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HomeMy WebLinkAbout2003-14 Authorizing the Creation of Timber Ridge Affordable Housing Corporation and the Making of a Loan to Timber Ridge Affordable Housing Corporation in Connection with the Acquisition of Timber Ridge Apartments* • • ORDINANCE NO. 14 SERIES OF 2003 AN ORDINANCE AUTHORIZING THE CREATION OF TIMBER RIDGE AFFORDABLE HOUSING CORPORATION AND THE MAKING OF A LOAN TO TIMBER RIDGE AFFORDABLE HOUSING CORPORATION IN CONNECTION WITH THE CORPORATION'S ACQUISITION OF TIMBER RIDGE APARTMENTS AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PROJECT AGREEMENT CONCERNING SUCH PROJECT, INCLUDING THEREIN THE TOWN'S MORAL OBLIGATION PLEDGE AND APPROPRIATION THEREFORE; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; DECLARING AN EMERGENCY RELATED HERETO AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Recitals. A. The Town is a municipal corporation duly organized and existing under the Charter adopted pursuant to Article XX of the Constitution of the State. B. The Town Council has determined to form Timber Ridge Affordable Housing Corporation (the "Corporation") under the provisions of the Colorado Nonprofit Corporation Act, Articles 121 through 137 of Title 7, Colorado Revised Statutes, as amended, for the purpose of acquiring ,operating, maintaining and developing multifamily rental housing projects. C. The Town Council has been presented with the form of articles of incorporation and bylaws of the Corporation (the "Articles and Bylaws") D. The Corporation proposes to acquire real and personal property constituting Timber Ridge Apartments within the Town to provided dwelling accommodations at rentals within the means of individuals or families of low or moderate income (the "Project"). E. Acquisition of the Project is to be financed in part from the proceeds of the Corporation's Timber Ridge Affordable Housing Corporation Adjustable Rate Housing Facilities Revenue Bonds, Series 2003A (the "Series 2003A Bonds") and its Timber Ridge Affordable -1- • • • Housing Corporation Subordinate Housing Facilities Revenue Bonds, Series 2003B (the "Series 2003B Bonds," and, together with the Series 2003A Bonds, the "Bonds"). F. The Series 2003A Bonds will be issued pursuant to the terms of an Indenture of Trust dated as of July 1, 2003 (the "Series 2003A Indenture") between the Corporation and U.S. Bank National Association, as trustee. G. The Series 2003B Bonds will be issued pursuant to the terms of an Indenture of Trust dated as of July 1, 2003 (the "Series 2003B Indenture")between the Corporation and U.S. Bank National Association, as trustee). H. The Town and the Corporation propose to execute and deliver a Project Agreement dated as of July 1, 2003 (the "Project Agreement"), under the terms of which the Town shall agree to loan $1,000,000 to the Corporation to finance a portion of the cost of acquisition of the Project (the "Project Loan"), which loan shall be subordinate to the Corporation's obligation to pay the principal of and interest on the Bonds. I. The Town Council has determined it is in the Town's best interest to appropriate an amount not to exceed $925,000 as a replenishment reserve for the Project for the remainder of calendar year 2003 and to consider annually, in each year the Series 2003A Bonds or Series 2003B Bonds are outstanding, an appropriation in an amount equal to the total bond reserve requirements for the Bonds, commencing in 2404. J. The Project Agreement provides that upon termination of the Project Agreement, the Town shall be entitled to acquire title to the Project without cost. K. The Project Loan shall be evidenced by a promissory note to be executed by the Corporation for the benefit of the Town (the "Note"). L. The proposed form of the Articles and Bylaws, the Project Agreement and the Note are on file with the Town Clerk. Section 2. