HomeMy WebLinkAbout2019-34 VLHA Resolution Third Amendment to Sonnenalp Properties Inc Development AgreementRESOLUTION NO. 34
SERIES 2019
A RESOLUTION APPROVING A THIRD AMENDMENT TO
DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND
SONNENALP PROPERTIES, INC.
WHEREAS, the Town and Sonnenalp Properties, Inc. ("Sonnenalp") entered into
a Development Agreement dated October 25, 2017, recorded at Reception No.
201720427 (the "Development Agreement"), under which the Developer was permitted
to develop the Property for rental employee housing;
WHEREAS, on January 16, 2018, the Town and Sonnenalp entered into an
Amendment to Development Agreement, recorded at Reception No. 201804629 (the
"First Amendment");
WHEREAS, on July 5, 2018, the Town and Sonnenalp entered into a Second
Amendment to Development Agreement, recorded at Reception No. 201812373 (the
"Second Amendment"); and
WHEREAS, the Parties wish to amend the terms of the Development Agreement
again.
NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING
AUTHORITY OF THE TOWN OF VAIL, COLORADO THAT:
Section 1. The Vail Local Housing Authority hereby approves the Third
Amendment to Development Agreement in substantially the same form as attached
hereto, and authorizes the Town Manager to execute the Third Amendment on behalf of
the Authority in a form approved by the Town Attorney.
INTRODUCED, READ APPROVED AND ADOPTED this 12th day of November
2019.
g�NG. AVT''
? �Seve Lindstrom, Chairman
ATTEST:
=0:SEAL _
Lynne Campbell Sec tary
Resolution No. 34, Series of 2019
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
THIS THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (the "Second
Amendment") is made this day of , 2019 (the "Effective
Date"), by and among the Town of Vail, Colorado, a Colorado home rule municipality
with an address of 75 South Frontage Road, Vail, Colorado 81657 (the "Town"), the Vail
Local Housing Authority, a local housing authority with an address of 75 South Frontage
Road, Vail, Colorado 81657 (the "VLHA"), and Sonnenalp Properties, Inc. a Colorado
corporation with an address of 20 Vail Rd., Vail, CO 81657 ("Developer") (each
individually a "Party" and collectively the "Parties").
WHEREAS, the Parties entered into a Development Agreement dated October
25, 2017, recorded at Reception No. 201720427 (the "Development Agreement"), under
which the Developer was permitted to develop the Property for rental employee housing;
WHEREAS, on January 16, 2018, the Parties entered into an Amendment to
Development Agreement, recorded at Reception No. 201804629 (the "First
Amendment");
WHEREAS, on July 5, 2018, the Parties entered into a Second Amendment to
Development Agreement, recorded at Reception No. 201812373 (the "Second
Amendment"); and
WHEREAS, the Parties wish to amend the terms of the Development Agreement
again as set forth herein.
NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which is mutually acknowledged, the
Parties agree as follows:
1. Town Contribution. Section 2 of the Development Agreement is hereby
amended to read as follows:
2. Town Contribution. For completion of the Development in accordance
with the Approved Plan and this Agreement, the Town shall pay Developer
$4,030,000 (the "Town Contribution"). The Town Contribution is based on a per
Unit price of $65,000 (for 62 Units). The Town Contribution does not include the
3 deed restrictions referenced in Section 5.f. hereof, which already existed on the
Property. If the Approved Plan includes less than 65 Units, the Town
Contribution shall automatically be reduced accordingly, on a per -Unit basis. The
Town Contribution shall also be reduced by the actual amount of any grant
received by Developer from any other source.
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2. Prior Deed Restrictions. Section 5.f of the Development Agreement is hereby
amended to read as follows
f. Existing Deed Restrictions. There are 9 existing deed restrictions on the
Property. Developer shall exchange the 6 of the 9 existing deed restrictions on
the Property to other locations in the Town, pursuant to the procedure set forth in
the Vail Town Code, as amended. The other 3 deed restrictions have been
fulfilled by the provision of the 65 Units set forth in Section 1 hereof.
2. The remainder of the Development Agreement, including all Exhibits, as modified
by the First Amendment and the Second Amendment, shall remain unchanged and in
full force and effect.
WHEREFORE, the Parties have executed this Second Amendment as of the
Effective Date.
ATTEST:
Tammy Nagel, Town Clerk
ATTEST:
Secretary
STATE OF )
) ss.
COUNTY OF )
TOWN OF VAIL, COLORADO
Scott Robson, Town Manager
VAIL LOCAL HOUSING AUTHORITY
Steve Lindstrom, Chair
DEVELOPER
The foregoing instrument was subscribed, sworn to, and acknowledged
before me this day of , 2019, by
My commission expires:
(S E A L)
Notary Public
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