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HomeMy WebLinkAbout1979-19 Authorizing the Filing of an Appliction with the Department of Transportation for a Grant Under the Urban Mass Transportation Act of 1964, as AmendedRESOLUTION NO. 1~ , Series of 1979 RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION WITH THE DEPART- MENT OF TRANSPORTATION, UNITED STATES OF AMERICA, FOR A GRANT UNDER THE URBAN MASS TRANSPORTATION ACT OF 1964, AS AMENDED. WHEREAS, the Secretary of Transportation is authorized to make grants for mass transportation projects; WHEREAS, the contract for financial assistance will impose certain obligations upon the applicant, including the provision by it of the local share of project costs; WHEREAS, it is required by the U. S. Department of Transportation in accord with the provisions of Title VI of the Civil Rights Act of 1964, that in connection with the filing of an application for assistance under the Urban Mass Transportation Act of 1964, as Amended, the applicant give an assurance that it will comply with Title VI of the Civil Rights Act of 1964 and the U. S. Department of Trans- portation requirements thereunder; and WHEREAS, it is the goal of the Applicant that minority business enterprise be utilized to the fullest extent possible in connection with this project, and that definitive pro- cedures shall be established and administered to ensure that minority businesses shall have the maximum feasible opportunity to compete for contracts when procuring construction contracts, supplies, equipment contracts, or consultant and other services: NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: i. That Richard Caplan, Town Manager is autharized to execute and file an application on behalf of the Town of Vail with the U. S. Department of Transportation, to aid in the financing of the purchase of transit vehicles, support vehicles, administrative office furnishings and equipment, and maintenance equipment. Resolution ~To. Page 2 2. That Richard Caplan, Town Manager is authorized to execute and file with such application an assurance or any other documnet required by the U.S. Department of Transportation effectuating the purposes of Title VT of the Civil Rights Act of 1964. 3. That Richard Caplan, Town Manager is authorized to furnish such additional information as the U.S. Department of Transportation may require in connection with the application of the project. 4. That Richard Caplan, Town Manager is authorized to set forth and execute affirmative minority business policies in connection with the project's procurement needs, CERTIFICATE The undersigned duly qualified and acting Mayor of the Town of Vail, Colorado certifies that the foregoing is a true and correct copy of a resolution, adopted at a legally convened meeting of the Town of Vail held on 99 Rodney F~'lifer ~ Mayor Date TOWN OF VAIL, COLORADO HEREBY CERTIFIES THAT, in the development of this appli- cation for a Mass Transportation Capital Improvement Grant under the Urban Mass Transportation Act of 1964, as amended, it: 1. Has afforded adequate opportunity for public hearings pursuant to adequate prior notice, and has held such hearings, in accordance with the requirements set forth by the Urban Mass Transportation Administration. 2. Has considered the economic and social effects of this proposed project and it's impact on the environment. 3. Has found that this proposed project is consistent with official plans for the comprehensive development of the urban area. Date 8 August 1979 Town of Vail Name of Applicant B ~. Rodney E. S1~/fer Mayor i '~ Sawa a~ yai~~ box 100 nail, Colorado 81657 3b31 476.5613 Richard Caplan, Town Manager Town of Vail Box l00 Vail, Colorado 81657 office of the town attorney August 6, 1979 RE: Vail Capital Grant Application Project # CO 03Q019 SUB3ECT: Legal Assurance Dear Rich: With regards to the referenced capital grant application submitted to the Urban Mass Transporation Administration, please be advised that 1 find that there is no pending litigation or legislation that would adversely affect the application. Sincerely, Lawrence Rid~:r r Town Attorney cc: Mr. Louis Mraz, Regional Director Urban Mass Transportation Admin. TRANSCRIPT PUBLIC HEARING REGARDING TRANSPORTATION GRANT TOWN COUNCIL 4F Tk~E TOWN OF UAIL TUESDAY, AUGUST 7, I979 i ~ Resolution No. 19, Series of 1979, authorizing the filing of an applica- tion with the Department of Transportation, U.S.A., for a grant under the Urban Mass Transportation Act of 19fi4, as amended. Rod Slifer opened the hearing on the Transportation grant request. A description of the project is as follows: The proposed project is to pur~ chase necessary capital equipment to improve the quality for service and the level of service on the Vail shuttle bus route, Bighorn shuttle bus route, aRdxax~aaa~xm~zaexYZeax~ext~exYaa~zs~atir~azYaszxaet~ and the Sand- stone shuttle bus route, all located within the corporate limits of the Town of Vail. The capital equipment shall include 14 medium sized transit busses, 2 support vehicles, 24 mobile radios, office equipment and furn- ishings, heavy and light maintenance equipment, and vehicle vacuum system. All capital equipment shall be used far service improvements and expansion within