HomeMy WebLinkAbout1999-06 Adopting Two-Teir System of Qualifactions for the Purchase of Unit 36, East Vail LodgingRESOLUTION NO. 6
SERIES OF 1999
A RESOLUTION ADOPTING A TWO-TIER SYSTEM OF QUALIFICATIONS FOR
THE PURCHASE OF UNIT 36, EAST VAIL LODGING.
WHEREAS, the Vail Town Council established a "buy -down" program as a viable
affordable housing action which enables the Town, through individual unit purchase and price
subsidy, to establish deed restricted affordable housing at a lower cost than new construction and
integrate deed restricted housing throughout the community; and
WHEREAS, the Town has purchased a unit located at 4093 Spruce Way in East Vail
which is Unit 36 in the Vail East Lodging (a Condominium); and
WHEREAS, this unit is subject to the rights of first refusal held by other condominium
unit owners in the project; and
WHEREAS, the Town of Vail, in order to create additional deed restricted affordable
housing in the community, will subsidize a lower purchase price to individuals who qualify for
the purchase of the property as deed restricted by currently owning no other real estate in Eagle
County, utilizing the residence as an owner -occupied primary home, working in Eagle County a
minimum of thirty (30) hours per week over the course of a year, and plan to continue working
that same amount until the sale of the property or retirement and agree to a re -sale cap of three
3%) percent annual appreciation; and
WHEREAS, the Town Council wishes to also make the unit available at fair market value
rather than the subsidized purchase price, without any re -sale restrictions, and thereby honor the
rights of first refusal under the terms of the condominium declarations so that anyone can qualify
to purchase the unit without the deed restrictions or other qualifications.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado,
that:
1. A two-tiered system be developed to offer for sale Unit 36, Vail East Lodging,
which will enable the purchase of the unit by a person qualified for deed restricted affordable
housing or a purchaser not meeting those requirements at fair market value.
2, The terms and conditions of the offer to sell this property shall be subject to
approval of the Town Manager and Town Attorney.
3. This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED this «tG day of May, 1999.
ATTEST:
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rele Donaldson, Town Clerk
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Ludwig Kurz, IJ}layor Pro -Tem