The URL can be used to link to this page

Home My WebLink About2012- 4 Authorixing the Sale of a Portion of the Real Property located at 75 South Frontage Rd to Vail MOB, LLC for the purchase price of $5 millionORDINANCE NO. 4 SERIES 2012 AN ORDINANCE AUTHORIZING THE SALE OF A PORTION OF THE REAL PROPERTY LOCATED AT 75 SOUTH FRONTAGE ROAD, VAIL, COLORADO (THE TOWN HALL PROPERTY) TO VAIL MOB, LLC FOR THE PURCHASE PRICE OF $5 MILLION, AND SETTING FORTH DETAILS IN REGARD THERETO 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, the Town Council finds and determines that the sale of a portion of the real property located at 75 South Frontage Road, Vail, Colorado, more particularly described in Exhibit A, attached hereto and incorporated herein by this reference (the "Property"), to Vail MOB, LLC, will enable beneficial redevelopment of the site to include private improvements and a new Town Hall; WHEREAS, currently the Property is owned by the Vail, Colorado, Municipal Building Authority (the "Authority"), a Colorado non-profit corporation; WHEREAS, the Authority was originally incorporated in 1970, and then again in 1985, with the purpose of financing the construction of Town facilities on the Property; WHEREAS, pursuant to Article III, Section 3 of the Authority's Articles of Incorporation, the Authority is authorized to convey real property to the Town once any outstanding debt on such real properiy is fully satisfied; WHEREAS, pursuant to Article XI of the Authority's Articles of Incorporation, all property of the Authority must be conveyed to the Town and to no other party; WHEREAS, in 1985, in accordance with Article III, Section 3 of its Articles of Incorporation, the Authority conveyed the other half of the real property located at 75 South Frontage Road, Vail, Colorado, to the Town, because the outstanding debt on such property had been fully satisfied; WHEREAS, similarly, all outstanding debt on the Property has been fully satisfied; WHEREAS, on or about March 22, 2012, the Authority conveyed the Property to the Town in accordance with Article III, Section 3 of its Articfes of Incorporation; WHEREAS, the Town Council accepted such conveyance by Resolution No. 15, Series of 2012; WHEREAS, the Town Council commissioned both a real estate appraisal of the portion of real property to be sold and a study to consider the economic impact on the Town of the redevelopment of the adjoining real property; WHEREAS, based on the real estate appraisal and the economic impact study, the Town Council finds and determines that the purchase price of $5 million for the purchase the Property is fair and equitable; WHEREAS, the Town Council finds and determines that the sale of the Property to Vail MOB, LLC for the purchase price of $5 million is in the best interest of the public health, safety and welfare; WHEREAS, the Town Council finds and determines that the sale of the property to Vail MOB, LLC will ensure the long-term presence of the existing world class health care and medical research facilities in the Town of Vail; and WHEREAS, Section 4.8 of the Vail Town Charter requires that the Town Council authorize the sale of real property by ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Pursuant to Section 4.8 of the Vail Town Charter, the Town Council hereby authorizes the sale of a portion of the real property located at 75 South Frontage Road, Vail, Colorado, more particularly described in Exhibit A attached hereto and incorporated herein by this reference, to Vail MOB, LLC, for the purchase price of $5 million, in accordance with the terms of a purchase and sale agreement to be negotiated by Town staff and thereafter approved by resolution of the Town Council. Section 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 3. 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 4. 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 amended. The amendment of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 2 Section 5. 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 6th day of March, 2012 and a public hearing for second reading of this Ordinance set for the 3�d day of April, 2012, in the Council Chambers of the Vail Municipal Building, V�iE;.�olorado. Daly, M ATTEST: r : �EA� : %;�� `_••.....•_i Donaldson, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 3rd day of April, 2012. Andy Daly, Mayor ATTEST: Donaldson, Town Clerk ; SEAL . . : . ,. .; ••.....••� � , r ��-�� _ -��.�--�--__ ...-N..�.�.��r�.-�M��-+��-�--A� � ��.��_-�� -M�rr�-��►��---��-��-�� • • � . • � Area to be sold � � rr •� � ' ° � "f - � , � � � � 9� • � '�t • r� . � � s s + -- � „ � " '� . � � '� � +► ,. � � +�i � � � � • � s � _ " � � � �� . �� '`�. • � � T , � �� . '� . � .� . � � � � � l� i J � „o "� , t, �— • 1� �� ` . . • . . . � � EXHIBIT "A" PR4P4SED SC�-IE:NlATIC VS. EXISTIl� ORDINANGE N�.4 , SERIES OF 2012 M,4RCN 6, 201Z