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HomeMy WebLinkAbout1990 Resolutions Resolution No. 1990-1 ARTICLES OF ASSOCIATION NORTHWEST COLORADO COUNCIL OF GOVERNMENTS Colorado Planning and Management Region XII ARTICLE I x.01 Organization These Articles of Association shall regulate and govern the affairs of the association known as the Northwest Colorado Courci.l of Governments f hereinafter known as the "Council." or "NWCCOG"}, The Council is organized pursuant to Article XIV, Section 18 of the Colorado Constitution and Sections 29-1-201, e,t sea., 29-1--441 and 29-1-402. C.R.S. 102 Membersh_.p The Council shall ba composed of the following Counties and Municipal Corporations: Counties. Eagle, Grand, Jackson, Pitkin, ?~outt, Summit i~unc,n..a..l..... C,c.rpora.t ~..on.s ?1517en ~:Vbn Basalt Blue =:.~.ver Breckenridge Dillon Eagle Fraser risco Granby Grand Lake Gypsw~n Havden Hot Sulphur Springs Kremmling Minturn Montezuma Oak Creek Red Cliff Silverthorne Snowmass Village Steamboat Springs Vail Walden Winter Park Yampa 103 Representaton.._and_..Voting A. Representatye,s.: The Counties and Municipal Corporations set forth at Section 142, supra, shall be entitled to voting representatives as set forth in these Articles. The voting representative from each County shall be a member of the Board of County Commissioners and shall be 1 ~ ~ ~ selected as the PiWCCQG representative by vote of such Board. Each Municipal Corporation shall be entitled to one (1) voting representative, which shall be either: 1. An elected member of the Municipal Corporation ar Board; or 2. An elected mayor of the Municipal Corporation. Each Municipal representative shall be selected by vote of the governing body of the Municipal Corporation. After a member has been designated as a County ar Municipal representative, he wall inform the Council staff of an alternate wha will also receive information from Council headquarters and attend meetings in the event of an absence according to this Section. Alternates shall have the same qualifications as regular members. _ p_ .. ... d~~1.ni_str .tiye .~Gpr,e~,e,nt,atv.e. 3 . At? o.i.n~ed A..........~ ... a.... r~,.m,e,n~be,r...government.m.av ...q.r?.. a„ ....,...,.. case....bY......G.as_e.,.,basi~_~,. p.~.t~tx,a.n....th.e .Ixec.utiv~ . Com~n.t.~,ee...of...NW~,C~G ..~.q app,o,,nt„ an adirin,is,tr,a.tve....,_~'epre~.2n.~,atiy_e .,„T,h_e pet.i,t..i,on,,, slzal.,l. c.ons,s~,....o.f._,a,,_,1~ttex~.,...o_f,.,exp.l.anat,ion. fr©m,„thy . m.~mlaer.,..,.goyzrn~n~.nt.,..stat~.n5.._.t.rla . rea.s.ons, f_o.r, t,he., r~.quzst._......_A..ma]ori~.Y„af,_.the ~~~,cut..v'.....$oa,r, must,,,.,,apprc,,-.e.. t,h,is,..rz..quest . ' ~ ~m,ini,st.ra_~i.°Je..,,r,epre,sen.tat,,ye,.,s.ha13 An....appo~.n med... ~ . be.....a.,,._se.n.2or....admni.stra.~.„ye.....r.e.spresen.tative.,.. c~fned .as .~h~. _a~n.~ra.~,.,couns,~l.~ ,manager/ a dm.n,„~.st,z_a,tor,,...or.,. ,s..end:or,,.p3a,nn.er„may.,be..„appo~,n.ted by. a....tnuna.cip.al. or„.cpu,ntY..._boa,rd...to....repr~,.sent.._.t.~a. jur.is.d,„~;.c.t_~on .in.. pl,ac,e...of...an „e.].ect~d,,,, gf,f,:_cia~. __..~'he adman„i5.t.rat.i~,e ..representative...r~~ust._,.,b~.....appointe.d_by r.e.sclu~.on,...of,„t.he„ ..aurisdiction,. T.he resolution sha.11,,.,..,tra,ns£e.r_,, th? fu..~ ,,._an.d...handin.q...,votin,q privle.ges...of the member to..,..the.,,.adEnizl.istrat,i,ve. r,eprese.ntat i.ve„.. 4 ~ s B. Term: Representatives to the Council shall be designated by each participating government annually prior to the regular Council meeting in January. Each representative shall serve from the January meeting to the following January unless sooner replaced by the appointing government. C . A1;.],oca_t_~n .. of ,., Vot.~.n,~._ Rights : A maximum of twelve {12} full votes may be cast upon any matter before the Council. Each County shall be permitted one (1) full vote. The aggregate of all Municipal Cor~vratians within each County shall be permitted one~(1} full vote an a?1 matters before the Council. At each meeting of the Council, the Municipal representatives present from each County shall cast equal fractional votes which total one (1) full vote for each County, in the following manner: Cne Municipal Corporation present: it casts 1 vats. Twa Municipal Corporations present: each casts 1/2 vote. 