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town relating to the formation of the Corporation and its acquisition of the Project for the purposes provided herein are ratified, approved and confirmed. -2- • • • Section 3. Annroval of Corooration's Articles and Bvlaws. The Town hereby approves the organization of the Corporation for the purposes set forth in the Articles and Bylaws and hereby approves the forms of such Articles and Bylaws as presented to the Town Council at this meeting. Section 4. Annroval of Financing Documents. The terms of the proposed Project Agreement and Note, in substantially the forms presented at this meeting, and the Town entering into the Project Agreement are hereby approved. Section 5. Loan Annroval. The Project Loan is hereby authorized in accordance with the terms of the Project Agreement and the Note. Section 6. Annronriation and Moral Oblieation Pledge.. The Town hereby appropriates an amount not to exceed $925,000 as a replenishment reserve for the Project for the remainder of calendar year 2003 and further agrees to consider annually, in each year the Series 2003A Bonds or Series 2003B Bonds are outstanding, an appropriation in an amount equal to the total bond reserve requirements for the Series 2003A Bonds and the Series 2003B Bonds, commencing in 2004, but shall not be obligated to approve such appropriations from time to time. Section 7. Town Action. All actions taken by the members of the Town Council and other officials of the Town toward the organization of the Corporation, acquisition of the Project and making the Project Loan are hereby ratified and confirmed. The Mayor of the Town (the "Mayor") and the.Town Clerk of the Town (the "Town Clerk") are hereby authorized and directed to execute and deliver such documents and to take all action necessary or reasonably required by the terms of the Project Agreement and the Note and to carry out, give effect to and consummate the transactions contemplated hereby and thereby, including the execution and delivery of the Project Agreement in substantially the form presented at this meeting, with such variations or revisions thereto deemed necessary by the Mayor. Execution of the Project Agreement by the Mayor shall be deemed to be final approval by the Town of the Project Agreement. Section 8. No Indebtedness of the Town. No provision of this Ordinance, the Note, the Bonds, the Series 2003A Indenture or the Series 2003B Indenture or any other instrument executed in connection therewith, shall be construed as creating an obligation on the part of the Town to pay the principal of, premium, if any, purchase price or interest on the Bonds, nor as -3- • • • creating an indebtedness or financial obligation on the part of the Town within the provisions or limitations of any statutory or constitutional provision of the laws of the State of Colorado. Section 9. Comoration's Board of Directors. The Town hereby determines that in accordance with the Articles and Bylaws the Town Council, as constituted from time to time, shall serve as the Board of Directors of the Corporation. Section 10. Other Actions. The appropriate officers of the Town are hereby authorized to execute and deliver for and on behalf of the Town, any or all additional certificates, acknowledgments, documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters authorized in this Ordinance and in any resolution of the Corporation. Section 11. Emeraencv Declaration. Because the Town Council determines that the acquisition and preservation of the Project as an employee housing facility will benefit the public health and welfare and that the opportunity to acquire the Project is limited in time and shall expire prior to the adoption of by the Town of anon-emergency ordinance, and that financing terms making the Proj ect acquisition and preservation possible are limited in duration, the Council hereby declares an emergency exists requiring the immediate adoption of this Ordinance. Section 12. Severability. If any one or more sections, sentences, clauses or parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any one or mare instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 13. