HomeMy WebLinkAbout2023-09-26 VLHA Agenda
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Vail Local Housing Authority Minutes
Tuesday, September 12, 2023
3:00 PM
Vail Town Council Chambers and on Zoom
PRESENT ABSENT
Steve Lindstrom Kristin Williams via Zoom
Craig Denton
Dan Godec
James Wilkins via Zoom
STAFF
George Ruther, Housing Director via Zoom
Martha Anderson, Housing Coordinator
Missy Johnson, Housing Coordinator via Zoom
1. Call to Order
Craig Denton made a motion to ; Steve Lindstrom seconded the motion (4 - 0).
1.1 Call to Order
Meeting called to order at 3:02 p.m.
1.2 Zoom Meeting 1 (Pre-Executive Session)
1.3 Zoom Meeting 2 (Post-Executive Session)
2. Citizen Participation
2.1 Citizen Participation no comments
3. Approval of Minutes
3.1 VLHA August 22, 2023 Minutes
MOTION: Denton SECOND: Lindstrom PASSED: (3- 0)
4. Main Agenda
4.1 Luke Davis Leave of Absence Request
Presenter(s): Martha Anderson, Housing Coordinator
Anderson presented EHU owner's request for leave of absence for one more year.
Dan Godec made a motion to Approve Motion to approve leave of absence for one more year
with the condition of getting a signed copy of the lease agreement to ensure that the tenant is
approved.
MOTION: Godec SECOND: Wilkins PASSED: (4- 0)
5. Matters from the Chairman and Authority Members
5.1 Matters from the Chairman and Authority Members
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Presenter(s): Steve Lindstrom, VLHA Chairman
Lindstrom spoke regarding the streamlining of the entitlement process as presented at the
Council meeting last Tuesday. Additionally, on Monday, Sept. 11 first steps were taken at the
planning commission in regards to the Housing Zone District. Gennett will circle back to any
members that were not there. There will be companion pieces and next steps to come in
October and November.
Denton inquired if there was any negative feedback. The planning commission was
supportive of the effort and in some cases, sought clarification.
The West Vail revamping of zoning is happening unrelated to the initiatives discussed among
the Vail Local Housing Authority. Change of zoning usage is still a Council decision based on
the recommendations from the planning commission. Lindstrom feels the suggestions to
streamline the process is moving in the right direction with more to come.
At 3:19 p.m. Denton moved to leave the regular meeting and move into Executive Session.
MOTION: DentonSECOND: WilkinsPASSED:(4-0)
6.Executive Session
6.1Executive Session per C.R.S. §24-6-402(4)(a)(e) -to discuss the purchase,
acquisition, lease, transfer or sale of real, personal or other property interests
and to determine positions relative to matters that may be subject to
negotiations; developing strategy for negotiations; and instructing negotiators
regarding: Real Property Deed Restriction Acquisition.
Presenter(s): George Ruther, Housing Director
7.Any Action as a Result of Executive Session
7.1 Any Action as a Result of Executive Session
The regularly scheduled meeting reconvened at 3:48p.m. Godecmoved for the Housing Staff to
continue asdiscussed in Executive Session.
MOTION: GodecSECOND: DentonPASSED:(4-0)
8.Adjournment
8.1 Meeting adjourned at 3:51 p.m.
MOTION: DentonSECOND: GodecPASSED:(4-0)
9.Future Agenda Items
9.1
Vail Housing 2027
Land Banking
Investment Banker Discussion
Review Retirement and Remote Worker Policies
Review Chamonix Vail Deed Restriction
10.Next Meeting Date
10.1 Next Meeting Date September 26, 2023
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THE TOWN OF VAIL EMPLOYEE HOUSING GUIDELINES
STAFF REDLINED AND REFORMATTED
SEPTEMBER 2023
THE TOWN OF VAIL
EMPLOYEE HOUSING GUIDELINES
October 4,
2022
I. PURPOSE
The purpose of the Employee Housing Guidelines (Guidelines) is to set forth the
occupancy requirements, resale procedures, and maximum resale price for the Town of
Vail deed-restricted for-sale employee housing. Additional information pertaining to
Employee Housing Unit deed restrictions can be found in the applicable Master Deed
Restriction Agreement (Master Deed Restriction) for the occupancy and resale of
certain developments such as Vail Commons, North Trail Townhomes, Chamonix Vail
Community, Arosa Duplex and Red Sandstone Creek Townhomes. Prior to closing on
an employee housing unit, the purchaser(s) must sign an individual deed restriction
which references the Guidelines and the Master Deed Restriction which shall be
recorded at the closing, and which shall run with the property in perpetuity.