'Three Municipal Corporations present: each casts 1/3 vote. rc~ur Municipal Corporations present: each casts 1/4 vote. rive Municipal Corporations present: each casts 1/S vnte. (etc.) ~, Vacancies: if any NWCCOG representative shall cease to hold elective office as a Mayor, Municipal Councilman ar Caur~ty Commissioner, a vacancy shall exist and the appointing government shall fill the vacancy as provided by Subsection A, .supr,a . E. Quorum: A quorum shall consist of at least seven County and/or Municipal representatives or their alternates. Fn no event, however, shall a quorum consist of less than seven full votes, considering the fractional voting for Municipalities from the same County provided at Subsection C, sup,r,a. 3 '~ F. T.el.ephon.e., ,~ol.~..ng : in order to achieve a quorum, the Council may poll by telephone, not more than two of its members, with respect to a specific matter before the Council on motion or resolution. Such telephone polling shall constitute the equivalent of a physical presence at the meeting of the representative(s) sa polled, shall be carried out by the Chairman, and the results of the poll reported to the Council by him. The minutes far the meeting shall reflect that a telephone poll was taken, the results thereof, and the representative{s} polled. Further, a memorandum of the poll shall be approved and signed by them. if the representative(s) do not approve and sign the memorandum, the action upon which the vote, including the poll, Was taken shall be null. , ~-oid and of no effect . G. P.r,o~.x..,._Vo,t.in.c~: Proxy voting is not permitted. h. Adm3n_s.tra_t.ve,..R,epre,s,en.ta,tzy..e.s : In the event of the absence of the elected representative or alternate for any jurisdiction, an administrative representative may participa~:e as a representative of that jurisdiction at the pleasure of the Council p~evided, however, that ne administrative representative shall il.ot be permitted to cast a vote on ar~y issue . i. Vote: A majority of full votes cast at any meeting shall be required to adopt any matter before the Council. 104 Ru.l.e.s„„ of,.,.,0,~;,d,e,r Except as otherwise provided in these Articles, Roberts rules of Qrder shall prevail for the conduct of the business of the Council. ARTICLE II 201 Purpose The Council shall promote regional cooperation and coordination among local governments and between levels of 4 government for the geographic area comprised of the Counties of Fagle, Grand, Jackson, Pitkin, Routt and Summit, hereinafter referred to as the "Region". The need for a Council of Governments is based on the recognition that people in the Region form a single community and are bound together not only physically, but economically and socially. It is the purpose of the Council through its participating membership, staff and programs, to provide local public officials with the means of responding more effectively to the local and regional problems of this Regional community. . In order to assure the orderly and harmonious development of the Region, and to provide for the needs of future generations, it is necessary for the Council to serve as an advisory coordinating agency to harmonize the activities of Federal. State, County and Municipal agencies within the Region, and to render assistance and service and create public interest and participation for the benefit of the region. 202 Functions The Council shall promote regional coordination and cooperation, through activities designed to: A. Strengthen local governments and their individual capacities to deal with local problems. B. Serve as a forum to identify, study and resolve areawide problems. C. Develop and formulate policies involving Regional pr~.b' ems . D. Promote intergovernmental cooperation through such activities as reciprocal furnishing of services, mutual aid and parallel action as a means to resolve local, as well as Regional, problems. E. Provide the organizational framework to ensure effective communication and coordination among governmental bodies. F. ~erve as a vehicle for the collection and exchange of rcegional information. G. Develop Regional comprehensive plans. H. Serve as a spokesman for local governments an matter of Regional and mutual concern. I. Encourage action and implementation of Regional plans and policies by local, State and Federal agencies. J. Provide, if requested, mediation in resolving conflicts between members and other parties. K. Provide a mechanism for delivering financial assistance, in the form of loans, or otherwise, to public or private, for profit or nonprofit ventures, deemed to be in the public interest and to fulfill the purposes and functions of the Council, as described more full, at Section 243.H, infra . L. Provide technical and general assistance to members within its staff and financial capabilities. These services are inclusive of, but not limited to: 1. Identify issues and reeds which are Regional and beyond the realistic scope of any one local government. 