer is by lease agreement not
specifically exempted in Section 5, the consideration shall be
based upon the capitalization at l00 of the average annual ren-
tal over the entire term of the lease, including any renewal term,
plus the actual consideration, other than rent, paid or to be
paid. 6Vhen the average annual rental cannot be determined, or
at the election of the Town A~anager, the tax shall be based upon
the assessed value of the property covered by the lease.
b. Person. "Person" means any individual, corporation,
business trust, estate, trust, partnership, association or any
other legal entity.
c. Transfer. "Transfer" means and includes any grant
or conveyance of the ownership of a title to real property that
is evidenced by any deed, conveyance, instrument ar writing
wherein or whereby title to real property situated in the Town
of Vail is granted or conveyed, or the conveyance of a possessory
interest and all other indicia of ownership without the passing
of legal title, subject to the exclusions provided in this ordi-
Hance.
d. Real Property. "Real Property" shall be deemed to
mean real property as defined by and under the laws of the State
of Colorado.
Section 4. Amount of Tax. The amount of tax payable
in each case shall be as follows:
a. Where there is no consideration or when the cons i--
deration is Five Hundred Dollars ($500.00) or less, no Land Trans-
fer Tax shall be payable.
b. Where the consideration shall exceed Five Hundred
Dollars ($500.00), the Land Transfer Tax payable shall be com-
puted at the rate of one percent {10} of the consideration unless
a lesser rate is set by ordinance of the Town Council.
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Ord.
Section 5. ExemT?tions.
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Bage 4
The Land Transfer Tax unposed
by this ordinance shall not apply to:
a. Any document wherein the United States, or any
agency or instrumentality thereof, the State of Colorado, any
county, city and county, municipality, district or other politi--
cal subdivision of this State, is either the grantor or grantee.
b. Any document granting or conveying title to real
property in consequence of a gift of such property, where no
consideration other than love and affection, charitable donation
or nominal compensation is evidenced by the terms of the instru-
ment of transfer.
c. Any document, decree or agreement taaxtitioning,
terminating or evidencing termination of a joint tenancy in real
property except where additional consideration of value is paid
in connection with such partition or termination.
d. The transfer of title or change of interest in real
property by reason of death, will or decree of distribution,
e. Transfers made pursuant to business organization,
reorganization, or restructuring including but not limited to
mergers or consolidations of corporations, or by a subsidiary to
a parent corporation for no consideration other than cancellation
or surrender of the subsidiary`s stock.
f. Transfers to make effective any plan confirmed or
ordered by a court of competent jurisdiction under the Bankruptcy
Act or in an equity receivership proceeding.
g. Any deed or conveyance made and delivered without
consideration for the purpose of confirming, correcting, modify-
ing or supplementing a transfer previously recorded; making minor
boundary adjustments; removing clouds of titles; or granting ease-
ment, rights-of-way or licenses.
h. Any decree or order of a court of record quieting,
determining or resting title, including a final order awarding
title pursuant to a condemnation proceeding.
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Ord. .~` Page 5
i. Any deed granting or conveying title to cemetery
lots.
j. Any lease of any real property (or assignment or
transfer of any interest in any such lease) provided the terms
and conditions of such Lease do constitute a de facto conveyance
of the subject property.
k. Any mineral deed ar royalty deed.
1. Transfers to secure a debt or other obligation,
or transfers of releases of property which is security for a
debt or other obligation.
m. Any executory contract for the sale of real pro-
perty, of less than three years' duration, under which the
vendee is entitled to or does take possession thereof without
acquiring title thereto, or any assignment or cancellation of
any such contract.
n. Any deed or conveyance under execution sale, or
foreclosure sale under a power sale or court decree of lien
foreclosure, sheriff's deed, public trustee deed or treasurer's
deed.
o. Any deed or conveyance that is made pursuant to
a valid and legally enforceable contract for sale entered into
between the seller and purchaser prior to the effective date of
this ordinance and the transaction closed and the deed or instru-
ment of conveyance executed within 180 days from the effective
date of this ordinance.
Section 6. Application for Exemption.
a. zn the event any document which is exempt from
the Land Transfer Tax herein imposed does not contain language
clearly showing its exempt character, the grantor or grantee
may apply far and obtain from the Town Manager a Certificate of
Exemption, which may be affixed to such deed or instrument or
transfer. The Certificate of Exemption shall be in substantially
the following form.
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Ord.
~i
EXEMPTIO~i FROM LAND TRANSFER TAX
The undersicrned, as grantor(grantee)
of a deed or instrument of conveyance from
to
(name of grantor and grantee}, dated
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p ache 6
hereby apply for exemption from
the payment of the Land Transfer Tax, imposed
by Ordinance No. , Series of 1978, of the
Town of Vail. The basis of such exemption is
as follows:
(State briefly grounds for exemp-
tion, including applicable section
an:d subdivision of Ordinance No. )
T hereby certify under penalty of perjury that
the foregoing statements are true and correct.
