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HomeMy WebLinkAbout2019-16 VLHA Resolution 2111 North Frontage Road West Unit A-10RESOLUTION NO. 16 Series of 2019 RESOLUTION APPROVING THE PURCHASE OF A DEED RESTRICTION INTEREST IN PROPERTY (TYPE III DEED RESTRICTION) IN THE TOWN OF VAIL LEGALLY DESCRIBED AS VAIL DAS SCHONE CONDOMINIUM, UNIT A10, EAGLE COUNTY, COLORADO WITH A PHYSICAL ADDRESS OF 2111 NORTH FRONTAGE ROAD WEST, A10, VAIL COLORADO; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Vail Local Housing Authority, in the Town of Vail, County of Eagle and State of Colorado is duly organized and existing under the laws of the State of Colorado, and WHEREAS, the members of the Vail Local Housing Authority have been duly appointed and qualified-, and WHEREAS, the Vail Local Housing Authority considers it in the interest of the public health, safety and welfare to purchase a Type III Deed Restriction (the "Deed Restriction") on the property legally described as Vail Das Schone Condominium, Unit A10 Town of Vail, Eagle County, Colorado with a physical address of 2111 North Frontage Road West, A10, Vail Colorado (the "Property"), and NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY OF THE TOWN OF VAIL, COLORADO THAT: 1 The purchase of the Deed Restriction on the Property is hereby approved by the Town Council, with the recommendation of the Vail Local Housing Authority, al the maximum purchase price of $92,500. 2. The Chairman of the Vail Local Housing Authority is hereby authorized tt execute, on behalf of the Town, an agreement to purchase the Deed Restriction and to take whatever steps are necessary to complete the purchase of the Deed Restriction on the Property. 3. The agreement to purchase the Deed Restriction shall be subject to conditions, listed in Exhibit A attached., This resolution shall take effect immiedliately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local Housing Authority of the Town of Vail held this 28th day ofbL a 2019. Steve Lindstrom, Chair of the Vail Local Housing Authority ATTEST: Lyn Campbell, Housing Coordinator EXHIBIT A Mr. Benjamin Finn is the purchaser of the residential property located at 2111 North Frontage Road West, Unit A10/Vail Das Schone Condominiums, A10 and has approached the Town of Vail with an offer to sell a Deed Restriction to the Town. The following conditions shall be made a part of the agreement to purchase the Deed Restriction: 1. Mr. Finn acknowledges and agrees that he shall be prohibited from renewing the existing lease with American Civil Contractors, LLC upon its expiration on October 31, 2019. 2. Should American Civil Contractors, LLC choose to terminate the lease prior to the expiration date of the lease, Mr. Finn acknowledges and agrees, through the execution of the recorded deed restriction, to occupy or otherwise lease the residential property in full compliance with the terms of the deed restriction. 3. Upon the expiration of the existing lease on its terms, Mr. Finn acknowledges and agrees, through the execution of the recorded deed restriction, to occupy or otherwise lease the residential property in full compliance with the terms of the deed restriction. Resolution No. 16, Series of 2019