2. Compile and prepare, threugll staff and fran members, the necessary in*_`ormation ca:~cerning the issues and needy for Council discussion and decision. 3. Debate and concur in a cooperative and coordinated Regional actic•n to meet the need or issue. 4. Implement the details of tl:e cooperative action among affected member governments, using such devices as interlocal contracts and agreements, parallel ordinances or codes, joint performance of services, transfers or consolidations of functions, ar special subordinate operating agencies. 6 a ~ • 5. And, in general, a. Arrange contracts among officials on an intergovernmental basis. b. Publish reports on functional programs. c. Publish current information of Regional interest. d. Provide advice and assistance on physical land use planning and other functional programs. e. Sponsor Regional training programs. f. Negotiate cooperative agreements. g. Sponsor or oppose legislation on behalf of the Region and its units of local government. 203 Powers ........................... The Council shall, far the purpose of fulfilling its purposes and functions, be a body politic and corporate, and as such, be subject to all rights, duties and obligations as such t~tiay affect the members of such Council whereby its activities are of a Regional, are«wide or multi--governmental nature and further, shall ccr.stitute the entity to perform those Regional or «re«wide functions which may be authariGed by Federal or State statute. To effectuate such powers, the Council shall: A. Be the approving and contracting agent for all Federal and State regional grants, as required. $. Constitute the governmental entity for the purpose of receiving State ar Federal assistance to areawide or Regional governmental entities through designation as grantee for such grants. C. Constitute the governmental entity for any existing entities that are Regional in nature and any new entity, Regional in nature, which may be required to be created as a new board or commission by State or Federal statute and, to consummate such purpose, these Articles shall be amended from time-to--time. 7 • • • D. Serve as the Area Clearinghouse and Project Notification Review Agency. E. Serve as the Regional Planning Commission pursuant to Section 30-28-105, C.R.S. F. Exercise all powers set Earth in Section 29-1.-201, et ,secy.,, C.R.S., and Article XIV, Section 18, Colorado Constitution. G. Accept contributi~ ar from any other fund or funds, or disburse the same may direct at the established cr at ins from member local governments source, commit them to a general a sper.ial fund or funds, and fir such purposes as the Council time the fund or funds are any time thereafter. H. Revolving Loan Fund. Subject to the approval of the Board of Directors, a Revolving Loan Fund may be created to assist in the financing of either public or private, for profit or nonprofit ventures, where tha retention or creation of employment and the Consequent public revenue or benefit to the health, safety and welfare of the Region is deemed by the Board to be in the public interest. The Board shall appoint a Revolving Loan Fund committee of eight persons, one of wham shall be the-NWCC9G-Exeeut~ve-Bireeter a NWCCOG staff,.,.re.p.re.sen.ta.~..yE, under criteria as it shall establish. The Boar3 shall also appoint eight alternates in the e•~ent of the inability- of any committee member to attand a meeting. The Revolving Loan Fund will create policy far review a::d approval of its loans including criteria established by agencies of origination from which capitalization of trte Revolving Loan Fund is achieved. In addition, such loans shall be made in full compliance with the Colorado Constitution, the Colorado Revised Statutes and applicable Federal law and regulations. The revolving loan fund committee shall adopt Bylaws for the conduct• of its affairs and the administration of the Revolving Loan Fund. Such Bylaws shall not be effective ~wrtil approved by the Board of Directors of the Council, 3 ~ • i ARTZC~,~ III 302 Executive Committee There is hereby created an Executive Committee which shall consist of seven voting representatives of the Council. There shall be one member from each of the six County areas in Region XII, which member may be either a County voting representative or Municipal voting representative from that County area. There shall also be one at-large member. The Executive Committee members shall be elected at the annual ~r+eeting in January and shall serve until the following January. The Executive Committee shall select the Chairman, Vice Chairman and Ser..retary-Treasurer from among its ;ne€rbcrs . A. Chairman: The Chairman shall Nreside at all meetings of t"rye Counci ~ and ,hill be the chief off~.cer of the Caunc~l. b. slice Chairman: The Vita Chairman shall exercise the functions of the C hair~~tan i!1 the Chairmans absence or incapacity. C. Sec.r,e.