II. MAXIMUM RESALE PRICE
An owner may desire to sell a deed-restricted for-sale employee housing unit
(Employee Housing Unit) provided that the resale price and prospective purchaser
meet the standards of the Guidelines and the Master Deed Restriction. Resale price
may not exceed:
A. The original purchase price on the original date of purchase plus
B. The cost of a property inspector to provide a report to the seller and the Town
of Vail Administrators to determine the functionality of working home systems
as part of the sales process to determine the condition of the home and
establish the maximum resale price prior to sale. Should the home not meet
the minimum functional expectations, the maximum resale value would be
re-evaluated and lowered, in dollar value, if it requires additional
maintenance or replacement to the following systems:
Electrical (service panel, GFCI outlets, circuit breakers, non-permitted
electrical work)
Plumbing (shut off valves, water heater)
HVAC (heating system)
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 1 of 14
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Appliances (refrigerator, cooktop and oven)
Smoke alarm/Carbon monoxide detectors
B.C. An increment equal to three (3) percent or one- and one-half percent
(1.5%) per annum, depending upon the property, (see Master Deed
Restriction) of the original purchase price from the original date of
purchase (prorated at the rate of 0.25% for each whole month of any part
of any year) plus
C.D. The value of capital improvements as listed in the Master Deed
Restriction and expanded upon in Resolution (X) Series of 2023
(
Unit. For every ten (10) years from the original date of purchase and
deed restriction, another fifteen15 percent of the original purchase price
may be added to the value of the property for capital improvements
plus
D.E. The value of any special assessments made by a homeowner's
association or by a local government that has been paid by the owner.
F. Additional details regarding maximum resale price as well as
calculation methods are provided in the deed-restriction or Council
approved addendums pertaining to the specific master deed
restrictions.
III. RESALE PROCEDURES
The Employee Housing Unit shall be listed for resale with the Town of Vail. The resale
procedures will be administered through the Housing Department with oversight
from the Vail Local Housing Authority.
A. Listing the Unit with the Town of Vail: Listing Duties
1. An owner of an Employee Housing Unit desiring to sell should
consult with the Housing Department and review the Guidelines, the
terms of the recorded deed restriction and the Master Deed
Restriction governing the Employee Housing Unit to determine the
maximum resale price and other applicable provisions concerning a
resale. The owner is also required to coordinate with the Town of
Vail to schedule and pay for a property inspector to assess
functionality and condition of the primary home systems. Unless
otherwise provided in the Master Deed Restriction, the unit must be
listed for resale with the Town and the Town staff, or its designee will
administer the resale in accordance with the Guidelines and Master
Restriction in effect at the time of listing. There shall be a minimum
listing period of three (3) months before the maximum resale price of
an Employee Housing Unit can be recalculated. Any termination in
the listing may require the payment of administrative and advertising
costs. The one-half (½) percent of the resale price required to be
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 2 of 14
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deposited with Town of Vail at time of listing will be forfeited. Costs
exceeding the amount of the deposit shall be paid by the owner.
2. The Guidelines are intended to ensure that all purchasers and all
sellers will be treated fairly and impartially. Questions will be
answered, and help provided to any potential purchasers or seller
equally in accordance with the current Guidelines and Master Deed
Restriction. Listings, sales contracts, extensions to contracts and
closing documents will be prepared and all actions necessary to
consummate the resale shall be undertaken.
3. In pursuit of the above, the town staff will be acting on behalf of the
Town. It should be clearly understood by and between all parties to
a sales transaction that the staff members are not acting as licensed
brokers to the transaction, but as representatives of the Town and
its interests. They shall nevertheless attempt to help both parties
consummate a fair and equitable resale in accordance with the then
current Guidelines and Master Deed Restriction.
4. All purchasers and sellers are advised to consult legal counsel
4.
