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HomeMy WebLinkAbout2023-40 A Resolution Approving a Mutual Release of Restrictive Covenant Amended and Restated Development Agreement between the Town of Vail and David and Izabel FlowersResolution No.40, Series of 2023 RESOLUTION NO. 40 SERIES OF 2023 A RESOLUTION APPROVING A MUTUAL RELEASE OF RESTRICTIVE COVENANT AMENDED AND RESTATED DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND DAVID AND IZABEL FLOWERS; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail (the “Town”), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the “Charter”); WHEREAS, the members of the Town Council of the Town (the “Council”) have been duly elected and qualified; WHEREAS, David and Izabel Flowers (the “Releasee”) are the owners of that certain property (“the Property”) located within the Town of Vail, Eagle County, Colorado, with a physical address of 1220 Westhaven Lane Unit A, Vail, Colorado 81657; WHEREAS, a restrictive covenant (“Restrictive Covenant”) was recorded against the Property for the sole purpose of creating an employee housing unit within the Town of Vail as provided in Chapter 12-13, Vail Town Code; WHEREAS, said Restrictive Covenant was recorded against the Property in the records of the Clerk and Recorder of Eagle County, Colorado on February 24, 2000; WHEREAS, The Town is the beneficiary of said Restrictive Covenant; and WHEREAS, Releasee and the Town, pursuant to Section 12-13-5 of the Vail Town Code, wish to mutually release the Restrictive Covenant in exchange for the recording of an employee housing deed restriction on Building D, Columbine North Condominiums, Unit 4 /2773 Kinnikinnick Drive Unit 4, Vail, Colorado 81657 (the “Proposed EHU”). NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado: Section 1. The Council hereby approves the Mutual Release of Restrictive Covenant and authorizes the Town Manager to execute the Mutual Release of Restrictive Covenant Agreement on behalf of the Town in substantially the same form as attached hereto as Exhibit A and in a form approved by the Town Attorney. Resolution No.40, Series of 2023 Section 2. This Resolution shall take effect immediately upon the recording of an employee housing deed restriction in a form approved by the Town on the Proposed EHU. INTRODUCED, READ, APPROVED AND ADOPTED this 7th day of November, 2023. Kimberly Langmaid, Mayor ATTEST: Stephanie Bibbens, Town Clerk