HomeMy WebLinkAbout2007-21 Amending Exhibit B "Permitted Capital Improvements" of the TOV Master Deed RestrictionsRESOLUTION N0.21
Series of 2007
A RESOLUTION AMENDING EXHIBIT B "PERMITTED CAPITAL IMPROVEMENTS"
OF THE TOWN OF VAIL MASTER DEED RESTICTION FOR VAIL COMMONS, RED
SANDSTONE CREEK, NORTH TRAIL TOWNHOMES, PITKIN CREEK PARK
CONDOMINIUMS #5-F AND VAIL HEIGHTS #11 TO INCLUDE SPECIFIC ADDITIONS
TO THE PERMITTED CAPITAL IMPROVEMENTS; AND S~ i i ING FORTH DETAILS
IN REGARD THERETO.
WHEREAS, the Town of Vail has caused certain developments in the Town to be
constructed and deed restricted with a price appreciation cap so the units will perpetually
remain affordable to local employees; and
WHEREAS, the Town of Vail Master Deed Restriction at Vail Commons, Red
Sandstone Creek and North Trail Townhomes contains an price appreciation cap as well
as a limited list of Permitted Capital Improvements that may be recouped upon sale of a
unit in one of the developments to further maintain the affordability; and
WHEREAS, the Town of Vail has come to recognize the Permitted Capital
Improvements may be too limited as these developments are nearing ten years old; and
WHEREAS, the addition of specific new Permitted Capital Improvements will not
eliminate the affordability of these units and may encourage greater improvements to
individual units that will further future enjoyment of the unit; and
WHEREAS, The Town of Vail has deemed it necessary to amend this
Agreement, and where such unilateral action does not materially impair the Owner's
rights or any lenders rights under this Agreement; and
WHEREAS, the Vail Town Council finds that this Resolution furthers the
objectives of the Town and is in the best interest of the Town as it promotes the
coordinated and harmonious development of the Town in a manner that conserves and
enhances the availability and quality of employee housing within the Town of Vail.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO:
1. The following improvements shall be additions to the existing
Permitted Capital improvements listed in Exhibit B of the Town of Vail
Master Deed Restriction for Vail Commons Village, Red Sandstone
Creek, North Trai! Townhomes, Pitkin Creek Park Condominiums # 5-
Fand Vail Heights # 11.
a.New Carpet and Carpet Pad
b.New Hardwood, Wood Laminate, or Tile Floors and Base
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c.New Energy Star Rated Appliances includes: clothes
washer and dryer, refrigerator, range, oven dishwasher,
and built-in microwave)
d.New Baseboard, Window Casing, and/or Interior Doors
when the entire unit is finished in an identical material and
quality
e.New Counter Top in kitchens and bathrooms or bath tub
surrounds
2. The value of these improvements will be depreciated over afive-year time
period.
3. The Maximum Annual Price of the new Permitted Capital Improvements will
be updated administratively on an annual basis.
INTRODUCED, READ, APPROVED AND ADOPTED this 18th day of
September, 2007.
O~•N~O F ~V~~~
A'~,Rodney Slifer, Mayor, own of Vail
E JRp'
Lok~lei Donaldson, Town Clerk
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