the corporate limits of the Town of Vail, Colorado. The estimated total cost of this project is $1,944,50D. The Federal share requested is 1,555,600; the local share is $388,900. The source of the local share will be the Town General Fund. We have a report prepared by the Trans- portation Department of the Town of Vail. Jan Eberle, Transportation Director for Town of Vail -- "The Town system has grown aver the past few years. In 1978, we carried 1.9 million pas- sengers. We found our equipment in bad shape. Should have been retired several years ago. We stretched it out--rebuilt engines, purchased some additional older school buses last year. Had to purchase some additional school busses last year to get through the season. Most of the present equipment needs to be replaced, and this grant would allow us to do that. The 14 buses that we would receive from the Federal fund would allow us to retire our existing buses from the fleet. There would be 2 vans {15 to 18 passenger} which would allow us to them during the off season and also during the year when additional vehicles were needed, There would also be a supervisor's vehicle and a service vehicle for our mechanics to make repair runs to disabled buses; maintenance equipment in the amount of 103,000 that would help furnish new maintenance facility to be used far preventative maintenance. We have 12 bus shelters written into the grant which would go on the Bighorn and Sandstone bus routes (windbreaks and benches). We have a super-duper vacuum cleaner to clean buses. There i5 J a bus washer which has already been purchased for the new maintenance facility, but it is not a part of the Federal grant. We would have a spare power assembly which would allow, when we do have problems with our vehicle, to take out an entire engine and put in a new engine and then service the engine without losing any down-time on the vehicle. The total grant requested is $1,944,500. The local match is 20% or 388,900. The total Federal dollar request is $1,555,600. It is a Section 3 grant which normally means Section 3 money goes to large, urban areas. There is Section 18 money which is available for small, urban and rural transit.~systems in the State of Colorado. That fund is so meager that we have been allowed to apply fora Section 3 grant. For that reason, we have been allowed to apply for Section 3 money. We have submitted all the required documents; we think our application is in or- der. The whole application hinges upon one ar two things. There is no Section 3 money in our region available far our program; however, the end of the fiscal year {Federal Government fiscal year} is approaching and we are in the 4th quarter. After the 4th quarter, any moneys that have not been spent are available to be transferred from one region to another. Our application will be processed and approved and is already sitting on a stack. If money is transferred to our region, then we are in a good position to receive some of that money. Bob Ruder - "Could you receive a portion of this grant, Jon, or is all or none?" Jon - "They have told us that the amount of dollars we are talking about, which on the large picture is a very small amount, if we get it we would probably get it all. It is passible to get a smaller amount. L,ou {Lou Who}- "A question about if the new buses would increase the bus services in the Vail area." Jon - "This additional Federal money would not increase the service; it would increase the dependability of the service. We have a new budget coming up. At that point and time we will present to the Council several options far them to increase the service if they so desire. The Federal dollars are not tied into increased service." Bob (Who) "Are these buses to be used just far the outlying areas or will they be used in the core area." Jon - "In the care and outlying areas." Bob Who -"Y kind of object to the Federal Government medling in our busi- ness as they will in specifying a lot of the things that are probably totally unnecessary and a waste of taxpayers` money. One of the things that came out of our discussions in planning a month or 6 weeks ago was that there is probably a need fora much more imaginative design for buses in the core area (unauditable). But the type of bus service we are run- ning in the care is an on-and-off (inaudiable) ox sort of thing. And I am sure that the Federal Government will dictate to us would not be as advantageous as something we would use a little more imagination with inaudible). " Jon - "For the most part, we are allowed to write our specifications for the purchase. We tell the manufacturers what kind of bus we want. There are some regulations, that is correct. You are very correct in that. But we do have flexibility. We can order a 31 foot transit bus; we can write a spec so that we can come as close to the kind of manufacture we want as possible. There will be some regulations, but there will be some flexi- bility. " Bob - "Will there be an opportunity to design buses that are easy to get in and out of ." Jon - "Probably not designing it from scratch, if that is what you mean. We have never been able to do that." Rad - Bob, we talked a little bit this afternoon about things that we wanted to do with the bus system. One, we