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby 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, heretofore repealed. Section 14. Disposition of Ordinance. This Ordinance, as adopted by the Town Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The -4- • f adoption and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 15. Effective Date. This ordinance shall be in full force and effect immediately upon final passage. INTRODUCED, READ AND APPROVED on by a vote of 7 to 0 this ls` day of July, 2003 and ordered published in full in Vail Daily, a newspaper of general circulation in the Town of Vail, on or prior to the tenth day hereafter. .~..o...~_..,w ~~,~~~ ~F Pj~! S Ludwig urz, Mayor ATTE T: --° '~ L~~~-!~------- Lorelei Donaldson, Town Clerk Town of Vail, Colorado -5- • • • STATE OF COLORADO } } COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, the Town Clerk of the Town of Vail, Colorado, do hereby certify 1. That the foregoing pages aze a true, perfect and complete copy of the Ordinance adopted by the Town Council constituting the governing board of the Town of Vail (the "Town Council"), had and taken at an open, regular meeting of the Town Council held at the Town Hall, in Vail, Colorado, on July 1, 2003, convening at the hour of 7:00 p.m. as recorded in the regulaz book of official records of the proceedings of said Town of Vail kept in my office. 2. That the Ordinance was read by title, duly moved and seconded and the Ordinance was adopted as an emergency ordinance by a vote of 7 to 0 of the members of the Town Council at the regular meeting of the Town Council held at the Town Hall, in Vail, Colorado, on July 1, 2003, convening at the hour of 7:00 p.m., as follows: Those Voting Yes: Ludwig Kurz, Mayor Rod Slifer, Mayor Pro-Tem Dick Cleveland Diana Donovan Bill Jewitt Greg Moffet Chuck Ogilby Those Voting No: None Those Abstaining: None Those Absent: None -6- • • • 3. That the Ordinance, was published in full after adoption as an emergency ordinance in Vail Daily, a newspaper of general circulation within the Town, on July 4, 2003. The affidavit of publication is attached hereto as Exhibit A. -7- • • ~ 4. The members of the Town Council were present at the meeting and voted on the passage of such Ordinance as set forth above. 5. There are no bylaws, rules or regulations of the Town Council which might prohibit the adoption of said Ordinance. 6. Notice of the meeting of July 1, 2003, in the form attached hereto as Exhibit B was posted at the Town Hall, not less than 24 hours prior to the meeting in accordance with law. WITNESS my hand and the seal of said Town affixed this July ~, 2003. ~., 16;~ 0~ ~ , ~~-- ~ ~~, . ~ ~ ,, ,ter ~ Town Clerk 5~~. (SEAL) `.~- ~~~~~~~ -8- • • EXHIBIT A AFFIDAVIT OF PUBLICATION (published July ~, 2003) • ,. ~ ~.r STATE OF COLORADO COUNTY OF EAGLE 193 PROOF OF PUBLICATION SS. • I, Steve Pope, do solemnly swear that I am the Publisher of The Vail Daily, that the same daily newspa- per printed, in whole or in part and published in the County of Eagle, State of Colorado, and has a general circu{ation therein; that said newspaper has been published continuously and uninterruptedly in said County of Eagle for a period of more than fifty-two consecutive weeks next prior to the first publication of the annexed legal notice or advertisement; that said newspaper has been admitted to the United States mails as a periodical under the provisions of the Act of March 3, 1879, or any amend- ments thereof, and that said newspaper is a daily newspaper duly qualified for publishing legal notices and advertisements within the meaning of the laws of the State of Colorado. That the annexed legal notice or advertisement was published in the regular and entire issue of every number of said daily newspaper for the period of .........