Grantor or Grantee
Certificate of Exemption
T hereby certify that the above described
transfer of real property is exempt from the nay-
ment of Realty Transfer Tax under Ordinance No. ,
Series of 1978, Section
Town Manager
b. Any person whose claim of exemption duly applied
for under the provisions of this section is denied by the Town
Manager may immediately appeal to the Town Council for a deter-
mination of such exemption and such appeal shall be considered
by the Town Council within 30 days of receipt of the same. In
the event of a determination by the Town Council favorable to
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• Ord. ~ Page 7
the appellant, any amount previously deposited, or so much
thereof as may be allowed by the Town Manager, shat].. be promptly
refunded to the person paying or depositing the same. Tf a
decision is not made by the Town Council within 30 days of the
receipt thereof, the decision will be deemed favorable to the
appellant.
Section 7. Lands Affected. When a document subject
to the ordinance includes property located within the Town of
Vail and property located within another city or in Eagle County
~r other counties, the tax imposed under the authority of this
ordinance shall be computed only with respect to property located
within the Town of Vail, and the tax shall be assessed an that
part of the consideration fairly attributable to the part of such
property located within the Town of Vail.
Section 8. Town l!~ana.ger to Enforce.
a. The Tawn Manager of the Town of Vail is charged
with the enforcement of the provisions of this ordinance and is
hereby authorized and empowered to prescribe, adapt and promul-
gate and enforce rules and regulations pertaining thereto.
b. At the time of any transfer upon which a tax is
imposed by this ordinance there shall be made a report to the
Town Manager on forms prescribed by him, setting forth the true,
complete and actual consideration for the transfer, the names
of the parties thereto, the location of the real estate trans-
ferred, and such other information as he may require.
c. For the purpose of collection of the taxes imposed
by this ordinance, all banks, title companies, escrow companies,
building and loan institutions, attorneys, real estate agencies,
or other closing agents or agencies, permitted as such to da
business under the lavas of the State of Colorado may collect
the Land Transfer Tax and remit the same to the Tawn for and on
behalf of the seller and buyer.
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• Ord. 3
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Page 8
Section 9. Application of Funds and Land Acquisition
Advisory Committee.
a. All funds received by the Town of Vail pursuant
to this ordinance shall be deposited in the Land Transfer Tax
Fund, which fund is hereby created. The fund shall be subject
to appropriation only for the purpose of acquiring land for one
or more of the following purposes: (a) parks; (b) recreation:
{c) open space, and/or (d) employee housing purposes. The
employee housing may be developed by the Town or other private
parties under such restrictions as may be imposed by the Town.
b. The Town Council shall appoint a Land Acquisition
Advisory Committee to advise and assist the Council in the use
of the Land Transfer Tax Fund. Any final decision shall be
made by the Town Council.
c. The Land Acquisition Advisory Committee shall
consist of five members who serve terms of two years each. The
first committee shall consist of three members appointed to
serve until June 1, 1980, and two members appointed to serve
until. 3une 1, 1979. Upon the expiration of those terms, the
Council shall appoint new members to serve for two years. A
member of the Land Acquisition Advisory Committee may be reap-
pointed by the Ta~an Council.
d. Each member of the Land Acquisition Advisory Com-
mittee sha11 file with the Town Manager a disclosure statement
which specifies a description of any interest in real property
being considered for acquisition and upon which the Committee
must advise the Town Council, held by the member, the member's
spouse, or minor children. "interest" as used herein shall
include direct and indirect interests, agencies, or full or
partial interests. The member shall keep the disclosure state-
ment current and up to date with supplements filed as may be
necessary. No member may vote or take part in the debate as a
member on any recommendation that is to be forwarded to the Town
Council with respect to a parcel of property in which the member,
the member's spouse or minor children have an interest as above
provided.
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Ord. ~ Page 9
e. Meetings of the Land Acquisition Advisory Com-
mittee may be called by the Chairman thereof, the Mayor of the
Town or the Tawn Manager.
Section 10. Due Dates,_Delinquencies, Penalties,
Interest.
The tax imposed under this ordinance is due and
payable at the time the deed, instrument or writing effecting
a transfer subject to the tax is delivered, and is delinquent
if unpaid within thirty days thereafter. Tn the event that
the tax is not paid prior to becoming delinquent, a delinquency
penalty of ten percent (10%) of the amount of tax due shall
accrue. In the event a portion of the tax is unpaid prior to
becoming delinquent, the penalty shall only accrue as to the
portion remaining unpaid. Tnterest shall accrue at the rate
of one percent (1%) per month, or fraction thereof, on the
amount of tax, exclusive of penalties, from the date the tax
becomes delinquent to the date of payment. Tnterest and penalty
accrued shall become part of the tax.