~a_ry.-T.r~M.suxer: The Secretary--Treasurer shall exercise the fu~_ctians cf thY 'lice Chairmen in the absence or incap.acit~- cf. the Vice Chairman and shall perform such ether duties as may be consistent with his office or as ~r,ay ba required by the Chairman. 302 Staff The Council may employ a direetP~-apd-a-s.raf= .fin ~xEC_utive Drectcr,..__an._ Ass.ocia.t.r. ExECUt~Y.~ ._p ir,e.c,~.or,.and , a.,,. s,taf~ and may cor:tract for e.spert service:~ as the Council, in its discretion, may desire. ARTICLE IV 401 Meetings The Council shall meet ~te~ith4y 'r;i-,n~on.thly beginning each year in January and at such ether times as the Chairman may direct . All such meetings sha11 ba open to the x:+_~hI is . ~J • i 402 By..laws :] The Council, acting by resolution at any regular or sper_ial meeting, may enact or amend Bylaws for the further conduct of its affairs and specifically to describe additional functions of the Executive Committee and the staff, provided however, that such Bylaws may not ~.cntravene ar supersede any provision of these Articles. 403 Committees The Council may esta3~lish advisor•~ r_.ommittees as necessary, 404 Financial A. Bach year at-tl~e-re-a~;~Gr-~~Qtebe~--r~eeting; between October 1 and October 15. the Chair;nn,~ shall submit ~ ._.b... may ,..,... _..,.._._ y '1, to t}~e Council an estimate of the budget required for the operation of the Council during the ensuing caer.dar yesr. B. The Council is specifically emrowerEd to crntract ~~r otherwise participate in ar~u to accept grants, funda, gifts or serr-ices from any Federal, State or local rovernmant or its agencies or instrumentality thereof, and from private and civic SOUrCeS, arzd tf~ ei.p~r,d funds received therefrom, under provisions as may be required of grid agreed to by the Caur:cil, in connection with ~,ay program ar purpose fnr which the Council e:sists . C. The Council shall arrange fc,r a systematic and continuous record of its financial affairs and transactions and shall, obtain aIi annual audit of its financial transactions Qnd expendituzE.~.. D. Any member local government ;nay withdraw from membership in the Council by action of its govErning body demonstrating its decision to withdraw which shall become effective ninety (90} days after written notice to that effect has been given the Chairman ~~f tl'~e Cozznz.il, after which its participation in any Gf the powers and duties of tl;e Council as far as such member is concerned shall then terminate, lout the mone,- appropriated t.o and received by the Council frnm the withdrawing member sha:.l ~~ot be returned to such member. 10 ~. -. .. i i i E. The withdrawal of any unit of local government frnm or ncanparticipation of such local government in the C^•~•.ncil as described supra shall not operate to prevent the Council from offering services andlar performing activities within the jurisdiction of said local government unless specifically directed not to do so by said local government under valid authority of law. ARTICLE V 501 Articles: Effective Date These Articles shall ~;ecome effective upon their adoption by the Council and ratificati.an by a ma~arity of the members listed at Sectiail 102 hereof. 502 Articles: Amendment These Articles may be amend at a~;y regular meeting of the Council by resolution, provided that at least one week's notice in writing be given to all members, Getting forth such amendment and that the approved amendw~ent ba ratified by a :r~ajority of the members lis~.ed at Section 10 hereof. 