~...... consecutive insertions; a d that the first publication~~jjof said no ice was in the issue of said newspaper dated ....... ........ ....~~....................... A.D.....~(~i~J.....~~..... and that the last publicatio of said notice was in the is ue of said newspaper date ...'.. ....:/........... A.D.......~.~`G4~Q In witness whereof I have hereunto set my hand this .......l.~... day of .....C~~.~•f •~i'~~....~~...~~... Subscribed an//d s orn to befo , a notary public in an r the County of Eagle, State of Colorado, this ..............1.~... day of .......... ..~....~ l Notary Public / My Commission expires ................. ~. / .~.... ~ t+to: r~ :~~/ cF wogk .: T"CKif Fitfitt7YlTril ~ .. ,. ~., IIIDVII, THEREFORE. BE R DRMINEd 8V THE Wis.. ~ rkt€ Town of v~ue,_coc, quo BeCiion RrcUals.-- Tt» 7brm ie .. ~s dtd~r i ~. r ,~ , , undrr tfre- t~Earlor: ~~ m artist. xx d ttis Ths 7or,+, Caerfdrhlir tci". hrrp Tgrilier weti. ~fkrdemis Hq~Irp (ttw 'GS ~ . , d ~n'1 tit ~ovbioari~t "~ wash tftr Gorpiraltsn Act. /trAdes' t2f; mrouptr ~ a Trp.t. Colorado fisvisad ; ass rir ~ trio parRaN eYeoqulrlnp . aparat=~1 ir~~~;~jm~~ ng pfd d~r~p+p" am rte; aTffe IwP e01t1~•T i,71~1 fir-' ed wiltr the loan of artldes d k .. . - and by-. laws of prs C (Bra Arlhles erfd ~a'j-~; The C . x , ... n tv acrpfiraE rest and personaF ~ ~ Tfrrrbs~° Rklge A .,~. wfMrM ~ Torgr 16 P-avidstl;' dwelHOg at [Mdah.eAw!(la tlra* means of ~ w faretftfes of bw or income(Mfe'Project'). ~ ' Aatutsgtwr. of tln Project.IS ~ be fN Horsed bi part tran.lfw ... ~ at Hr CarPws^ bon's Timber Ridgy 1-flordr6ls,Housirrg corpwa> thn Adjtteta6ie Rob Houetng „ , s«i.e 2atz~ fa,e ~~ and fta'1lmbar RWge ~IMOridMbitHxiMlr~ Boo ~sedss 2009$~(tpe l$e anti, ~ r~r tM. rtona~;,g+. 'Bords'~ ~~ = r.: „ . The 8eriws .wi ci0ttdl„?YAl t+a.fe-- sued puraiartt to the ultras ar airt r~o€ZFue1, ~ . , anq. u.a nsrsc na- 6vrrtde, fes 20938 Bords~wif ba is- une f walewl ~ ~.. r arlp u.a.°p!4 ~' bone! Association, as trustee)' -. The Town. and the'Ga pro;si pose Eo eraxxrts and dellux a Project A : ~ ' i dated ae of JWy 1, 2093 (the'Prajed A, ., rT.; under the terms of wPiolt the Town sheN agree tea' loon.. St,9oo.900 ter the Corporetlon to firwwslr at portion of ttre ~ of aoyufeigorr;of the project N~ ~~~I and interest on d,e Borrda The Town CaurrcU tree detannirred k , is rn 9ie TLrm'a ttaet' t ~.approprtaEe err amount rat to eiaxsd S8PS,009 as a replen~h-; rrrxlt for tfrp proleot' kr rnf cahrdet ywu' 200:1 sod fe oorx~Mr ahnrpj~.Gri' each yerr, the t?eriss 2993A Boners 611 ` ~ 20038 Borl¢s m _. as appraptiaHoq iM art smourrt s~ to the~~ end rrrarls for pre 9ofrds 1 ~ br 2095:,' The projei~ f 1, 7< provldN ihe~' T~ h~a~BAsr~~loj without cost. Ttrs Pto}sct Lrxtii streM he , ~.' t by s promissory rwfe to be executed by tlro'E;6rpo-. ration for the banerd af•the ToMiR (tlts 'tVws'} Ttre .~ 1Drin c! the Ar4cbs; and Bylaws, rite Project ! t and fhB f are on ills witrr ttreTOwnGerk. ~ ; . E section. Rat~atlon= A9 aim h talwn (rat Inoortsialertz wk#t Eire provisions of thk Ordinance) bN the Town Gcrindi and olrrsr ofrtcersd of the Town relating ~; tfrs of the Corpo- ration and fts acquisidon of the Protect for the p~ i poses hsrWre a® rgNMds r r . •1 gird: Setdiwr '~ Apppp of Corps ,. ~ ArtidasPj and Bylaws. Tire~TOwn frsraby approrss Mew °: ga of the Cay!4r~or!>10- ttrp purposes aa~; of r~ ~tlre MdFlsp enA.l~rli~rs snd kerebjr elpyioa,. ~, w,s ttre krrns of ar+ab!-rtie>Tes+r+d Bylaws ~ prs-z seated to the Town CounpN at Ude . , . ,,. 7, secdeR ' .:..' ApprbwF .