are considering requiring two open or "Disney Land" kind of buses that pull a little trailer which would hold about 55 people and use those in the summer only, which would allow the other buses to sit idle and they would last a lot longer. These open vehicles are a lot cheaper. There is also the possibility of using an articulated bus, which is one that bends in the middle. You can get more i ~ ~ people an. We also talked about possibly having some express routes. In other words, a bus would start in Lionshead, and not stop until it reached at the Transportation Center with no intermediate stops. What takes so long is people getting on and off with their skiffs. Maybe a bus for non skiers only, where you didn't have people with skis. So we are talking about all of these things, and hopefully we can improve the system with those kinds of changes as well as the acquisition of the new equipment. " Some 1ad.v - "If the Federal debt is $800 billion, where are they going to get the money for that (inaudible}." Jon - "I can answer part of that. Actually, I can't tell you how we are going to solve the debt." Ladv - (Inaudible} "is when everybody (inaudible) that's why we are in the trouble we are in with inflation, debt, and everything else is because we will not. ." Jon - "The part of the reason that our application has been so well re- ceived is that we have purchased a maintenance facility on our own, we have purchaed 10 vehicles on our own, the Federal Government was quite impressed with the fact that we are a self-surviving community; we have invested our own money and we have committed ourselves to our objectives without Federal dollars." Lady - "(Inaudible). anytime anybody goes to it for help, because any time the Federal Government helps somebody the Federal Government gets (inaudible}." Rad - "Mam, the money has been appropriated by Congress to be spent, and if we don't apply far it, it will be spend somewhere else. I am not . We cannot solve the National Debt problem, but the money has been ap- propriated. Any other comments." Man - "T would like to address an issue which might give a different prospective to this. That is I represent the community from the sales standpoint out in the market place. We bring approximately 900 groups to Vail each year. I know some people are not all that excited about it, but the visitor is our life blood in Vail. When I go out in the market place, some of the things I hear are, 'Oh, you have a very nice community with great transportation' or 'I am a meeting planner, how am I going to 1 get my people around when I bring them to Vail.' And to be able to com- petently address those questions it is very simple: we have a good, free method ofi public transportation. It is very rewarding, and it is an asset to the community out in the market." Rod - "Any other comments? If there are no other comments, it would be then appropriate to close the public hearing in regards to the capital grant request. and then we would move on to the item of Resolution Na. 19 which is a resolution authorizing the fi]ing of an application with the tiepartment of Transportation of the United States of America for a grant under the urban Mass Transportation Act ofi 1964 as amended. Since it is a resolution, it would require only one reading. Any questions in re- gard to the resolution? Comments, if not, then could we have a motion?" Steinberg- "I move we pass Resolution i~o. 19." Bill Wilto - "Second." Rad - "Motion by Tom Steinberg; seconded by Bill Wilto. There is no other discussion, all in favor vote in favor by saying 'aye.' All voted in favor. No one opposed. It passed with an unanimous vote. THE PUBLIC H~ARIiVG WAS CLOSED. STATE OF COLORADO ) COUNTY OF EAGLE } SS. TOWN OF VAIL ) The Town Council of the Town of Vaii, Colorado, met in reg- ular session. at the Town Ha31, in Vail, Colorado, on Tuesday, July 31, 1979, at 2:00 p.m. There were present at said meeting the following: Present: Mayor: Rodney E. Slifer Other Council Members: John F. Donovan Paula Palmateer Scott Hopman E. William Wilto Dr. Thomas I. Steinberg Raber t Ruder Absent: None constituting all the members thereof. There were also present: Town Clerk; Colleen Kline Town Attorney; Lawrence C. Rider Mayor Slifer introduced the follawing resolution, which is as follows: RESOLUTION N0. 19f~ SERIES 1979 WHEREAS, it is the determination of the Town C3ouncil of the Town of Vail, Colorado { the "Town" ) that the Town is experiencing a serious shortage of housing for low- and middle-income families or persons; and WHEREAS, the Town is authorized by the County and Municipality Development Revenue Bond Act, Title 29, Article 3, Colorado Revised Statutes, 1973, as amended {the "Act"), to issue revenue bonds for the purpose of fa.nancing one or more "Pro3ects" which includes any land, building, or other improvement, and all real or personal properties, whether or not in existence, which shall be seaitable or used for or in connection with any residential facilities for low- and middle-income families or persons intended .for use as the sole place of residence by the owners thereof to the end that more adequate residential housing facilities far low- and middle- income families and persons may be provided, which