HomeMy WebLinkAbout2020-19 VLHA Resolution Middle Creek Village Approving Operating AgreementVAIL LOCAL HOUSING AUTHORITY
RESOLUTION NO. 19
SERIES 2020
A RESOLUTION MAKING FINDINGS REGARDING MIDDLE CREEK
VILLAGE AND APPROVING AN OPERATING AGREEMENT FOR
MIDDLE CREEK VILLAGE, LLC
WHEREAS, the Town of Vail (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, on January 15, 2002, the Vail Local Housing Authority (the "VLHA"),
as special agent for the Town, and Coughlin & Company, Inc., a Colorado corporation,
entered into a Land Lease Agreement (the "Original Lease") for the purpose of granting
Coughlin & Company, Inc. a leasehold estate in the Property upon which to design,
develop, build, own and operate a multi -family rental housing development (the "Project");
WHEREAS, construction of the Project was completed in January 2005;
WHEREAS, with the consent of the Town and the VLHA, Coughlin & Company,
Inc. assigned the Original Lease to Middle Creek Village, LLC;
WHEREAS, Middle Creek Village, LLC is refinancing the Project;
WHEREAS, because the Property is currently owned by the Town, the Property is
exempt from property taxation;
WHEREAS, Middle Creek Village. LLC seeks to continue the existing property tax
exemption for the Property;
WHEREAS, to continue the property tax exemption from the Eagle County
Assessor, the VLHA must find that the Project substantially benefits persons of low
income as determined by the VLHA;
WHEREAS, to continue the property tax exemption from the Eagle County
Assessor, the VLHA will also accept a nominal ownership interest in the entity that will
act as the master lessee of the Property, which entity is Middle Creek Village, LLC; and
WHEREAS, for the VLHA to accept an ownership interest in Middle Creek Village,
LLC, the VLHA must approve the Operating Agreement for Middle Creek Village, LLC.
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6/4/2020
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NOW THEREFORE BE IT RESOLVED BY THE VAIL LOCAL HOUSING
AUTHORITY THAT:
Section 1. The VLHA hereby finds and determines, based on the terms of the
recorded deed restriction and the evidence presented at the June 9, 2020 meeting of the
VLHA Commissioners, that the Project substantially benefits persons of low income.
Section 2. The VLHA hereby finds that it is in the best interest of the public
health, safety and welfare for the VLHA to accept an ownership interest in Middle Creek
Village, LLC.
Section 3. Based on the foregoing findings, the VLHA hereby approves the
Operating Agreement for Middle Creek Village, LLC in substantially the form attached
hereto, subject to final approval by the VLHA's General Counsel, and upon such approval,
the Chair is authorized to execute such Operating Agreement.
INTRODUCED, PASSED AND ADOPTED this 9th day of June, 2020
ATTEST:
Steve Lindstrom, Chair
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6/17/2020
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