B. Permitted Capital Improvements.
For purposes of determining the Maximum Resale Price, Permitted Capital
Improvements shall include only the following:
1. Improvements or fixtures erected, installed or attached as permanent,
functional, non-decorative improvements to real property, excluding
repair, replacement and maintenance;
2. Improvements for energy and water conservation improvements,
including without limitation solar panels, the amount of the cost to be
included in the maximum resale price shall be reduced by the amount of
any rebates, and shall then be depreciated by 4% each year;
a. Upgrade home insulation beyond adopted energy conservation
code minimum standards and professionally air seal the home for
efficiency
b. Upgrade to a smart thermostat\\
c. Switch to a heat pump water heater
d. Upgrade to pre-approved energy-efficient windows beyond
adopted energy conservation code minimum standards.
e. Install pre-approved solar energy production systems
3. Improvements for health and safety protection devices;
4. Improvements to add or finish permanent/fixed storage space
5. Improvements to finish unfinished space; or
6. Replacement of the following: new carpet and carpet pad; new
hardwood, wood laminate, or tile floors and base; New Energy Star-rated
appliances (including without limitation clothes washer and dryer,
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 3 of 14
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refrigerator, range, dishwasher and built-in microwave); new baseboard,
window casing and interior doors when the entire Property is finished in
an identical material and quality; and new kitchen or bathroom
countertops.
7. Permitted Capital Improvements shall be depreciated as follows:
a. 75% of the cost will be included in the Maximum Resale Price if
the improvement has been installed within 12 months of listing
b. 50% of the cost will be included in the Maximum Resale Price if
the improvement has been installed in greater than 12 months and
less than 36 months of listing the Property.
c. 25% of the cost will be included in the Maximum Resale Price if
the improvement has been installed in greater than 36 months and
less than 60 months of listing the Property.
d. No cost will be included in the Maximum Resale Price if the
improvement has been installed more than 5 years prior to listing
the Property.
e. For energy or water conservation Permitted Capital
Improvements, including without limitation solar panels, the
amount of the cost to be included in the Maximum Resale Price
shall be reduced by the amount of any rebates received, and shall
then be depreciated by 4% each year.
8. The following improvements shall not be considered Permitted Capital
Improvements:
9. Decks or balconies;
10. Jacuzzis, saunas and steam showers;
11. Repair, replacement or maintenance of existing fixtures, appliances,
plumbing and mechanical fixtures;
12. Painting; or
13. Decorative items, including without limitation lights and window
coverings.
14. The following costs shall be reviewed and updated annually and apply to
Permitted Capital Improvements, regardless of the price actually paid,
and no additional amounts shall be added for installation, labor or "sweat
equity:
Carpet and Pad $4.00/square foot
Hardwood or Wood Laminate $7.00/per square foot
Tile Floor and Base $10.00/square foot
Clothes Washer $800.00
Clothes Dryer $800.00
Refrigerator $1,500.00
Range $900.00
Dishwasher $500.00
Over-the-Range Microwave $400.00
Baseboard $5.00/linear foot
Window Casing $4.00/linear foot
Interior Doors $200.00/door
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 4 of 14
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Counter $50.00/square foot
Bath Tub Surround $5.00/square foot
Notwithstanding the costs set forth herein, the amount for Permitted
Capital Improvements shall not exceed 15% of the original Purchase
Price paid by the Owner selling the Property, provided that, for every 10-
year period commencing on the Effective Date, another 15% of the
original Purchase Price may be added to the value of the Property for
Permitted Capital Improvements.
Town of Vail
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15.
16. Rregarding examination of title and all contracts, agreements and title
documents. The retention of such counsel, licensed real estate brokers,
or such related servi The
fees paid to the Town are to be paid regardless of any actions or services
that the purchaser or seller may undertake or acquire.
B.C. Advertising the Resale:
Once an Employee Housing Unit is listed for resale with the Town, the
Town, at a minimum, will arrange to advertise the unit for sale in two (2)
consecutive Friday editions of the Vail Daily and on the Housing
Department webpage.
C.D. Resale Housing Lottery Procedures:
The Town of Vail Housing Department will conduct a resale lottery drawing.
The resale lottery drawing will be conducted within sixteen (16) business
days of the Employee Housing Unit being advertised for sale. During this
time period, the Town shall publicly announce the time, date and location of
the lottery drawing and the maximum resale price of the unit. In addition,
the Town will host a minimum of two (2) open houses to allow opportunity
for potentially interested parties to view the unit available for resale.