promotes the public health, welfare, safety, convenience, and prosperity, upon such conditions as the Town may deem advisable; and WHEREAS, the Town deems it necessary and advisable to make available a program far the•origination and servicing of mortgage loans for residential housing facilities far low- and middle-income families and persons {the "Mortgage Loans"), in order to increase the supply of money available far Mortgage Loans so that families and gersons of low and middle income can finance the purchase of residen- tial housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle- income families and persons in the down; and 2- WHEREAS, any program for the relief of such shortage of housing for low- and middle-income families or persons will be affec- ted by, among other things, the relatively high interest rate on res- idential Mortgage Loans in the Town, the present high cost of resi- dential facilities in the Town, and the rising real estate market in the Town which is encouraged by speculative buying and selling of residential housing in the Town; and WHEREAS, the Town has an interest in providing safe and adequate housing for persons qualified as low- and middle-income fam- ilies in the economic structure of the Town because of the effect of the availability of such housing on the development of industry and the welfare of citizens of the Town; and WHEREAS, the Town is ,willing to assist in providing more adequate residential facilities far low- and middle-income families or persons intended for use as the sole place of residence by the owners by financing Mortgage Loans for purchasers of newly- constructed housing or existing housing which is available for pur- chase; and WHEREAS, the Town hereby determines that it is in the public interest to require that any Project for which the Town pro- vides Mortgage Loan financing meet certain requirements, in addition to the requirements of the Act, so that any such Project will be available and continue to be available for a reasonable period of time only to families or persons qualifying as low- and middle-income families and persons. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 3- section 1. It is deemed, necessary and advisable for the provision of more adequate residential housing facilities for low- and middle-income families and persona and the promotion of the public health, welfare, safety, convenience and prosperity of the inhabitants of the 7.bwn of Vail that the origination and servicing of Mortgage Loans be commenced at the earliest possible date. Section 2. It is the determination of the Town to issue revenue bonds {the "Mortgage Revenue Bonds") for the purpose of financing one or more "Projects," which includes any land, building or other improvement, and all real or personal properties, whether or not in existence, which shall be suitable for residential facilities for low- and middle--income families or persons and intended for u$e as the sale place of residence by the owners. Section 3. It is the intention of the Town to enter into an Origination and Service Agreement (the "0&S Agreement") with First Denver Mortgage Company (the "Servicer") whereby the Servicer may originate and service Mortgage Loans to carry out the purposes of this resolution, and it is the intention of the 'Down to enter into a Trust Indenture with The First National Bank of Denver (the Trustee"} whereby the Trustee will fund Mortgage Loans originated by the Servicer out of the proceeds from the sale of the Town's Mortgage Revenue Bonds. Section 4, Only those Projects which meet the standards established by this Resolution will qualify as "Approved Projects" for financing Mortgage Loans for qualified purchasers. Proceeds from the Mortgage Revenue Bands may be used to finance Mortgage Loans only in approved Projects. Section 5. Any persons who qualify as low- and middle-- income families and persons, under the terms of any ordinance 4- S authorizing the issuance of Mortgage Revenue Bonds may apply to the Town for assistance in financing a Mortgage Loan in an Approved Project and the Town will assist, and will cause the Servicer and the Trustee to assist, in the processing of a Mortgage Loan application from such persons. Section b. The Town hereby establishes. the following standards for an Approved Project, which shall be supplemental to the statutory standards, which are conditions which must be met in order for the Approved Project to qualify for Mortgage Loan financing out of the proceeds of Mortgage Revenue Bonds. a} An Approved Project must have received all reviews and approvals required by the Town including reviews and approvals required for construction of new buildings if the Mortgage Loan will be used to finance the purchase of new construction, or the reviews and approval required in connection with home improvement construction if the Mortgage Loan will be used to finance the pur- chase of an existing residential facility, except that a project may be designated an Approved Project prior to completion of such con- struction, remodeling, or repair if occupancy is conditional or made conditional upon issuance of a Certificate of Occupancy or other appropriate evidence of final inspection and approval. b} The Vendor of an Approved Project ("Vendor") shall warrant the quality of the construction of the residential facility as follows: 1} ~`or existing buildings, the Vendor shall warrant to the purchaser that, at the time of r sale, the water, sewer, plumbing, heating, air conditioning and electrical systems, and all elevators on the premises, as applicable, are in good working order and in condition 5- a1 ~~ to-pass safety examinations under any applicable laws and ordinances, and that the roof of the structure is in sub- stantially good repair. 