~ The terlrrs at Ure d Prgjs¢ A ; t sad' ~l ~ and tl~eTOw~4 Q krMr~t,rrl Section Loan~llppsraAR 1~, it; ~ l &i v, . ax3e,wlr~~ off. the Prciect A ~ ~ tt end tl'ftlMrls: % h . .. Ifp 1{T~I, IIOIYOj. 31~ ~...~ IVO iI~ W'~_. ~ ~. >f1 .. atlon M an amount equet to;trre tole~~tiond reeerr requirements for the Serks 2093A Bards and >h rnwit leaerr. for tns F+ojat~t. idr ~. ~ ,,. des a" acvyear zoos and Turner ~ ~,_ • sl each ysst the ~ ~ Bonds tx' ~~2oase ~ are «~~~ . . aticrl 6rar atnaent b hand resxra .star tt» 3arka Bands and .20098 Bonds, .. ltt E11Q4, but ahN net be obapaled b apptors such , ... - llo-M horn tkns b tfrrla. liecnai Town Yfanotr. Atlacnons tettsn M The marnbara d tlls 7dwn Catrre9 and oQwii siNGala of the lloial toaclyd the ~ , adart of the torpors.; non, aopuieiaon of er acid , i ,, ttte PraF' ed tcm aro hereby and [ Thai Mayor ok 1M Town (n+e- 'MeYor'?- and-t[~e Taws Gsrk d the 7aelrr (fire 'Ibtrn C-ek') mw hsrabys ,. autliaQatf ante dhecLeQ b etaalAa. and dearer stash dtttltalwrtts aril b talcs ao adbn tayr; « ,~ rowiMd by the terms ol#lslPeaJsal. J , t ~, t-w mats and b curt' auk: glw 4# taa- b and ~ ... 1 the s eonlerri- plWad hereby and tta-rebyl 1 , .. ~ , Mre axaotRipn' ~~~ ~ ~M. , tv~r such . ' s~F rsvLioAt tf»q, deemeei r ~ J; b!t Uta Msyor. ffrsaVaon at it+• Projsat Agieeriant by 1M Mayor alpol bs . i r i to ba fatd approval by tl» Town of the PProro~tt Agreamenk Bastion tVO Ihdeb6edneaa of the Town: Mar N of thb OrcAngti~-a; flee Flote, the Bonds, # the settee 2003A Irldarrtxe or the 9eriee 20008> Irrdsri[ime or rlsanotr If~widtlr, shat! be corletrued as creatlnS ~ .an abagatioli oil the pail of the Town to pelt the, d.:l d, pr~rlium, if any, purchase price or tn- tereel on dth 9onds, nor as creating an irxtebted-<; Wass a thlatadal oh an the part of the Tartu; widtih the provretona or limitations of any statutory ,.~~r~ ~pgviai{~-aJ fiW, IW'a: eb lhs 86~te . ~~ 1111- VIII fR pa0 ~. traril aiett lQ >~t14~ +~ ~++ rt i[1~'` ~ p~~µ~nMrallk~ deuys ~ arld~on~behaH aF 01a TcreT.a~aastttt ritKtM arld altlal R~IS still to ps the ~ atl>aF acts tMy ~ daeirtk Al . ec . , .. r ht ortMr to }rnpNmaai ltn¢ osrry old ifla aux.: In tt9a ... .rand in any r0eolutiOn of ~t~i ~• ToG1l~GetXldl deterrtlklyea Uiat #tn a~ogtlhitlon aMt.. idlafl- ~ ills PrOjaGl aa. an hotts3 Crlg hcWry wfq bartant ttta pullet: haedNt arr~'vialfa~`. silt.{ that the opporturtily to dCgitlie ifle Project la, atrdtad in t(hae and altos s>$itri prior b tlts a J.. , of by tlle'fwm d a tflat teirlm rr>~ng'1~s Propot rte'. antl pvaeasle stn Ilmltld bl ~., ale ~a~herobY declares a!i amts raqupinp the , adoptloer~ W'bl- nonce. 9paian - 9eywa6aigc N arty ova or more aeo- , ibtla, alaueas or .Farb of this OrdF- nonce slledl for any' rsaaon 6e tletd invalid, audi judtllltett! thad not rtlaat.: kflA!lb,, or fnvalidabs _ irM r.AAM17t fi~ ~ ~14~ la my + K~. ^l , , r Rep..1~c AR . order ` Wens and ordb+anoas, or partattrleck inoorollRerrl tlarelwnrale hereby d b ills elcleM ~~' (ncplsielancyt fr,la racwaMi attaq na b! COnekued To cerise any order, raeautlar ori.; ordinertce: or part ttrsreoleralofore repealed. Seotlan l of C .~~. ~ . ~. TMs O-di4-. narmR as adopted by the Towel Caunoil, ehaa bd-•°' n1 acrd rsccrdad ~ the Toren gedc in ttld. oftkial n>ooide'ot, lldr'TCyrit. The adspnon anQ pt~licanotl ailaa w~ ~ the tares ~ the tldaysr: q Pier Titan, and orlr, cixlt. and by ilia .::.. ;a Qt puE,aaa-Wont ~. section r-R.egver 1M1erF Ttds ordirartos be In tau toms and nHed bn .,`.~,~ .>Y ~~` 1 REAP Ary[3 ~-set, ~ it' vo~a of T to 0'tl~_tat day'..of'~S 2W3 81M orF dared txrdfehed in his in Vas ddy; a rlet .:,,,,;y, , off, chwletlon ire the Town et Van; on or per" the lentil day hereattsr. , ICurZ, Mayor ~ r. . Luneiai Oc11a1deon, To1wl GsiN = , : '- TirMmaf Vaar.Calarsdq.: , STATE t~F COLORApp on` t~ it vWr 8t.7 to 0 thk tat of ,krly P003 arni orb dead aod~-+•d ~ tt16 ~, vax ~ . 9~K cirtadageti in tt» Tawn Wik on"a`aiao to the tenth dq(Fereat9a: una, e.