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HomeMy WebLinkAbout2007-23 Adopting the Development Improvement Agreement with Open Hospital/Hillwood Capital Partners dated September 6, 2007RESOLUTION N0.23 Series of 2007 A RESOLUTION APPROVING THE DEVELOPMENT IMPROVEMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND OPEN HOSPITALITY/HILLWOOD CAPITAL PARTNERS, DATED AS OF SEPTEMBER 6, 2007; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail (the 'Town"), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the "Charter"); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; and WHEREAS, After nearly six months of negotiation, the Town and aTexas-based development group, Open Hospitality/Hiliwood Capital Partners, dba OHP Vail One, LLC ("OHP") have completed a proposed Development Improvement Agreement (the "Agreement') for the redevelopment of the LionsHead parking structure; and WHEREAS, The negotiation described above was preceded by a year long competitive review process which included redevelopment proposals submitted by two developers, and resulted in the selection of OHP by the Council; and WHEREAS, OHP has proposed a $600 million mixed-use development on the site to include two hotels, residences, commercial space, a conference center, additional public parking, a transit center, a new visitor information center and other community amenities; and WHEREAS, Town staff and consultants, along with representatives from OHP, held a community meeting on September 10, 2007, to review with the public the details of the Agreement; and WHEREAS, the Council considers it in the interest of the public health, safety and welfare to approve the Agreement. NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1.The Development Improvement Agreement by and between the Town of Vail and OHP Vail One, LLC, dated September 6, 2007, is hereby approved by the Council. Section 2.The Town Manager is hereby authorized to execute and deliver the Agreement on behalf of the Town. Section 3.This Resolution 23 shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Vail held this 18'h day of Septem~r, 2007. Rodney I~~SliferY Mayor of the Town of Vail A relei onaldson,L.,~ Tow lerk SSA J Resolution No. 23, Series 2007 1 s Ae~ ~••~Q•