HomeMy WebLinkAbout2020-14 Release of Middle Creek Housing Deposit to Caughlin and Co
Resolution No.14, Series of 2020
RESOLUTION NO. 14
Series of 2020
A RESOLUTION AUTHORIZING THE RELEASE OF SECURITY DEPOSIT FOR
MIDDLE CREEK VILLAGE TO COUGHLIN AND COMPANY, INC.
WHEREAS, the Town, through the Vail Local Housing Authority (the “VLHA”), as
‘Special Agent’, is party to a certain land lease agreement with Coughlin and Company,
Inc. (“Coughlin”) dated January 15, 2002 (the “Lease”), for the development and operation
of Middle Creek Village (“Middle Creek”), a multi-family, deed restricted rental development
on the leased property as well as child education center;
WHEREAS, pursuant to Section 18(6)(a) of the Lease, Coughlin was required to
provide, and the VLHA was ‘entitled’ to hold, a security deposit in the amount of $340,000;
WHEREAS, based upon the recent Covid-19 global pandemic, the Town Council
finds that it is in the best interest of parties to release the Middle Creek security deposit in
its entirety to Coughlin; and
WHEREAS, the release of the security deposit is intended to provide immediate
rental relief to individual resident tenants of Middle Creek; corporate tenants (master
leased units) are not eligible.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO THAT:
Section 1. The Town Council hereby authorizes the VLHA to release the Middle
Creek security deposit in the amount of $340,000 to Coughlin.
Section 2. This resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a meeting of the Town Council of the
Town of Vail held this 31st day of March 2020.
_________________________
Dave Chapin,
Town Mayor
ATTEST:
_____________________________
Tammy Nagel,
Town Clerk
75 South Frontage Road West Housing Department
Vail, Colorado 81657 970.479.2150
vailgov.com
April 1, 2020
Mr. Mike Coughlin
Coughlin & Company
140 East 19th Avenue, Suite #700
Denver, Colorado, 80203
Dear Mr. Coughlin:
Please find enclosed a check for three hundred forty thousand dollars
($340,000.00), which represents the security deposit you were required to provide to the
Vail Local Housing Authority (the “VLHA”) pursuant to the Land Lease between the
VLHA, as Special Agent to the Town of Vail, and Coughlin and Company, Inc., dated
January 15, 2002. By negotiating the enclosed check you hereby acknowledge and
agree that the security deposit required by the above-refenced Land Lease has been
returned to you in its entirety and you are entitled to receive no more funds held by the
VLHA as a security deposit for Middle Creek at Vail.
If you have any questions about this, or anything else, please do not hesitate to
contact me.
Very truly yours,
Steve Lindstrom, Chair
Vail Local Housing Authority
VLHA Resolution No.9, Series of 2020
RESOLUTION NO. 9
Series of 2020
A RESOLUTION APPOVING THE RELEASE OF SECURITY DEPOSIT FOR
MIDDLE CREEK VILLAGE TO COUGHLIN AND COMPANY, INC.
WHEREAS, the Town of Vail and the Vail Local Housing Authority (the “VLHA”), as
‘Special Agent’ to the Town, are parties to a certain land lease agreement with Coughlin
and Company, Inc. (“Coughlin”) dated January 15, 2002 (the “Lease”), for the development
and operation of Middle Creek Village (“Middle Creek”), a multi-family, deed restricted
rental development on the leased property as well as child education center;
WHEREAS, pursuant to Section 18(6)(a) of the Lease, Coughlin was required to
provide, and the VLHA was ‘entitled’ to hold, a security deposit in the amount of $340,000;
and
WHEREAS, based upon the recent Covid-19 global pandemic, the VLHA finds and
therefore recommends that it is in the best interest of all parties to release the Middle
Creek security deposit in its entirety to Coughlin.
WHEREAS, the release of the security deposit is intended to provide immediate
rental relief to tenants of Middle Creek Village.
NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING
AUTHORITY THAT:
Section 1. The VLHA hereby approves the release of the Middle Creek security
deposit in the amount of $340,000 to Coughlin.
Section 4. This resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED this 24 th day of March 2020.
___________________________
Steve Lindstrom, Chair
Vail Local Housing Authority
ATTEST:
_____________________________
Secretary