11 ~ • a RESOLUTION No. 1 Series of 1990 A RESOLUTION APPROVING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF AVON, EAGLE COUNTY, AND THE TOWN OF VAIL;,, OUTLINING ISSUES SUCH AS FUTURE PUBLIC USE AND FINANCING CONTINGENCIES FOR THE BERRY CREEK 5TH FILING AND THE MILLER RANCH; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail has purchased a parcel of real estate commonly known as the Berry Creek Ranch 5th Filing ("the property"); and WHEREAS, under certain conditions being met, it is the desire of the Town of Vail to sell the property to the County of Eagle, and it is the desire of the County of the County of Eagle to purchase the property from the Town; and WHEREAS, if certain conditions are not met, the County of Eagle will not be obligated to purchase the property from the Town of Vail, but under such tircumstances the County of Eagle and the Town of Avon shall have the right to purchase shares in the property under the terms and conditions set forth in the Intergovernmental Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. That the Intergovernmental Agreement attached hereto and made a part hereof by reference between the Town of Vail, the County of Eagle, and the Town of Avon is approved. 2. The Town Manager is authorized to take all steps necessary to execute the Intergovernmental Agreement. 3. This Resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this ATTEST: 2nd day of January 1990. .~ Kent' R. Rose, T9ay r Pamela A. Brandmeyer, Town Clerk a • INTERGOVERNMENTAL AGREEMENT BETWEEN THE COl1NTY OF EAGLE AND TOWN OF AVON AND TOWN OF VAIL .. TWTS INTERGOVERNMENTAL AGREEMENT is made and entered into this day of 19 by and between the Gounty of Eagle, State of Golorado, a body corporate and politic, by and through its Board of Gounty Commissioners, hereinafter referred to as the "County;" and the Town of Vail, State of Colorado, a municipal corporation, by and through its Town Gouncil; and the Town of Avon, State of Golorado, a municipal corporation, by and through its Tawn Gouncil. RECITALS A. The Town of Vail intends to use its best efforts to purchase the parcel of land commonly referred to as the Berry Creek Subdivision, 5th Filing, and as more specifically described in Exhibit A attached hereto and by this reference made a part hereof {"Berry Creek parcel"). B. in addition, the Town may use its best efforts to purchase the parcel of land commonly referred to as the Miller Ranch located near Edwards, Golorado, and more specifically described in Exhibit B attached hereto and by this reference made a part hereof ("Miller parcel"}. C. Should the Town obtain title to the Berry Creek parcel, the Town wishes to sell and the County wishes to purchase the Berry Creek parcel under the terms and conditions set forth in this Agreement. D. Should the Town obtain title to the Berry Creek parcel and the Miller parcel, the Tawn wishes to sell and the Gounty wishes to purchase both the Berry Creek and the Miller parcels under the terms and conditions set forth in this Agreement. E. This Intergovernmental Agreement is authorized pursuant to Section 29-1-201, et seq., C.R.S. Now, therefore, for and in consideration of the mutual covenants, conditions, and promises contained herein, the parties hereto agree as follows: 1. The Town of Vail agrees to use its best efforts to purchase the Berry Creek parcel upon terms and conditions acceptable to the Town of Vail. r` i • 2. The Town of Uail may use its best efforts to acquire the Miller parcel upon terms and conditions acceptable to the Town of Vail. 3. The County shall hire bond counsel and a financial consultant i;o provide consultation to the parties relating to the financing of the Berry Creek and/or Miller parcels and shall hire a planner to give advice to the parties regarding the planning and development of either the Berry Greek parcel or the Berry Creek and Miller parcels far recreation and employee housing. 4. The Town of Vail shall hire the services of special real estate counsel to provide consultation to the parties regarding the acquisition of the Berry Creek parcel or the Berry Creek and Miller parcels. 5. The parties agree to equally share the Costs of the consultants described in paragraphs 3 and 4 up to the following maximum amounts: Band counsel and financial consultant - $15,000 Land use planner - $7,500 Real estate counsel -- $15,OD0 6. The County shall hold an election in the spring of 1990 ("the election") to place the issue before the registered voters of Eagle County of whether or not to increase the County general fund mill levy in a sufficient amount for the County to purchase the Berry Creek parcel or the Berry Creek and Miller parcels, whichever is applicable, and to develop either the Berry Creek parcel or the Berry Creek and Miller parcels for the purposes of employee/affordable housing and recreation. 