Section 11. Lien.
a. The amount of the Land Transfer Tax imposed by
this ordinance, and penalty and interest due thereon, is hereby
assessed against the property transferred, and if not paid when
due, such tax penalty and interest, if any, shall constitute a
lien on the property for the amount thereof, which lien shall
continue until the amount thereof is paid or until its discharge
of record by foreclosure or otherwise.
b. Tf the tax is unpaid and delinquent, the Town
Manager shall. give written notification to the buyer at the
address shown on the deed or instrument, or his last known
address, and the seller at his last known address, of said
delinquency. Said notification shall be mailed certified or
registered mail, postage prepaid, return receipt requested, and
shall be effective on the date of mailing. Tf the tax, penalty
and interest are not paid within thirty days of the effective
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Ord. .~ Page 10
date of the notification, the Town P~tanager shall mark the same
delinquent on the Town's tax roll and shall, at least once each
calendar year, but not sooner than the first day of December,
certify such delinquencies, along with the interest and penalty,
to the Treasurer of Eagle County, Colorado; and the County
Treasurer sha11 extend such delinquencies upon the real property
tax rolls of the County and collect the same in the same manner
as delinquent general taxes levied upon such property. Upon
certification of the delinquent taxes, the penalties and interest
thereon shall also become due and ?payable.
c. The amount of the tax, penalty and interest imposed
under the provisions of this ordinance shall be deemed a debt
to the Town. Any person owing money to the Town under the pro-
visions of this ordinance shall be liable to an action brought
in the name of the Town for the recovery of such amount.
d. Any person who shall fail. or refuse to pay any
tax due hereunder may be punished by a fine not exceeding Three
Hundred Dollars ($300.00) or imprisonment for a period of not
more than ninety {90) days, or both such fine and imprisonment.
e.. Any remedies provided for herein shall be cumula-
five and not exclusive and shall be in addition to any other
remedies provided by law.
Section 12, Review. The Town Manager shall prepare
a report of the receipts from the Land Transfer Tax, expendi-
tures made in the preceding fiscal year, real properties pur-
chased or in the process of being purchased, a list of proper-
ties to be purchased and the priorities of purchase Eprovided,
however, the list of properties to be purchased and the priori-
ties thereof shall be confidential to the Town Council), and the
projected revenue and expenditures for the next fiscal year.
Such report shall be submitted to the Council two weeks prior
to the submission of the budget as required by Section 9.3 of
the Charter of the Town of Vail,
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Ord. ~ Page 11
Section 13. Referendum. This ordinance shall be
submitted to the qualified electors of the Town of Vail at a
special election to be held on the `~~ day of April, 197$.
The question to be submitted to the electors shall be:
In favor of the Real Estate Transfer
Tax not to exceed lo.
Against the Real. Estate Transfer Tax.
If a majority of the qualified electors voting on this ordinance
vote in favor, it shall be effective upon certification of the
election results. Tf a majority of the qualified electors voting
on this ordinance vote in favor, the to Real Estate Transfer Tax
may not be increased without the approval of the qualified electars
Of the Town, provided, however, all other terms, c3.auses, phrases,
and paragraphs of this ordinance may be amended by ordinance of
the Town Council without submitting the same to the electors.
Section 14. Severability. Tf any provision, clause,
phrase or section of this ordinance or the application thereof
to any person or circumstance is held invalid, such invalidity
shall not affect other provisions, clauses, phrases or sections
or applications of the ordinance which can be given effect with-
out the invalid provisions or applications and to this end the
provisions ar applications of this ordinance are declared to be
severable.
TNTRODLTCED, READ ON FIRST READING, APPROVED, AND
ORDERED PUBDTSHED ONCE IN FULL, this 7th day of February, 1978.
A public hearing shall be held hereon on the 21st day of February,
1978, at the regular meeting of the Town Council of the Tawn of
Vail, Colorado, in the Municipal Building of the Town.
~~
Mayor `~
ATTEST:
f~~
Town Clerk
(~ _ ~~
t~
NTRODUCED, READ ,ADOPTED AND ENACTED ON SECOND READING AND ORDERED
PUBLI5HED (IN FULL} (QY TI7-Lf-~$~~F} THIS 2/ DAY
OF ~ ~~~e ~ 19 ~ R'~ .
~.~. ,
f~fCYOR ~' '~ .
ATTEST:
TOWN CLERK
..
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SECTION S. Exempfians. Tha Lana
Transfer Tax imposed by Thi: ordinance
shah not aApl y to;
a, Any document wherein the United
Status, or any agency or lnsirumentality
tnereof, the state of Colorado, any tounty,
city and county, munlclpallty, district or
otner political subdivision of this State, is
either the grantor or grantee,
b, Any document granting or cotrveytng
ti}lo to real property in consequence of a gift
of such property, where no tonatderation
other than lave and aHedton, charitable
donation or nominal compensefion is
evidenced by the terms of the Instrument of
irattafer.
c, Ar1Y document, decree iz1, agreement
parts#ioninq, terminatlnp or evldenUng
termination of a joint tenancy in roe)
property except Whe-e addttlanal
consideration of value Is paid to connectlan
with such partition or termination.
d, The transfer of title or change of
Mterestin real property by reason of deatn,
will or decree of disiNbutlon, '
e. Transfers made pursuant ro business
organization, raorganizatlon, or
restructuring including but not limited to
mergers or cansolldations of corporatlans,
or by a subsldlary to a parent corporation for
no consideration otnar Fnan cancallatlon or
surrender of the subsfdlary'a stork.
f, Transfers to make eHectlve any plan
confirmed or ,ordered by a rnurt of
competent turlsdittian under the
Bankruptcy Act or in an equity receivership
proceeding.
g, Any deed Or conveyance made and
delivered wittlout consideration for the
purpose of conf€rming, correcting,
modifying or supplementing a transfer
prevlausiy recorded; making minor
twundary ad)usiments; removing clouds of
Titles; or granting easement, rigMs~of-way'
or Ilcensas.
h, Any decree or order of a court of retard
quieting, determining or resting title,
Including a final order awarding title
gVreuant to a condemnation proceeding.
i. Any dead granting or conveying title #o
cemetery lots.
j. Any lease of arty reef property (or
assignment or transfer of any Interest In arty
such lease} provided iha terms and
conditions of such lease do tonstltute a de
facto conveyance of file subject property,
k. Any mineral deed or raya{ty deed.