2) For newly-constructed buildings, in addition to the above express warranties, the Vendor shall warrant to the purchaser that the building is con- structed in a workmanlike manner in accordance with the workmanship, design, and materials standards applied to first class construction in the area of Vail, Colorado. The Vendor shall not disclaim any warranties which are implied by the law of Colorado for the benefit of the purchaser. 3} Tn the case of either existing ar newly-constructed buildings, the Vendor shall agree to a correction period with the purchaser which shall extend for ane year from date of purchase. During such period, the Vendor will correct any defective work or repair any defect which did not comply with the terms of the warranty at the time of sale. This correction period shall be in addition to, and not in place of, any other contractual remedies which purchaser sha11 gave against Vendor for breach of warranties, express or implied. c) The Vendar of an Approved Froject sha11 agree to indemnify and hold the Town harmless from any loss caused by defects in the workmanship, materials, or design of said Approved Project, if it is new construction, or against defects in the systems and compon- ents identified in subparagraph (1} of subsection (b) of this section in the case of either new construction or an existing building, for a period of one year from the sale of a residential facility in an Approved Project, or for a period extending Pram the sale of the first unit of a multi-unit project to one year from the date of safe of the last unit in such a project. a} The maximum purchase price that may be paid by a purchaser of a residential facility financed by a Mortgage Loan shall be determined in the ordinance authorizing the issuance of Mortgage Revenue Bonds . Section 7. The Town hereby establishes the following restrictions on resale of residential facilities within an Approved Project and which are purchased with the proceeds of Mortgage Revenue Bonds (the "financed residential unit"}. a) In the event an owner shall desire to sell his financed residential unit, he, shall notify the Town Clerk of the Town, or such other person as designated by the Town Council of the Town ("Town Council"} in writing of his intention to sell his financed residential unit, and shall deposit with the Town Clerk the sum of $3p0. The Town Clerk shall immediately notify the Town Council of such intent to sell and the Town Council or other entity or com- mission created by the Town Council shall have thirty (30} days in which to purchase the financed residential unit at the Maximum Resale Price as hereinafter defined. If the Town Council or other entity or Commission created by the Town Council desires to exercise its option to purchase, it shall do so by notifying the owner in writing of its intention to purchase such unit within the 30-day period, and shall thereafter proceed to close such transaction within fifteen days after the exercise of such option. If the Town Council or other entity or Commission created by the Town Council does not desire to purchase the financed residential unit or takes no action within the thirty (30} day period, or if such transaction does not close within fifteen days after the exercise of such option, through no fault of the seller, then the Town Clerk shall immediately advertise the 7- financed residential unit for sale for four (4} consecutive weeks in a newspaper located in the Town. Such sale shall be by competitive bid submitted by "Qualified Purchasers" as hereinafter defines, or by an employer whose business is located within the Town of Vail Employer"}. If an Employer purchases a financed residential unit, it must provide the Town with an opinion of band counsel of recog- nized standing in the fields of municipal law and municipal tax regu- lation that its purchase will not cause any of the Mortgage Revenue Bonds to be considered industrial development bonds within the mean- ing of Section 103{b} of the Internal Revenue Code of 1954, as amended. The owner may accept the highest bid after the last publica- tion date; or, in the alternative, reject all bids and retain owner- ship of the financed residential unit. Notwithstanding the above, an owner may sell his financed residential unit to a Qualified Purchaser without having the Town advertise the same, as long as he receives prior written consent from the Town. If the owner does not receive a bid in an amount equal to or greater than the Maximum Resale Price within ninety (90) days of the last publication date, then the owner shall be allowed to sell his financed residential unit on the "open market" and shall be deemed to have satisfied this Section 7(a). The transferee, his grantees or successors in interest, however, shall be bound by the terms and conditions of this Section 7(a} in the same manner and degree as if no transfer had occurred on the "open market." If the owner does not sell his financed residential unit on the open market within one hundred eighty (180) days of the last publication date and if the owner still desires to sell his financed residential unit, he must again comply with the full terms and conditions of this Section 7(a). For the purpose of establishing the sales date in the preceding sentence, the recording date of the tranfer deed shall be conclusive evidence of the date of sale. 8- i..