Resale Lottery Application Forms are due seven (7) business days prior to
the date of the resale lottery drawing. Upon receipt of the Resale Lottery
Application Forms, the town staff will verify basic eligibility of each applicant
and publish a final list of Qualified Applicants two (2) business days prior to
the resale lottery drawing date. A Qualified Applicant shall be defined as a
person that meets the minimum lottery participation criteria. Minimum
lottery participation criteria and basic eligibility includes:
Completed and signed a Resale Lottery Application Form
A pre-qualification letter from a mortgage lender demonstrating
financial ability to purchase the Employee Housing Unit, if selected
Verification of successful completion of a Town of Vail approved
homebuyer education class within the previous five years prior to
the resale lottery application deadline.
Each Qualified Applicant shall receive a minimum of one lottery ticket for
entry into the resale lottery drawing. Additional lottery tickets shall be
awarded, up to a maximum of three (3) total, based upon the following
criteria:
Submit a complete lottery application = 1 lottery ticket
Town of Vail
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Not owning non deed restricted real estate within the Town of Vail at
the time of the lottery application submission = 1 lottery ticket
Unsuccessful participation in a Town of Vail housing lottery process within
the previous 24 months = 1 lottery ticket
Maximum Total: 3 lottery tickets
If the winner of the lottery does not proceed to contract within three (3)
business days after notification, the next in line will be notified and so
on, until the unit is under contract for purchase. Back-up contracts in
the priority order set forth in the lottery will be accepted.
Any misrepresentation by an applicant in submittal material shall
disqualify the applicant from purchasing an Employee Housing Unit
D.E. Sales and Other Fees:
1. Unless otherwise set forth in the Master Deed Restriction governing
the unit, at the closing of the sale, the seller will pay the Town a
sales fee equal to two (2) percent of the contracted resale price.
The Town may instruct the title company to pay said fees to the
Town out of the funds held for the seller at the closing. Unless
otherwise specified in the Master Deed Restriction, a one-half
percent (1/2%) fee is paid by the Seller at the time of listing, which
is applied to the total sales fee payable at closing. In the event that
the seller fails to perform under the listing contract, rejects all offers
at maximum resale price in cash or cash-equivalent terms, or
should withdraw the listing after advertising has commenced, that
portion of the fee shall not be refunded. In the event that the seller
withdraws for failure of any offers to be received at maximum
resale price or with acceptable terms, the advertising and
administrative costs incurred by the Town shall be deducted from
the fee, with the balance credited to the sales fee when the
property is sold.
Conventional-type financing provisions (i.e. FNMA) are those which
provide, among other things, for the removal of the Master Deed
Restriction on the unit upon foreclosure of the mortgage if the Town
does not exercise its option to purchase the unit within a specified
time following foreclosure. Unless otherwise set forth in the Deed
Restriction governing the unit, upon the initial sale, resale or
refinancing of units where conventional-type financing provisions are
used (the use of which shall be at the sole discretion of the Town)
there may be a fee charged by the Town. The fee shall be paid by
the mortgagor; shall be based on the amount of the mortgage; shall
be paid for each mortgage transaction; and shall be deposited in the
Town of Vail
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Town mortgage reserve fund account. If the fee is paid on a unit and
the unit is subsequently refinanced, the fee shall only apply to that amount
of the refinanced mortgage greater than the initial mortgage upon which
the fee was initially collected. The amount and adequacy of the fee and
the mortgage reserve fund shall be reviewed annually as part of the review
of the Guidelines.
E.F. Deed Restriction:
The purchaser must execute, in a form satisfactory to the Town and for
recording with the Eagle County Clerk concurrent with the closing of the
sale, a document acknowledging the agreement to be bound
by:
1. the recorded Master Deed Restriction governing the sale unit,
2. the then-current Guidelines.
IV. RESALE LOTTERY CRITERIA
A. The basic eligibility requirements which must be met prior to an
individual submitting a resale lottery application form to purchase an
Employee Housing Unit are as follows:
1. The applicant must acknowledge their intent to use the unit as his/her
primary residence and maintain it as his/her primary residence in the
future, subject to the terms of the deed restriction.
2. The applicant must be currently employed at a legitimate business
located within Eagle County, must be employed an average of thirty
(30) hours each week on an annual basis, and must maintain this
minimum level of employment for as long as he/she owns the unit.
3. The applicant must demonstrate that at least seventy-five (75) percent
of his/her income and earnings are earned by working at an Eagle
County business and provide employment verification.
4.
family (including, but not limited to, spouse and children under 18
years of age) may own improved residential real estate in Eagle
County at the time of closing, except where that real estate is deed-
restricted as a Town of Vail employee housing unit.