I. Transfers fa secure a debt or other
obligation, or .transfers of releases of
property which Is security for a debt or other
obligation.
m. Any executory contract for the sale of
reel property, of less than three years'
duration, under which iha vendee is entitled
to or does take possession thereof without
acquiring title thereto, or any assignment or
canraNetion of any such Contract.
n. Any deed ar conveyance under
execution sate, or foreclosure sale under a
power Bala or court decree of Ilan
foreclosure, sHeriff's deed, public trustee
dead or ireasurer's'deed.
a. Any deed oY conveyance that is made
pursuant to a valid and legally enforceable
contract for sale entered into between 'rho
soller and purchaser prior to the effective
data of this ordlnanca and the transaction
closed and the dead dr Instrument of
conveyance executed within 18g days from
the effect{ve data of this ordinance.
SECTION 6. Applieallon far Exemption.
a, In the even} any document which is
exemptfrom the Land Transfer lax herein
imposed does not contain language clearly
showing its exempt character, the grantor or
grantee may apply for and obtain from the
Tawn Manager, a teriiilcate of Exemption,
wh{cH may be affixed to su[h deed or
Instrument ar transfer. Tha Certificate of
Exemption shah be fn substantially the
following farm. '
BxEMPTION FROM
LAND TRANSFER TAX
The undersigned, as grantor (grantee) of a
deed or instrument of conveyance from
to ) (name of
grantor and grantee), dated
hereby apply for exemption from the
payment of the Land Transfer Tax, Imposed
by prdinance No. , Series of 1978, of the
Town pf Vall. The balls of such exemAtivn Is
as follows:
(State brletly grounds for exemption,
Including applltabte soctlan and subdivision
of ordinance No. )
I hereby cartlfy under penalty of petlury
that the foregolnq afatemonts are true and
corratL
Grantor or Grantee
Certificate of Hxempgon
I hereby cartlfy that iha above described
transfer of real pro(xr}y is exempt }tom the
payment of Realty Transfer Tax under
Ordinance No, ,Series of 1978, section ,
Town Manager
6. Any person whose claim of exemption
duly applied for under the provlslons of Chia
section Is denied 6y the Town Manager may
Immetllately appeal fo iha Town Council IOr
8 determinatlan al such exemption and such
appeal shall be considered by iha Town
Council wltHln 30 days of receipt w fne same.
In the event of a determinatjon by the Tawn
amount previously deposited.~orllsot~much
!hereof as may be allowed by the Tawn
fylaneger, shall be promptly refunded to the
person toying or dsposlting the lama. If a
datidan fa not made 6y iha Town County
wltHin 30 days of the receipt thereof, iha
decision will bs deemed favtwable to iha
appellant.
•
St`s4Ttt}t1 T. Lands Affacfed. When a
a aaattriv i~a ad vrNhftn theme 7cv+nco(v Iwind
property located within anMher city of in
Eagle County or other couMles, ttla tax
Imposed under iha authority of this
ordinance shall be computed only with
respect to property located within the Town
of Vafttend the tax. shalt ba assessed on that
part of the consideration fairly attributable
to tho part of such property located within
the Town of Vail. „ .., ~ , s "
SECTION !. Town Manger fa Enforce.
r a. Tne Town Manager of the Town of Vail
fir charged with the entortement of the
brovislons of this ordinance and Is hereby
authorized and Empowered ttl..prescribe,
adopt acid promulgate and enforce rlifes and
regulafians pertaining thereto. ~ ~,
h, At the time of any transfer upon which a
tax is imposed by this ordlnanca there shall
tso made a report to fne Tawn Manager on
forms prescribed by him, setting forth the
true, complete and actual consideration for
the transfer, the names of the parties
thereto, the Iotation of the real estate
transferred, and such other information as
he may require. '~
c, Far the purpose of coilact(on of the taxes
imposed by this ordlnanca. all banks, title
companies, escrow companlea,'bWlding and
loan institutions, attorneys, real estate
agencies, or other closing agents or
agencies, permitted as such to do business
under the laws of the State of Colorado may
collect file Lend Transfer Tax and remit the
same to the Town far and on behalf of the
seller and .buyer,
5@CTtt)N 9, Application of Fuads and
Land Acquisition Advisory Committee.