7. The County, the Town of Avan, and the Town of Vail agree to cooperate in presenting and explaining the need and rationale for the purchase of the Berry Creek and Berry Creek and Miller parcels and fiar their future development as employee/affordable housing and recreation. 8. If at the election, the registered voters of Eagle County approve an increase in the County general fund mill levy in a sufficient amount for the County to purchase the property and develop the property far employee/affordable hauling and recreational purposes, the County shall purchase the property from the Town of Vail for a purchase price equal to the price paid by the Town of Vail for the Berry Creek parcel or the Berry Creak and Miller parcels, plus loan carrying costs {e.g., loan fees, debt service, etc.) and other direct costs incurred by the Town of Vail to purchase and hold either the Berry Creek parcel or the Berry Creek and Miller parcels. 9. If at the election, the registered voters of Eagle County do not approve an increase in the County general fund mill levy in a sufficient amount for the County -2- 1 ~ ~ to purchase the Berry Creek parcel or the Berry Creek and Miller parcels and develop the property for employee/affordable housing and recreational purposes, then the County shall have na obligation to purchase the Berry Creek parcel or the Berry Creek and filler parcels, from the Town of Vail. However, the County and the Town of Avan may purchase an interest in the Berry Creek parcel or the Berry Creek and Miller parcels, whichever is applicable, as follows: A. If either the County or the Town of Avon wish to purchase the property without contribution from or participation by the other, then the purchasing government shall be obligated to purchase a fifty percent (b0~) interest in the property as a tenant-in-common. B. If both the County and the Town of Avon wish to purchase interests in the property, they shall be obligated to purchase a one-third {1/3) interest each as a tenant-in-common. C. The purchase price to the Town of Avan or the County shall be the appropriate percentage of all costs and expenses the Town of Vail has expended in the purchase, development, and maintenance of the property up to the date and time of purchase, including by way of illustration and oat limitation, purchase price, development costs, all fees paid to design and planning consultants and special legal counsels subsequent to the election, costs of planning, designing, and constructing any improvements on the property, and all finance carrying costs (e.g., loan fees, debt service, etc.). D. If the Town of Avan or the County wish to purchase a share in the property as set forth in this paragraph, they shall do so within five (5) years of the date of the certification of the results of the election, and shall provide the Town of Vail with written notice expressing their intention to do so no later than sixty (50) days prior to the date of the closing of the purchase. Should the Town of Avon or the County fail to purchase any interest in the property within five (5) years of the date of the certification of the election results, the right to do so shall immediately terminate. 10. During any period of time the Town of Vail is the sole owner of the property, it may make all decisions regarding the property, including by illustration and not limitation, financing, maintenance, and development, which it in its sole discretion deems proper. 11. In the event the Berry Creek parcel is owned by more than one (1) government, each owner will appoint two (2) representatives to form a committee to manage and develop the property. No owner shall pledge, sign, or otherwise transfer -3- • • ar convey its interest in the property without the expressed written consent of all the other owners. No owner shall have the right of partition unless otherwise mutually agreed tv by all owners. No owner shall have the right to sign any petition for an annexation or an annexation election without the mutual consent of all the owners. The committee shall establish bylaws for the management and development of the property and shall have the right, if they deem it in the best interest of the owners, to take all steps necessary to establish a separate entity far the ownership, management, and development of the property. In the event the members of the committee fail to agree as to any question affecting the Berry Creek parcel, the question immediately be submitted far a joint determination by the governing bodies of all owners. 