HomeMy WebLinkAbout1986-28 Amending Chapter 3.48 Land Transfer Tax to Provide that Money may be Used for Improving as well as Acquiring Real PropertyI I
OR!]iNANCE NO. 28
Series of 1986
AN ORDINANCE AMENDING
OF THE MUNICIPAL CODE
THAT THE MONEY IN THE
USED FOR IMPROVING AS
FOR PARKS, RECREATION
PURPOSES; AND SETTING
CHAPTER 3.48 LAND TRANSFER TAX
OF THE TOWN OF VAIL TO PROVIDE
LAND TRANSFER TAX FUND MAY BE
WELL AS ACQUIRING REAL PROPERTY
OPEN SPACE AND/OR SIMILAR
FORTH DETAILS iN REGARD THERETO.
WHEREAS, the Land Transfer Tax Ordinance presently provides that the funds
received by the Town pursuant to the Land Transfer Tax shalt be subject to
appropriation for acquiring real property for parks, recreation, open space and/ar
similar purposes; and
WHEREAS, the Town from time to time desires to make public improvements to
parcels of open space, recreation and park land owned by it; and
WHEREAS, there are ongoing expenses associated with the improvement of real
estate owned by the Town.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO
as follows:
Section 1.
Section 3.48.040 Amount Payable, subparagraph B, is hereby amended to read as
follows:
"Where the consideration shall exceed five hundred dollars ($500), the Land
Transfer Tax payable shall be one (1) percent of the consideration, the proceeds of
which tax shall be earmarked for acquisition AND IMPROVEMENT of real property
including paying incidental costs and the principle of and interest on any borrowing
for the acquisition, such property to be located either within or without the limits
of the Town."
Section ~.
Section 3.48.090 Land Transfer Tax Fund is hereby amended to read as follows:
"All funds received by the Town pursuant to this Chapter shall be deposited in
the Land Transfer Tax Fund, which fund is hereby created. The fund shall be subject
to appropriation only for the following purposes: acquiring AND IMPROVING real
property, for parks, recreation, open space and/or similar purposes, including
paying incidental casts and the principle of and interest on any borrowing for the
acquisition."
Section 3.
If any part, section, subsection, sentence, clause, ar phrase of this Ordinance
is for any reason held to be invalid, such decision shall not affect the validity of
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the remaining portions of this Ordinance; and the Town Council hereby declares it
would have passed this Ordinance, and each part, section, subsection, sentence,
clause or phrase thereof, regardless of the fact that any one or more parts,
sections, subsections, sentences, clauses or phrases be declared invalid.
Section ~4.
The Town Council hereby finds, determines and declares that this Ordinance is
necessary and proper for the health, safety and welfare of the Town of Vaii and the
inhabitants thereof.
Section 5.
The repeal or the repeal and reenactment of any provision of the Vail Municipal
Code as provided in this Ordinance shall not affect any right which has accrued, any
duty imposed, any violation that occurred prior to the effective date hereof, any
prosecution commenced, nor any other action or proceedings as commenced under or by
virtue of the provision repealed or repealed and reenacted. The repeal of any
provision hereby shall not revive any provision ar any ordinance previously repealed
or superseded unless expressly stated herein.
INTRODUCED, READ AND APPROVED ON FIRST READING THIS day of
, 198f, and a public hearing shall be held on this Ordinance on
the day of 1986 at 7:30 p.m. in the Council Chambers of
the Vail Municipal Building, Vaii, Colorado.
Ordered published in full this
day of
1986.
ATTEST:
Paul R. Johnston, Mayor
Pamela A. Brandmeyer, Town Clerk
INTRODUCED, READ AND APPROVED ON SECOND READING AND QRDERED PUBLISHED
this day of
ATTEST:
Pamela A. Brandmeyer, Town Clerk
, 1986.