a. Ail funds rece]ved by the Town of Vail
pursuant loth€s o-dinance shall 6e deposited
In itre Land Transfer lax Fund, whkh fund
Is hereby cleated. The Fund shall be subject
to appropriation tlnlY for the purpose of
acquiring lend for one or more of the
following purposes; (e) parks; (b3
recreation; (c) open space, and ar (d!
employee hauling purposes. The employee
Housing may be developed by The Town or
other private parties under such resfrlctions
as may be Imposed by the Town,
b, THe Tawn Council shelf appoint a Land
Acquisition Advisory Committee to advise
and assist the Council In the use of the Lend
Traneter Tax Fund, Any final tleclsfan shall
be made by the Town Cauntil,
c. The Land Acquisition Advisory
Committee shall ransist of flue members
who serve terms of two years each. The first
committee shall consist of three members
appointed to carved until June 1, 1pSg, and
two members apppolnted to serve until Juna
1; 1979, Upon the expiration of those farms,
the Counci! shah appoint new members tv
serve for two years. A member of the Land
Acquisition Advisory Committee may he
reappalnted by the Town Council,
d. Each member of the Land Acqulsltlan
Advisory Committee shay file with the Town
Manager a disclosure statement which
specifies a description of any interest In real
property being conslderod far acqulsltlon
and upon which the Committee must advise
the lawn Council, held by the member, The
memner'a spouse, tlr minor children,
"interest" as'usetl herein shall include
direct and indirect interests, agencies, or
fuN or partial interests. The member shall .
keep the dlsctgsure statement current and
up to date.with supplements filed as may 60
necessary. No member may vote or fake
part in fne debate as a member on any
recammendatlon that !s to be forwarded to
the Town Council wi}h respect to a parcel of
property in which fne member, the
members spouse or minor children have an
Interest as above provided,
e. Meetings of the Land Acquisition
Advisory Committee may be tailed by the
Chairman thereof, itte Mayor of the Town or
-he Tawn Manager.
SECTION 10. due Dates, t3eltnqueneles,
Penaitias, interest.
The tax Imposed Under chic ordinance Is
due and payable at the t€me the deed,
instrument ar writing effecting a transfer
Subject to the tax • !s delivered, end is
delinquent If unpaid within ihfrty days
thereaffar. In the event that the tax is not
paid prior to becoming deRnquenT, a
delinquency penalty of ten percent (10
percent) of the amount of tax tlue Shall
accrue. In fne event a portion of the tax is
unpaid prior to- necoming delinquent, the
penalty shall only accrue as to the portion
remaining unpaid. Interest shall accrue at
Tha rate of one portent Il percent) per
month, or fraction thereof, art the amount of
tax, exclvtive of panaltles, from the date rho
tax becomes delinquent to the date of
payment, lnterast and penalty accrued shall
.... apart of Tha tax,
SEG710N 11. Lien.
a. The amount of the Land Transfer Tax
imposed by this ordinance, and penalty and
interest due thereon, is hereby assessed
against the property transferred, and if not
paid when due, such tax penalty and
Interest. If any, shall constttute a Ilan on tna
property for the amount thereof, which Ilan
shall continue until the amount thereof Is
paid or until its dlscnarge of record by
foreclosure or otherwise.
b. If the tax Is unpaid and delinquent, the
Town Manager shall give written
nollflcatlon 10 the buyer at the address
shown oft the deed or Instrument, ar his last
known address, and the seller at Hls )act
known address, of said delinquency. Sold
notification shall be malted tertlfied Or
registered mall, postage prepaid, return
receipt requested, and shall. be effective an
ntatlelf ere otip Id wltnln thirty days of the
effective data of this natiflcatlon, the Town
Manger shall mark the name delinquent on
the Town's tax roll and shall, of hest once
each calendar year, but not sooner that the
first day ~ December, certify such
dellnquenties, along with the Interest and
penalty, to the Treasurer of Eagle Gounty,
Colorado; antl the Counts Treewret shall
extend such dellnquenctes upon the real
property tax rolls of the County and collect
the same in the same manner as delinquent
general taxes,levled upon such property,
Upon certlflcation of the delinquent taxes,
iha penalflea and interest thereon shall also
become due and payable.
c. The amount of the tax, penalty and
Interest imposed under rho provlelons of this
ordinance shall be deemed a debt to the
Town. Any person owing money to the Town
under the provisions of this ordinance shall
be liable to an action brought )n the name of
rho Town for the recovery of aucH amount,
d. Any person who shall fail or refuse to f
pay any tax due hereunder may be punished ''
by a fine not exceeding Three Hundred
Dollars (5300.00) or imprisonment for- a
period of not morn than ninety (90) days, or
botH such fine and Imprisonment.-
e. Any remedies provided far herein shall
be cumulative and not excwslve and shall be
In addition to any other remedies prgvlded
6y IoW.
s£cTiON )2. Review. Tne Town Manger
shall prepare a report of the receipts from
the Land Transfer Tax, expenditures made
in the preceding fiscal Year, real properties
purchased or {n fine .process of being
purchased, a list of properties to bo
purchased and ;he priorities of purchase
(provided, however, the list of properties to
6e purchasod and the prioritiesthereof shall
be confidential to the Tgwn Caunclt), and the
prdjected revenue and expentllturesfar tHo
next fiscal year. Such -eport snail be.
submitted to the Council two weeks prior to
the submission of the budget as required 6y
Section 9,3 of the Charter of the Town of Vail.
