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HomeMy WebLinkAbout202021652 Town of Vail Employee Housing Unit 1081 Vail View Drive Unit B212 Eagle County,CO 202021652 Regina O'Brien 11/13/2020 Pgs: 2 11:27:15 AM REC: $18.00 DOC:$0.00 TOWN OF VAIL 75 South Frontage Road West Housing Department Vail, Colorado 81657 970.479.2150 vailgov.com October 15, 2020 Homestake at Vail Condominium Owners 1081 Vail View Drive Vail, Colorado 81657 Dear Hornestake at Vail Owners Ensuring homes for local residents to live and raise their families within the Town of Vail is critically important to maintaining and sustaining community within the Town of Vail. Local residents and their families support local business, fill our schools, keep lights on in neighborhoods, and provide the essential workforce needed to maintain and grow a thriving year-round mountain resort economy. It is for these reasons the Vail Town Council prioritizes and continually invests indeed--restricted homes for local residents. Recently, the Town of Vail purchased Unit B212 within the Hornestake at Vail Condominiums. The purpose of the purchase was to acquire the home, record a deed restriction on the property, discount its resale price through a Town of Vail subsidy, and sell it to a Town of Vail employee. As it turns out, the Town of Vail is like all other employers in the Vail and has an ongoing need to secure housing for its employees. The purpose of this letter is to dOCWnent the circumstances Burro ending the Town's purchase of Unit B212 and to document that the resale price of the home to a Town of Vail employee is not an arm's length transaction for future pricing purposes. Not only is the Town acknowledging the potential discounted value of the deed restriction, the Town is further acknowledging that an additional subsidy has been granted to ensure Unit B212 is affordable to at least 50% of the employees at the Town of Vail. In total, the estimated value of the deed restriction and the subsidy is upwards of$125,000. Given these circumstances and the fact that future ownership oppoilunifies of unit B212 will always be restricted to Town of Vail employees, Unit B212 should not be used as j_g2Dparab1e,,§a1e when determining the appraised or fair market value of a free-market home in the Homestake at Vail Condominiums. If not avoided all together when determining market value for a free market Homestake Unit, then substantial upwards adjustments should be made to the price in order to come to a comparable free market value. It is the Town's recommendation you retain a copy of this letter for future reference. Additionally, the Town will cause a copy of this letter to be recorded with the Eagle County Clerk & Recorder's Office as a means of permanently documenting the circumstances surrounding the Town's transaction. In no way is the Town intending to negatively impact the appraised value of your home and we are hopeful this letter clarifies and validates our intent. Should YOU have any questions, please do not hesitate to reach out. YOU can reach me most easily by cell phone at (970) 376-2675 or by email at gruther@vailgov.com. I air also available to discuss this matter with your lender or real estate agent. Regards, j4 T George Rother, AICP Housing Director Town of Vail Town of Vail Page 2 202021652