~ ~ ~ if the owner rejects all bids, regardless of the dollar value of such bids, he shall forfeit his deposit. If the owner sells the financed residential unit to a Qualified Purchaser, as hereinafter defined, the Town, or an entity or c,~~..~:..ission created by the Town, or an employer whose business is located within the Town, then he shall pay the Town or its designee an amount equal to one percent (1$) of the sales price less the amount of deposit previously made. Such fees paid to the Town shall be for all advertising and administrative fees in connection with the sale of the financed resi- dential unit. Qualifies Purchasers" shall be residents of the Town, who meet the qualifications, including the Maximum Household Income qualification, established annually by resolution of the Town Council. The revision of the qualifications shall be limited to those changes reasonably necessary to limit the sale of the financed resi- dential unit to purchasers of low- and middle-income residing in the Town. Original Maximum Household Income limitations shall be defined and established in the ordinance authorizing Mortgage Revenue Bonds. Such determination shall continue until changed by action. of the Town Council . In no event shall any financed residential unit be sold, unless it is sold on the open market pursuant to the cri- teria set out above, for an amount in excess of the total of the following: 1) An amount calculated as follows: Owner's purchase price times [1.5 x (Revised Consumer Price Index for Urban Consumers, Denver Index [Denver Revised CPI-U} {19fi7=100)) as determined by the United States Department of Labor, Bureau of Labor Statistics (the Consumer Price Index") last published prior to the date of 9- the notice of desire to sell divided by the Consumer Price Index current at the time of purchase by the owner.)] 2) The value at the time of sale of all capital improvements made to the financed residential unit plus the owner' s pro rata share of the costs of those made to the common elements and assessed to the owner. The value of the capital improvements shall be as determined by mutual agreement of the owner and Town or by an appraiser mutually acceptable to the owners and the Town. The cost of such appraisal shall be paid by the owner. 3} The cost of any public improve- ments for which assessments were imposed by any governmen- tal or quasi-governmental agency which have been paid during the period of ownership. The sum of 1, 2 and 3 above shall be the "Maximum Resale price." In the event a bid is received equal to or in excess of the Maximum Resale Price herein established, the financed residential unit shall be awarded to such bidder at said Maximum Resale Price. In the event two or more such bids are received, the winning bidder shall be selected by lottery and the financed residential unit shall be sold to him at no more than the Maximum Resale Price. Notwithstanding the above, a Qualified Purchaser shall always have preference over an Employer as long as his bid is equal to or greater than the Maximum Resale Price or the Employer's bid, whichever is less, In the event two or more bids are submitted which require the owner to take a promissory note as partial payment and no other Maximum Resale Price bids are received, then the owner may select the winning bidder at his sole discretion without the need of a lottery. Nothing herein, however, shall be construed to prevent the owner from 10- rejecting all bids and retaining ownership of the financed residential unit. b) No owner shall permit any purchaser to assume any or all of the owner's customary closing costs nor accept any other consideration such as to increase the purchase price above the bid price or Maximum Resale Price or so as to otherwise induce the owner to sell to said purchaser. c) The following transfers of interests in the financed residential unit shall (unless designated to avoid the restrictions of Section 7.2(a}) be exempt from this Section 7: l) A transfer of an interest by will or inheritance; 2) A transfer of an interest to a trustee for the benefit of the owner or the owner's spouse or issue; 3) A transfer or conveyance by operation of law or otherwise of an interest of an owner to any other co-owners where such co-owners hold title on the date of such transfer as tenants-in-common or as joint tenants; or 4 } A t r ansfer of an interest by treasurer's deed pursuant to a sale for delinquent taxes or by a sheriff's or public or private trustee's deed pursuant to a judgment execution or foreclosure sale, ' Provided, however, anything above to the contrary notwithstanding, in