SECTION 13. Referendum. This ardlnanco
shall be subm Itted to the qualified electors of
the Town of Va€I of a special election to be
held on rho 1h day of April, 1978. The
question to be submitted to the electors shall
be:
to favor of the Real Estate Transfer Tax not
to exceed 1 percent,.
Against the Real Estate Transfer Tax.
If a majority of the qualified alettor5
eating on this ordlnanca vote in favor, It
shall be effective upon certifltatfan of iHo
election results. If a majorityot the qualified
electors voting on this ordinance vote in
favor, the 1 percent Real Estate Transfer
Tax may not be increased without fne
apAroval of the qualified electors of the
Town, provided, However, all other terms,
clauses, phrases, antl paragraphs of this
ordinance m_ ay be amended by ordinance of_
I the Town Cduncif' without submitfirig the
I same Ta tno electors.
SECTION t4. Severablifty. If any
provision, clause, phrase or section of this
ordlnanca or the application thereof to any
person or circumstance is held invalid, such
invalidity shall Hat affect other provisions,
clauses, phrases or sections or applfcatlons
of the ordinance which can be given effect
without the invalid provisions or
appl€catlans and to this end the provisions or
appncatlons of this ordinance era declared
to be srverable.
INTRODUCl;D, READ ON FiRST
READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL, this 7th day
of February, 1978. A pubdc hearfig shall be
Held hereon on the 21st day of February,
1978, at iha regular meeting of the Town
Council of the Town Of Vali, Colorado, in fne
Municipal Building of the Town.
TOWN OF VAIL
Rodney E. sliler
Mayor
ATTE57:
Colleen Kilns
Town Clerk
Publlsned in The Vail Troll on February 10,
1918.
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c. Any document, decree or agreement
partltlonlnq, terminating or evidencing
termination of a lolnt tenancy In real
property except where eddiTlonel
conslderalfon of value is paid In connection
with such partition or termfnet[on. "
d. The transfer of title or change of
Interestln real property by reason of death,
will or decree of distribution.
e, Transfers made pursuant to buslnes5
organization, rearganlzallon, or
restructuring Including but not limited to
mergers or consolldatlons of corporations,
or by a subsidiary to a parent corppralfon tar
no consideration other than cancellation or
surrender of the subsidiary's stock.
1. Transfers to make effecftve any plan
confirmed or ordered 'by a court of
competent iurlsdiction under the
Bankruptcy, Act or In_an equity recetvershlp
proceeding.. '
g. Any deed or conveyance made and
delivered without consideration for the
purpose of confirming, correcting,
modifying or supplementing a transfer
previously recorded; making minor
boundary adlustments; removing clouds of
}Ides; or granting easement, rights-of-way
Or (itenaBa, ~ ~ .
h. Any decree or order of a court of record
quieting, determining or resting 1111 e,
including a final order awarding title
pursuant to a condemnailon proceeding.
I. Any deed granting or.comeying title to
cemetery lots.
I. Any lease of any real property (or
assignment or transfer of any interest In any
such lease) provided the terms and
condlllens of such lease da constitute a de
facto conveyance of the subiect property.
k. Any mineral deed or royalty deed.
1. Transfers to secure a debt or other
obligation; er transfers of releases of
property which Is security for a debt or other
obi lgation.
m. Any executory contract for the sale of
real property, of less then three Years'
duration, under which the vendee is entitled
io or does fake possession thereof without
acquiring title thereto, or any assignment or
cancallatfgn of any such contract.
~'~~.~.-~AnY~'.daetl ar conveyance lllldar
execution sale, or foreclosure sale under a
'power sale or court decree of .Ilea
foreclosure, sheriff's deed, pdblic trustee
deed ar treasurer's deed.
o. Any deed or Conveyance that Is made
pureuanito a valid and legally enforceable
conlract far sale entered Into between the
seller and purchaser prior fo the effecflve
dafe of th]s ordinance and.the transaction
'closed and" the ' tleed or instrument of
conveyance executed within 180 days from
the affective date a} this artllnance,
;i~TION 6. Application for Exemption.
a. In the evens any document which is
exemptfram the Land Transfer Tax herein
Imposed does not contain ianouage clearly
ahowing Its exempt character, the grantor or
grantee may apply for and obtain from the
Town Manager, a Certlflcate of Exemption,
which may ba affixed to such deed or
instrument or transfer, The Certlllcate of
Exemption shall be In substantially iris
following form.