~,e+~(, Lonaki @o~san, Town (:ktlc Tartu of VaB, Cobradu ST/tTE OF COLt7FlAD0 rapt ill (71jt GRIIOa. - .. 2:. Thal ~s :~ , was read by tWe., ~Y:P~Md tifd .. d and tfn ~ war to d aF IAa riMnlbara of tha ToMrr Caxldt ~ ttlf „/ at IM lbwn QSotaK~ herd at 1ha~ TaYtrtr FM& ~ tiLY; CotoruJa, on Juy t, 2003, oon• 0 tkthe hoW of 7:00 p.m., as toNows: Tfaaa . Pro-Tim . DiNla~ , B~JawgF ~-- .. ,~ Theaa lU 1, Nona ; Y; . Ttnsra Nola 3,_. Ttle~t tha ~dr~~a, Mia ptThGet»d k1 . \hdl 0ai14-#)npl~lac CF ~ i ' ~ wt~ in the TwMk au ,MAC/ <; 200d~, Tha aNfdavlt of ;: catMxt Mf auaoFNd hareb ap E~dA6lt Aw . 4.. -. Tl~ _ ~ ~ fta ' w~,Y. p K~ ^ atltlvtMid tai ~ aayR#~~aq Ci7iC>vy1Cs q aft tfxtit aUOi~s T1ain1 ttnr ne ByMge, ~ttlea t!r t~~ dais of tha Town Cma+eN wA>~ rtidtiF Drah~R 1l~! adopAottof aaidt~rtFnpnpi ' . 6. ~ Ndliorot,ff» ~,otJul~t,2000~~~ fn the brm attuc#~ali hatrb ss Eldu'Wt B waa poet ed-~ ~ Tawn HaA, not (eis th~p 24 hours prfrn t+a, ~e maafMt t ~ aoo .. ~ wMh Mtw ~ :~,~~ ny twld aM tha aaa! ~ raid ~?nm tip fixed ttdt .MAy _, 2008. Toren Claire (SEAL)E)(ht~{T A AFfIDAYfT QF PtJ8tlCaTtOts. _. x(i~rs~'`_.~ . ~ No~da of the t1lseWlg et:k,y1 t, 2003 t,aa M, Ttw vaN nawy.ruy ~; 20p9. y _ ~ _ _ i. • • • • • EXHIBIT B Notice of the Meeting of 3uly 1, 2003 ~ . • PUBLIC NOTICE NOTICE IS HEREBY GIVEN that the Timber Ridge Affordable Housing Corporation will hold an Organizational Board Meeting on Thursday, July 10, 2003 at 3:30 P.M. in the Town of Vail Town Council Chambers, 75 South Frontage Road, Vail, Colorado. All interested parties are welcome to attend. TOWN OF VAIL Nina Timm Housing Coordinator ~ . • AGENDA EVENING MEETING 6 P.M. TUESDAY, JULY 1, 2003 NOTE: Times of items are approximate, subject to change, and cannot be railed upon to determine at what time Council will consider an item. 1. ITEM/TOPIC: Citizen Participation (5 min.) 2. ITEMiTOPIC: Consent Agenda re: June 3 and June 17 Evening Meeting Agendas (5 min.) 3. Mike McGinness ITEMROPIC: Tax Exempt Financing Reclamation Act (TEFRA) Hearing Matt Mire to meet the technical requirements of the intemal Revenue Service Code Nina Timm (15 min.) ACTION REQUEa ~ cD OF COUNCIL: Conduct the public hearing to satisfy the Internal Revenue Service code. BACKGROUND RATIONALE: The TEFRA Hearing is an intemal Revenue Service code requirement in order to obtain tax-exempt status for the Private Activity Bonds being issued for Middle Creek Village. The Town of Vaii, as conduit issuer, must conduct this public hearing in order to satisfy the Internal Revenue Service requirements. RECOMMENDATION: Conduct the public TEFRA Hearing in order to obtain tax-exempt status for the Private Activity Bonds for Middle Creek Village. 4. Judy Camp ITEMITOPIC: November Election Discussion (30 min.) Pam Brandmeyer ACTION REQUSTED OF COUNCIL: Provide staff direction on ballot preparation and/or additional fact-finding. BACKGROUND RATIONALE: The Town Council has been evaluating a list of possible ballot options for the upcoming November election. During the June work sessions, those options were narrowed to a ballot measure that would seek support for a modest property tax increase to be used to build and equip a new fire station in West Vaii and renovate the existing fire station at Main Vail. The election timetable requires first reading of a ballot ordinance at the August 5 evening meeting. STAFF RECOMMENDATION: Staff recommends preparation of a ballot measure that covers the cost of constructing, equipping and staffing a third fire station as well as renovation of the Main Vaii fire station. • • • 5. Allison Ochs ITEM/TOPIC: Appeal of the May 21 Design Review Board decision to deny the proposed awnings at the Ore House, located at 232 Bridge Street / Lots C and D, Block 5, Vail Village Filing 1. (15 min.) ACTION REQUESTED OF COUNCIL: Uphold, uphold with conditions, or overtum the Design Review Board's