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
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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
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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
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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
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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
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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:
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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
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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
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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
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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.
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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
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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
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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
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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