EXEMPTION. FROM
LAND TRANSFER TAX
The underaipned, a5 grantor (grantee) of a
deed or Enstromenl of conveyance from
to -) (Heine of
grantor and grantee), tlaled ,
hereby apply for exemption from iha
payment of the Lend Transfer Tax, Impasetl
' by prtllnance Na. , Sgrles o} 197g, of the
lawn of VaEI. The basis of such exemption is
as fahows:
(Stale briefly grounds for exemption,
Including applita6le section and subdivision
of Ordinance Na. )
I hereby csrtlfy under penalty of peryury
that the forapoing statements era true and
correct,
~ GrantororGrantae
Csrtllteats o! tExsmptlan
I hereby cerllfy that the above tleacrlbed
transfer of tool property is Oxlmpt from the
payment of Raelty Tranalsr Tax under
Ordinance No, Serlea of 1978, Section ,
Town Manager
b. Any person Whose claim of exemption
duly applied for under the provisions of this
section Is denied by the Town Manager may
Immediately appeal to the Tawn Council for
a determination of such exemption and such
appeal shalt be conslderetl by'the Town
Council within 30 tlays of receipt of the same.
in the event of a determination by the Town
Council favorable to tics appetlant, any
amount previously deposltetl, ar so much
thereof as may be allowed by the Town
Manager, shalt be promptly refunded to the
decision all inatomade by IthetTOwn Council
within 3D days of the receipt thereof, the
decision will be deemed favorable to the
appellant.
SECTION 7, Lands Affacfsd. When a
document aubiect to the ordinance includes
property located within the Tawn of Vall artd
property located within another city or In
Eagle County br other covntlea, the tax
imposed under the authdrfty of this
ordinance shall be computed on)y wish
respect to property located within the Town
of Veil, and the tax shell be assessed on that
pall of the consideration fairly attributable
to'-t)e'part''af such proparfsydoeatsp w(ihfn,
The Town of Veil.
SECTION B. Town Hangar to Hnforce.
a. The Town Manager of the Town of Valk
la charged with the sntorcament of the
provlslona Of this ordinance End Is hereby
authorized and empowered 10 prestrlbe,
adopt and promulgate and enforce rules and
regulations pertaining thereto. '
• b. At thetimeof any transfer upon whic~l a
tax is imposed by this ordinance there shall
be made a report to the Town Manager pn
forms prescYibed by him, setting forth the
true, complete and actual consitleraflon for
the transfer, the names of the parties
thereto, the location of the real estate
transferred, and such other information as
he may require.
c. For the purpose of collet#lon of the taxes
imposed by this ordinance, all banks, title
companies, escrow companies, builtling and
loan institutions, attorneys, real .estate
agenclea, or other cloainp agents or,
agenclea, permitted as such to do buslneti~
under the laws of the State of Colorado may
collect the Land Transfer Tax and remit the
same to the Town for and on behalf of the
seller and buyer.
SECTION 9, Application of Funds and
Land Acquisition Advisory Committee,
a. All funds received by the Town of Vail
pursuant to this ordinance shall be deposited
In the Land Transfer lax Fund, which fund
Is hereby created. The Fund shalt be subiect
to approprla on only far The purpose of
acquiring land for one or mare of the
following purpaooa: (a) parks;' tb)
recreation; (c) ~ open space, and or (d)
employee housing purposes, The employee
housing may be tlaveloped by }he Tawn or
other private parties under such restrl~tlons
as may be Imposed by the Town.
b, the Town Covncn shall appoint a Lend
Aequfsltlon Advisory Committee to advlae
and assist the Council In the use of the Lend
Transfer Tax f=und. Any final decision shall .
be made by the Town Council.
c.. The Land Acqulsillon Advisory
Committee shalt consist of flue membare
who serve terms of two years each. The flrat
committee shall consist of three membare
appolntod to served until June 1, 1980, and
twe members apppointed 1o serve unt11 Juna ~
1, 1974. Upon the expirafidn of those terms,
the Cauntll shelf appoint new members to
larva for two years. A member of iha Lend
Acqulelilvn Advisory Committee mny be
raappatnted by the Tawn Council.
d, Each member at the Land Acpulsltlon
Advleory Commltteeahall file Wlih the Town
Manager a dlsctesure statement which '
speclile6 a descrlptlon of any interest In real
property being considered for acquisltlon
and upon which the Committee must advise
the Town Council, held by the member, the
member's spouse, or minor children.
"Intersat" as used herein obeli Include
direct end Indirect Interests, agencies, ar
full or partial Interests. The member shalt
keep the tltsclosure statement currant and
up 1o date with supplements filed as may be
ndcessary. No member may vote or -take
part in the debate as a member on any
recommendation that is to be forwarded to
the Town council with respect to a parcel of
property In which the member, the
membeY'a spouse ar minor children have an
Interest as above provided.
e. Meetings of the Lend Acquisition
Advisory Committee may txf called by the
Chairman thereof, the Mayor of iha Town •or
the Tawn Manager.
SECTION lg, Due Oates, Delinquencies,
Penalties, Interest.
The tax Imposed under this ordnance is
due and payable at the time the deed,
instrument or writing affecting a transfer
subject To the tax is delivered, and is
delinquent If unpaid within thirty days
thereafter. fn the event that the tax is not
paid prior to becoming delinquent, a
delinquency penalty of ten percent l10
percent) of iha amount of tax tlue shall
accrue. 'In the event a portion of the tax is
unpaid prior to becoming delinquent, the
penalty shall only accrue as to the portion
remaining unpaid, Interest shall accrue at
the rata of one percent (1 percent) per
month, or Traction thereof, on the amount of
tax, exclusive Of psnaltiss, from the data the
tax becomes delinquent to iha date of
payment. Interest end penalty aecruetl shall
become part of iha tax.