decision to deny the proposed awnings at the Ore House. BACKGROUND RATIONALE: The applicant, Larry Anderson, submitted an application to erect clear plastic awnings which roli~ up into the existing deck awning at the Ore House Bar and Restaurant. The application was in response to an enforcement letter sent by the Community Development Department for erecting the clear plastic awnings without design approval. On May 21, the Design Review Board denied the proposed awnings at the Ore House. The denial was due to a 2:2 tie of the DRB, which according to procedure, constitutes a denial of a proposal. The applicant, Larry Anderson, representing the Ore House, submitted an appeal of the Design Review Board's May 21 decision. Please refer to the staff memorandum for additional information. STAFF RECOMMENDATION: The Community Development Department recommends the Vail Town Council upholds the May 21 Design Review Board decision to deny the proposed awnings at the Ore House, located at 232 Bridge Street /Lots C and D, Block 5, Vail Village Filing 1. 6. Allison Ochs ITEMITOPIC: Appeal of the June 9 Planning and Environmental Commission decision to approve with conditions a request for a variance from Section 12-7A-11, Parking and Loading, Vail Town Code, to allow for parking and loading in the front setback, located at 9 Vail Road /Lot C, Vail Village 2nd Filing. (30 min.) ACTION REQUESTED OF COUNCIL: Uphold, uphold with conditions, or overtum the Planning and Environmental Commission's decision to approve with conditions the proposed variance. BACKGROUND RATIONALE: On June 9 the Planning and Environmental Commission voted to approve a variance from Section 12-7A-11, Parking and Loading, Vail Town Code, to allow for parking and loading in the front setback, located at Nine Vail Road condominiums. The applicants, Nine Vail Road Condominium Association and Nicolet Island Development, Inc., requested a variance from Section 12-7A-11, which states, in part, "no at grade or above grade surface parking or loading area shall be located in any required front setback area.° The applicants are proposing four surface parking spaces in the front setback adjacent to West Meadow Drive. The PEC voted 4-2 to approve (Schofield and Bernhardt opposed) the variance request with the condition that only two parking spaces and the minimum area • • • required for a tum-around be located in the front setbackF while the remaining two spaces be located within the parking structure of the proposed Four Seasons Resort. Nine Vail Road Condominium Association has filed an appeal of the PEC's June 9 decision. Please refer to the staff memorandum for additional information. STAFF RECOMMENDATION: The Community Development Department recommends the Vail Town Council uphold the June 9 Planning and Environmental Commission decision to approve with conditions the request for a variance from Section 12-7A-11, Parking and Loading, Vail Town Code, to allow for parking and loading in the front setback, located at 9 Vail Road /Lot C, Vail Village 2nd Filing. 7. Sybill Navas ITEM/TOPIC: 2004 Allocation Request for Commission on Special Events (5 min.) 8. Rick Chastain ITEMITOPIC: 2004 Allocation Request for Pro Cycling Tour (5 min.) 9. Bill Gibson ITEMITOPIC: First reading of Ordinance No. 6, Series of 2003, an ordinance amending Sections 12-tiB-2, 12-6B-3, 12-tiC-2, 12-6C-3, 12- 6D-2, 12-6D-3, 12-13-4, Vail Town Code, to allow a Type II employee housing unit as a permitted use and to eliminate a Type II employee housing unit as a conditional use in the Single-Family Residential (SFR), Two-Family Residential (R), and Two-Family Primary/Secondary Residential (PS) districts, and setting forth details in regard thereto. (15 min.) ACTION REQUESTED OF COUNCIL: Listen to a staff presentation on the proposed text amendment ordinance and approve, approve with modifications, or deny Ordinance No. 6, Series of 2003, on first reading. BACKGROUND RATIONALE: The primary purpose for these proposed text amendments is to expedite the development review process for Type II EHU applications in an effort to make more efficient use of the Planning and Environmental Commission, Town Staff and applicants' time and resources. On March 24 the PEC held a public hearing to discuss the proposed text amendments. Following discussion of the amendment, the PEC voted 6-0 to forward a recommendation of approval of the proposed text amendment to the Vail Town Council. 