5. A current residence may not be deeded to a corporation or other entity
in order to qualify the applicant for a Town of Vail employee housing
unit.
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 8 of 14
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6. The applicant must be prequalified with a mortgage lender.
B. Notes
1. Seasonal work and part time work shall be counted on a pro-rata
basis. Seasonal work and part time work alone may not be
adequate to meet the 30 hours/week average annual requirement.
This type of work may need to augment other employment to meet
the minimum eligibility.
2. If two individuals are applying jointly, only one individual may be
referenced in regard to tickets awarded but both applicants need to
abide by the Housing Guidelines as owners.
3. All claims will be verified by Town of Vail staff. Claims of non-
homeownership and previous unsuccessful participation in to Town
of Vail housing lotteries that do not check out or are un-verifiable will
not be counted in determining your eligibility.
4. An application process to establish a reserve list will be maintained
open to the public on a continuous basis.
5. The application and any accompanying documentation shall become
the property of the Town of Vail and will not be returned to the
applicant.
V. OCCUPANCY REQUIREMENTS
Once an Employee Housing Unit has been purchased, it must continue to be occupied
in a manner that is consistent with the goals and policies of the Town of Vail Housing
Program, the terms of the recorded deed restriction, Employee Housing Guidelines and
Master Deed Restriction. The purchased Employee Housing Unit must be owner
occupied by:
Qualified Owner. An employee, working in Eagle County, who works an average
of thirty (30) hours per week on an annual basis.
Retirement. A retired individual, sixty years or older, who has worked a minimum
of five (5) years in Eagle County for an average of thirty (30) hours per week on
an annual basis.
Disability. Should a Qualified Owner become disabled and, because of such
disability, be unable to meet the requirements of the Deed Restriction to remain a
Qualified Owner, the Qualified Owner shall notify the Town, in writing, of the nature
of the disability. If the disability is permanent, the Qualified Owner shall remain a
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 9 of 14
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Qualified Owner despite the disability. If the disability is temporary and the
Qualified Owner becomes able to return to work, to remain a Qualified Owner, the
Qualified Owner must return to work when the disability ceases. Notwithstanding
anything to the contrary in these Guidelines or the Deed Restriction, the Town will
make all reasonable accommodations necessary under the Americans with
Disability Act
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 10 of 14
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Notes:
A. A leave of absence may be granted for one year, subject to clear and
convincing evidence which shows a reason for leaving and a commitment
to return to the Vail/Eagle County area may be approved by the Vail Local
Housing Authority. Said evidence shall be in written form presented to the
Vail Local Housing Authority for review and recommendations thirty (30)
days prior to leaving. The Leave of Absence shall be for one year and
may, at the discretion of the Vail Local Housing Authority, be extended for
one year, but in no event shall it exceed two years. The unit must be
rented during said year or years to tenants/residents who comply with
occupancy requirements. Rental periods shall be not less than thirty (30)
days. After verification and qualification of tenant(s), a copy of the
executed lease shall be furnished to the Town. Decisions of the Vail Local
Housing Authority may be appealed for further review to the Vail Town
Council.
B. If the Employee Housing Unit is listed for sale and the owner must
relocate to another area, the unit may, upon approval of the Town, be
rented prior to completion of the sale to persons who comply with the
occupancy requirements. A letter must be sent to the Town of Vail
Housing Department requesting permission to rent the unit until sold. A
lease of not less than six (6) months must be provided to the tenants with
a sixty (60) day move out clause upon notification that the unit is sold.
C. Occupants may request waivers to the provisions of this section by
providing a written request to the Town of Vail Housing Department,
which will then be forwarded to the Vail Local Housing Authority for their
consideration.
D. Co-signers may be allowed but shall not occupy the unit unless the co-
signer meets the occupancy requirements of this section.
Town of Vail
Employee Housing Guidelines October 4, 2022TBD, 2023, Resolution No. 48XX, Page 11 of 14
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VI. ANNUAL VERIFICATION REQUIRED; PENALTIES FOR VIOLATION
A. No later than February 1st of each year, the owner of the restricted
employee housing unit shall submit two copies of a sworn affidavit on a
form to be obtained from the Town of Vail Housing Department, to the Vail
Local Housing Authority and the Town of Vail Housing Department
verifying that the employee housing unit continues to be owner occupied
in accordance with the Guidelines, recorded deed restriction and Master
Deed Restriction that the occupant has worked thirty hours per week for
the previous year, and where the occupant has worked.