12. In the event the voters fail to approve an increase in the mi11 levy to purchase the Berry Creek parcel, the parties agree to share equally the following costs: A. A bond counsel fee as compensation for providing services directly related to the mill levy election in an amount not to exceed B. A financial advisor fee as compensation for providing advice directly related to the mill levy election in an amount not to exceed C. The costs of holding a mill levy election in an amount not to exceed If the registered voters of Eagle County approve an increase in the mill levy for the purchase and development of the Berry Creek parcel, then all consultation fees which have been set forth in this Agreement, including bond counsel and financial consultants, planner, and real estate counsel fees are set forth in paragraph 5 hereof, and bond counsel and financial advisor fees as set forth in paragraph 12, as well as the cost of the holding of the election shall be paid from the proceeds of the mill levy increase. 13. This Agreement does not and shall not be deemed to confer upon nor grant to any third party any rights to claim damages or to bring any lawsuit, action or other proceedings against either the Town of Vail, the Town of Avan, or the County because of any breach hereof or because of any terms, covenants, agreements, or conditions contained herein. 14. Except as specifically provided otherwise herein, no modification or waiver of this Agreement or of any covenant, condition, or provision herein contained shall be valid unless in writing and duly executed by the party to be charged therewith. -4- .. ; 15. This written Agreement embodies the whole agreement between the parties hereto and there are no inducements, promises, terms, conditions, or obligations made or entered into either by the County, the Town of Avon, or the Town of Vail, other than those contained herein. 16. This Agreement shall be binding upon the respective parties hereto, their successors ar assigns, and may not be assigned by any party without the prior written consent of the other respective parties hereto. 17. All agreements and covenants herein are severable, and in the event that any of them shall be held invalid by a court of competent jurisdiction, this Agreement shall be interpreted as if such invalid agreement or covenant were not contained herein. 18. The Town of Avon, the Town of Vail, and the County each individually represent to each other that it possesses the legal ability to enter into this Agreement. In the event that a court of competent jurisdiction determines that either of the parties hereto did not possess the legal ability to enter into this Agreement, this Agreement shall be considered null and void as of the date of such court determination. IN WITNESS WHEREOF, the parties hereto have executed this Agreement this day of ATTEST: By: Clerk of the Board of County Commissioners ATTEST: By: 19 By: Pamela A. Brandmeyer, Town Clerk ATTEST: By: Patricia J. Doyle, Town Clerk By: Kent R. Rose, Mayor 75 S. Frontage Road West Vail, CO 81657 (303) 479-2100 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS P. 0. Box 850 Eagle, CO 81631 (303) 949-5257 TOWN QF VAIL, STATE OF COLORADO, By and Through Its Town Council TOWN OF AVON, STATE OF COLORADO, By and Through Its Town Council By: Allan Nottingham, Mayor P. 0. Box 975 Avon, CO 81620 (303} 949-4280 -5- RESOLUTION N0. 2 Series of 1990 A RESOLUTION APPROVING THE UAIL VILLAGE MASTER PLAN FOR .THE. TOWN OF,VAIL; AND~',SETTING FORTH DETAILS IN REGARD THERETO. j.. ;.. . , ~ ~ ., . , WHEREAS, Section 2.24.060 of~the Municipal Code of the Town of Vail provides that the Planning and Environmental Commission shall make and adopt a Master Plan for approval by the Town Council for the physical development of the town; and WHEREAS, the Vail Village Master Plan was developed through extensive - participation by-the public, thePlanning and Environmental Commission, and the Town Council; and WHEREAS, the Plan is a reflection of the goals, desires, and objectives of the citizens of the Town of Vail for; the long term planning of the development of Vail Village; and WHEREAS, the Vail Village Master Plan was adopted by the Planning and Environmental Commission 'at a regular meeting and is hereby submitted to the Town Council for its approval; and WHEREAS, the Town Council is~'of the opinion that the Vail Village Master Plan is an appropriate long range planning document guiding growth and development within the Vail Village area set forth in the P1 an. N04I, THEREFORE, BE IT RESOLVED $Y THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: The Town Council hereby approves the Vail Village Master Plan as submitted by ~~ the Planning and Environmental C~'ammission. INTRODUCED, READ, APPROVED AND ADOPTED this ATTEST: Pamela A. Brandmeyer, Town Clerk, 16th day of Januarv 1990. / ~L .3 ~ 4'?.