10. Bill Gibson ITEM/TOPIC: First Reading of Ordinance No. 16, Series of 2003, an ordinance amending Section 12-13-4, Requirements by Employee Housing Unit (EHU) Types, Vail Town Code, to amend the Type II EHU requirements, to allow the separate sale or transfer of Type II EHUs, and setting forth details in regard thereto. (30 min.) ACTION REQUESTED OF COUNCIL: Listen to a staff presentation on the proposed text amendment ordinance • • • and approve, approve with modifications, or deny Ordinance No. 16, Series of 2003, on first reading. BACKGROUND RATIONALE: On June 9 the Planning and Environmental Commission held a public hearing to discuss the proposed text amendments. Following discussion of the amendment, the PEC voted 6-1 (Kjesbo opposed) to forward a recommendation of approval ~of the proposed text amendment to the Vail Town Council. 11. Matt Mire ITEMITOPIC: Reading of Ordinance No. 14, Series of 2003, an Nina Timm emergency ordinance authorizing the creation of Timber Ridge Affordable Housing Corporation and the making of a loan to Timber Ridge Affordable Housing Corporation in connection with the Corporation's acquisition of Timber Ridge apartments and authorizing the execution and delivery of a project agreement concerning such project; ratifying action previously taken and appertaining thereto; repealing all ordinances in conflict herewith. (30 min.) ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, or deny Ordinance No. 14, Series of 2003. BACKGROUND RATIONALE: The Vail Town Council has determined to form the Timber Ridge Affordable Housing Corporation under provisions of the Colorado Nonprofit Corporation Act, Articles 121 through 137 of Title 7, Colorado Revised Statutes, as amended, for the purpose of acquiring, operating, maintaining and developing the Timber Ridge multifamily rental housing project. STAFF RECOMMENDATION: Staff recommends the Town Council approve Ordinance No. 14, Series of 2003. 12. Mike McGinnis ITEM/TOPIC: Second Reading of Ordinance No. 15, Series of 2003, Matt Mire Private Activity Bonds for Middle Creek (15 min.) ACTION REQUESTED OF COUNCIL: Approve. BACKGROUND RATIONALE: This Ordinance authorizes issuance of Bonds by the Town for Middle Creek Village Apartments project. The Bonds are not a debt or obligation of the Town within the meaning of Tabor or any other state or local law, but are issued under the state statute known as the County and Municipality Revenue Bond Act, which specifically limits the obligations of the Town. Bond proceeds will be loaned to Middle Creek Village, LLC., who is solely responsible to pay for debt service on the Bonds as well as issuance costs. Issuance of this type of bonds is a common form of financing for low-cost financing of affordable multifamily housing. • • STAFF RECOMMENDATION: Approve 13. Town Manager's Report (5 min.) 14. Adjournment (9:25 P.M.) NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) • THE NEXT VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BEGIN AT 2 P.M. ON TUESDAY, JULY 15, 2003 IN THE TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING WILL BEGIN AT 6 P.M. ON TUESDAY, JULY 15, 2003 IN TOV COUNCIL CHAMBERS Sign language interpretation available upon request with 24-hour notification. Please call 479- 2332 voice or 479-2356 TDD for information.