HomeMy WebLinkAbout2020-13 VLHA Resolution Middle Creek Amended Ground LeaseRESOLUTION NO. 13
Series of 2020
A RESOLUTION APPROVING AN AMENDED GROUND LEASE BETWEEN THE
TOWN OF VAIL, THE VAIL LOCAL HOUSING AUTHORITY AND MIDDLE CREEK
VILLAGE, LLC
WHEREAS, the Town is the owner of certain real property more particularly
described in Exhibit A attached hereto and incorporated herein by this reference (the
"Property");
WHEREAS, the Vail Local Housing Authority (the "VLHA") is a local housing
authority formed pursuant to the Colorado Housing Authorities law, C.R.S. § 29-4-201, et
seq., and certified in March 1991 as local governmental entity number 46-19-048 by the
Colorado Division of Local Government;
WHEREAS, on January 15, 2002, the VLHA, as special agent for the Town, and
Coughlin & Company, Inc., a Colorado corporation ("Coughlin"), as initial lessee, entered
into a Land Lease Agreement (the "Original Lease") for the purpose of granting Coughlin
a leasehold estate in the Property upon which to design, develop, build, own and operate
a multi -family rental housing development (the "Improvements");
WHEREAS, construction of the Improvements was completed on or about January
31, 2005;
WHEREAS, the parties wish to replace the Original Lease with an amended lease
(the "Ground Lease").
NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING
AUTHORITY THAT:
Section 1. The Housing Authority hereby approves the Ground Lease in
substantially the same form as attached hereto as Exhibit A, and in a form approved by
the Town attorney, and authorizes the Chair to execute the Ground Lease on behalf of
the Housing Authority. The Chair is hereby further authorized to take any additional action
necessary to effectuate the execution of the Ground Lease on behalf of the Authority.
Section 2. This Resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Vail Local
Housing Authority Council held this 26th day of May 2020.
ATTEST:
Steve Lindstrom, Chair