the event that the financed residential unit shall be transferred in 11- r s ~- any manner described in paragraphs {1) through {4}, the transferee, his grantees or successors in interest, shall be bound by the terms and conditions of Section 7{a} in the same manner and degree as if no exempt transfer had occurred. section 8. The Town hereby establishes the following restrictions on renting, subletting or leasing therein referred to together as a "lease" or as "leasing"} a financed residential unit, as defined in Section 7. a) In the event that owner desires to lease his financed residential unit, the owner shall notify the Town, attention Town Clerk, of such intention and shall provide to the Town prior to the date of occupancy of the lessee written documentation showing the followings . 1) The name of lessee and his place of employment; 2 ) The term of the lease; 3) The monthly charge of the lease; 4} The security deposit amount, and 5) The owner's cost of principal and interest payments, taxes, property insurance, condomin- ium dues, and utilities. b} xn no event shall the owner lease to a person who does not meet the qualifications of a Qualified Purchaser nor shall the rental for such financed residential unit exceed the owner's monthly expenses for the costs of principal and interest i2- payments, taxes, property insurance, condominium dues, utilities, plus an additional twenty dollars ($20.00} and a reasonable refund- able security deposit. Section 9. In case of a transfer to a first lienor in connection with a foreclosure of its lien or with taking a deed in lieu thereof, such transfer shall be exempt from Sections 7 and 8. If the first lienor sells the financed residential unit subsequent to a foreclosure, then that transfer shall be exempt from Section 7; how- ever, such transferee,. his grantee or successor in interest shall be bound by the terms and conditions of Sections 7 and 8 in the same manner and degree as if no exempt transfer had occurred. Section 10. The provisions of Sections 7, 6 and 9 shall be included in documentation of the purchase of financed residential unit so as to be binding upon all owners, or their heirs, personal representatives, successors and assigns, and remain in effect for a period of seven years from the date of adoption of this resolution. Section 11. If any section, paragraph, clause, or provi- sion of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Resolution. Section 12. This Resolution shall not be deemed to create any rights in any person other than the Town and may be amended by any Resolution subsequently adopted. Section 13. All bylaws, orders, and resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, or resolution, or part thereof. 13- Whereupon it was moved by Council Member Paula Palmateer and seconded by Council Member John Donovan that all rules of the Town Council which might prevent, unless suspended, the final passage and adoption of said resolution at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said resolution at this meeting. The motion was put to a vote, the vote being as follows: Those Voting Yes: Rodney E. Slifer John F. Donovan Paula Palmateer Scott Hopman E. William Wilto Dr. Thomas I. Steinberg Robert Ruder Those Voting No: None Those Absent; None A motion to adapt the foregoing resolution was then duly made by Council Member Paula Palmateer and duly seconded by Council Member John Donovan, was put to a vote, the vote being as follows: Those Voting Yes: Rodney E. Slifer John ~'. Donovan Paula Palmateer Scott Hopman E. William Wi.lto Dr. Thomas I. Steinberg Robert Ruder Those Voting No: None Those Absent: None Thereupon the Mayor declared said motion carried and said resolution duly passed and adapted. lg- s~~ s~ Ater action on business not related to the foregoing resolution, on motion duly made, seconded and adopted, the meeting thereupon adjourned. May~r f/ 1 gEAL) ATTEST: 7 ' Town Clerk 15- STATE OF COLORADO } COUNTY OF EAGLE ) SS. TOWN OF VAIL ] I, Colleen Kline. the duly qualified and acting Town Clerk. of the Town of Vail, Colorado, do hereby certify: 1) The foregoing pages numbered 1 to 15, inclusive, are a true, perfect, and complete copy o€ the record of proceedings of the Town Council of the Town of Vail had and taken at a lawful regular meeting of the Council held at the Town Hall in Vail, Colorado, on Tuesday, July 31, 1979, commencing at the hour of 2:00 p.m., as recorded in the regular official book of the proceedings of the Town kept in my office, in which a reso- lution establishing standards for projects which may be purchased w~.th the proceeds of obligations issued by the Town to provide funds to finance residential housing facil- ities for law- and middle-income families and persons was adopted. Said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at said meeting as therein shown. A quorum was present and acting throughout the meeting. The resolution has not been revoked, rescinded, or modified, and i,s in full force and effect on the date hereof. 2) All members of the Town Council 16- r _ were duly notifed of said meeting, pursuant to law. IN WITNESS WHEREOF, I have hereunder set my hand and affixed the seal of the 7bwn this ~~ day of August 1979. SEAL} ~'~~ f ~ Town C er k