SECTION 11, Lien.
e. The amount of the Land Transfer Tax
Imposed by thla oldlnsnte, and penalty and
Interest duo thereon, la hereby atMSaed
against the property transferred, and if not
paid when due, ouch tax penalty and
intere}t, if any, shall constitute a Iles on the
property for iha amount thereof, which IEen
shell continua uMtl the amount thereof la
paid or until ,its discherp~ of record` by
toraclgsura or otherwlae.:;•,y `
b, 111he tax fa unpaid and delinquent, iha
Tawn, Manager shall:. glue ' written
notification fo the buYe* at the address
shown On the deed or instrument, Or tell last
known address, and the seller a1 his lest
known address. of Bald delinquency. Sold
notlflcation sheN be melletl certified or
registered mail, postage prepaid, return
receipt requested, and shall 6e effective on
the date of mailing. If the tax, penalty and
interest ere sot paid within thirty days of iha
effecflve date of this notification, the Town
Manger shall mark the same delinquent on.
iha Town's tax roll end shad, at least once
each calendar veer, but not sooner that the
first day of December cattily such
delinquencies, along with ~he Interest and
penalty, to iha Treasurer of Eagle County,
Colorado; and the Counts Treasurer ahal!
extend such dellnquencles upon the real
property tax rails of the County and collect
the same in iha same manner as delinquent
,general taxes levied upon ouch property.
Upon tertifigatlon of the deNnquent taxes,
iha penaitles and interest thereon shall also
become due end payable.
o. Tne emoum of the tax, penalty and
[nterestlmpoaed Vnderthe provisions ofthis
grdfnante shell be deemed a debt td the
Tqwn, Any person owing money to the Town
under the provlslona of this ordinance shall
be liable to an action brought En She name of
the Town for the recovery of ouch amount.
d. Any person who shall fail or refuse to
pay any tax due hereunder may be punished
6y a tine no} exceeding Three Hundred
Oo11an (S3ag.alt! or Imprisonment for a
period of not more than ninety 196) days, or
bath such line and Imprlwnmant.
e. Any remedies provided for herein shall
be cumulative and not exclusive and shat l be
In addition 1o any other comedies provided
by law. - ~
SECTION 1~. ~Reviaw; The Town Manger
shall prepare a report of the receipts from
the Land Tranafar Tax, expenditures made
In the preceding fiscal year, real properties
purchased ar In the process of being
purchased, a lint of properties to be
purchased and iha prkfritles Of purchase
Iproylded, however, }he Ilst of properties To
be purchased and iha prlorltle5 thereat shall
be conlidentiallo The Town Council), and the
protected revenue atltl expenditures for the
next fiscal year. Such report shall be
submitted tp the Council two weeks prior to
the submission of the budget as required by
Section 9.7 of the Charter of the Town of Valt.
SECTION 13. Referendum. This ordinance
shalt ba submitted tp the quaff}fed electors of
the Town of Vall at a spatial election to be
held on iha nth tlay of April, 1918, The
q~ueatlon to b'e submitted to the electors shall
1n favor of the Real Estate Transfer Tax
n0t tp exceed one h) portent.
Against the Real Estate Transfer lax,
Ef a ma)orlty of The qualified electors
voting on this ordinance vote in favor, If
shall be eFlectlve upon certlticatlon of the
election results, If a malvrity of the qualified
electors voting on this ordinance vote In
favor, the 1 percent Real Estate Transfer
Tax may not be Increased without the
approval of the qualified electors of the
Town, provided, however, all o}har terms,
clauses, phrases, and paragraphs of this
ordinance may be amended by ordinance of
the Tawn Council without submitting the
same to the electors.
SHCTION 14. Severability. df any
provlaion, clause, phrase or section pl this
ordinance or the applltation thereof to any
person or circumstance Is held Invalid, Suc
Invalltllty shall not affect other provisla ,
Clauses, phrases or sections ar appticatl is
of the ordinance which can be given effect
without the Invalid provlslona or
applications and to this end the provisions or
applications of this ordinance are declared
to be severable,
INTRODUCED, READ ON FIRST
REAPING, APPROVED, AND ORDERED
PUBLISHED DNCE IN FULL, this 7th day
of February, 1918, A publEc hearing shall be
hold hereon on the 21st day of February,
i97B, at the regular meeting of the Tawn
Council of the Town of VaIE, Colorado, In the
Municipal Building of the Town.
TOWN OF VAIL
Rodney E, oilier
ATTEST; Mayor
Colleen Kline '
Town Clerk
Pvbllahad in The Vall 7rpil on February 1g,
197`.
fNTRODUCEO, R£Ap, ADOPTED AND
ENACTED ON SECONp READING AND
DRDEREO PUBLISHER DNCE IN FULL
this 21st day of February, 1978.
" TOWN DF VAIL
Rodney E. Slifer
Mayor
ATTEST:
Colleen M. Kline ,
Town Clerk