B. If the Town determines that there has been a violation of the occupancy
standards, the owner of the employee housing unit shall be found to be
in noncompliance. Penalties the Town may assess against the owner
include eliminating resale gain and/or penalties found in the Town of Vail
Municipal Code Title 1, Chapter 4.
VII. SUBMITTAL REQUIREMENTS
In conjunction with completing a resale lottery application form to purchase an
employee housing unit, the applicant shall provide the following documentation:
A. Signed and sworn affidavit for not owning non deed restricted real estate
in the Town of Vail at the time of lottery application.
B. Federal Income Tax return forms. Applicant must provide the last two (2)
years of Federal Income Tax Returns, an audited financial statement, or
acceptable documentation to the Town.
C. Valid Driver's License (address, issue date)
D. Prequalification for a loan from a mortgage lender.
E. Deposits for down payment shall be verified by the holder of such funds.
F. Any co-ownership interests other than joint tenancy or tenancy-in-
common must be approved by the Town.
G. Any documentation which the Town deems necessary to make a
determination.
Town of Vail
Employee Housing Guidelines TBD, 2023, Resolution No. XX, Series of 2023
Page 12 of 14
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VIII. FORECLOSURE
In the event of a foreclosure or of acceptance of a deed in lieu of foreclosure by the
holder (including here and hereinafter assigns of the holder) of the promissory note
secured by a first deed of trust on a deed restricted dwelling unit
following
the expiration of all statutory redemption rights, the Town of Vail (the shall have
the option to purchase the Property which shall be exercised in the following manner:
a. Notice.
The holder shall give such notice to the Town as is required by law in the
foreclosure proceeding.
Said notice shall be sent by certified mail, return receipt requested, and
addressed as follows:
Housing Department
Town of Vail
75 S. Frontage Road West
Vail, CO 81657
Town Attorney
Town of Vail
75 S. Frontage Road West
Vail, CO. 81657
b. Option to Purchase.
The Town shall have thirty (30) days after issuance of the
or the acceptance of a deed in lieu of foreclosure by the holder in which to
exercise this option to purchase by tendering to the holder, in cash or certified
funds, an amount equal to the redemption price which would have been required
of the borrower or any person who might be liable upon a deficiency on the last
day of the statutory redemption period(s) and any additional reasonable costs
incurred by the holder during the option period which are directly related to the
foreclosure.
c. Title.
Upon receipt of the option price, the holder shall deliver to the Town a special
Town of Vail
Employee Housing Guidelines TBD, 2023, Resolution No. XX, Series of 2023
Page 13 of 14
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warranty deed, conveying the property to the Town. The holder shall convey
ll not create
or participate in the creation of any additional liens or encumbrances against the
Property following issuance of the to the holder. The holder
shall not be liable for any of the costs of conveyance to the Town or its designee.
d. Release.
not exercise the option to purchase, as provided herein, the Town shall cause to
be recorded in the records of the Clerk and Recorder of Eagle County a full and
complete release of the describe covenants affecting the
Property which appear in said records in Book at Page . Such release shall
be placed of record within fourteen (14) days after demand therefor by the holder
following expiration of the option and a certified copy of the release shall be
mailed to the holder upon its recordation.
e. Perpetuities Savings Clause.
If any of the terms, covenants, conditions, restrictions, uses, limitations,
obligations or options created by this Option to Purchase shall be unlawful or
void for violation of: (a) the rule against perpetuities or some analogous statutory
provision, (b) the rule restricting restraints on alienation, or (c) any other
statutory or common law rules imposing like or similar time limits, then such
provision shall continue only for the period of the lives of the current duly elected
and seated Town Council of the Town of Vail, Vail, Colorado, their now living
descendants, if any, and the survivor of them, plus twenty-one (21) years.
f. Successors and Assigns.
Except as otherwise provided herein, the provisions and covenants contained
herein shall inure to and be binding upon the heirs, successors and assigns of
the parties hereto.
g. Modifications.
The parties hereto agree that any modification to this option to purchase shall be
effective only when made be writing and signed by both parties and recorded
with the Clerk and Recorder of Eagle County, Colorado.
VIII.IX. For additional information, contact the Town of Vail Housing Department.
Town of Vail
Employee Housing Guidelines TBD, 2023, Resolution No. XX, Series of 2023
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