-er- Kent`R. Rose, Mayor ` ~ ~ ~ RESOLUTION NO. 3 Series of 1990 A RESOLUTION PROCLAIMING THE WEEK OF FEBRUARY 12TH - 19TH SKIER SAFETY AWARENESS WEEK WHEREAS, advances in the skiing industry's technology has allowed more people to enjoy the sport of skiing and has increased the sport's popularity; and WHEREAS, the continued growth in the sport of skiing is based in part upon the individual skier's feeling of safety and comfort while enjoying the skiing experience; and WHEREAS, the Spring skiing season commences with the President's Birthday Weekend; and WHEREAS, the purpose of the week is to instill within the c~a~~«unity an understanding that skier safety is the responsibility of each skier on the mountain. That skiing safely means being aware of all conditions on the mountain and skiing with consideration for other skiers. The slogan for the program is "Be Aware. Ski with care.", which is reflected on the "I Care" buttons. WHEREAS, the Town Council of the Town of Vail believes that promoting safe skiing is beneficial to the entire Vail Community. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that the Week of February 12th - 19th be designated as Skier Safety Awareness Week. INTRODUCED, READ, APPROVED AND ADOPTED this 6th day of February, 1990. _~~ ~ ~ \f /Z~- Kent`R. Rose, Nfayo ATTEST: ~~-.(~,.1 ~ . ~U,.1 Pamela A. Brandmeyer, Town Clerk ',RESOLUTION.NO. 4 ~; Series of 1990 A RESOLUTION OF THE TOWN COUNCIL DESIGNATING THE PRESIDENT'S HOLIDAY WEEKEND, FEBR~JARY 17, 18, 19, 1990, AS THE 10TH ANNUAL SMOKELESS WEEKEND,,AND SETTING FORTH DETAILS RELATING THERETO. ~, , .,,,:, WHEREAS,,.; the; ai,r , pol l uti an i ~ ,the .Gore ,Valley has been i ncreasi ng with each j - winter season; and , WHEREAS, it is the opinion of the Tawn Council that it would be in the public -;;interest.ta encourage :limited use of, fireplaces and woodstoves during the President's Holiday Weekend. ,,!SNOW, THEREFORE, BE IT RESOLVED BY THE TOWN, COUNCIL OF THE TOWN OF VAIL, COLORApO, that: i 1. The Tawn Council hereby; designates the President's Holiday Weekend, February 17, 18, 19, 1990 as the 10th Annual Fireplace Smokeless Weekend; and 2. All residents and visitors of-the Town of Vail shall be encouraged to refrain from using their fireplaces or woodstoves during that weekend unless they are a primary heat source, in order to protect and improve the air quality in the Gore. Val ley. , ~ .., ,.. '~ ~ . INTRODUCED, READ, APPROVED AND AQOPTED this Sth day of Februar.v 1990. .r' ~ i~~~ Kent R. Rose, Mayor ~ ATTEST: r ~. RESOLUTION N0. 5 Series of 1990 A RESOLUTION IN SUPPORT OF THE EAGLE COUNTY MILL LEVY ELECTION FOR RECREATIONAL FRCILITIES. WHEREAS, there is a demand throughout the county for an increase in the availability of recreational facilities and affordable housing; and WHEREAS, the Recreation Task Force has recommended that the County purchase land and construct certain recreation facilities in the Edwards area; and WHEREAS, the Recreation Task Force has recommended that the County construct certain recreational facilities in the Eagle area and Basalt/El Jebel; and WHEREAS, the Recreation Task Force has recommended that up to ten acres of land at the Edwards site be dedicated for affordable housing, said housing to be constructed by private developers or a public agency for the purpose of the development of affordable housing; and WHEREAS, the Board of County Commissioners has determined that an election to levy additional taxes in the amount not yet determined will be necessary to finance the purchase and operation of such facilities. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. The Town of Vail expresses it support for the April 10, 1990 election to levy additional taxes. 2. The Town of Vail urges the citizens of the Town and the citizens of Eagle County to vote YES on the ballot question. INTRODUCED, READ, APPROVED AND ADOPTED this 20~h day of Febiiuany 1990. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk RESOLUTION N0. 6 Series of 1990 A RESOLUTION PROVIDING FOR CERTAIN TYPES OF TOWN EXPENDITURES AND CONTRIBUTIONS INwKIND IN REGARD TO THE EAGLE COUNTY MILL LEVY ELECTION FOR RECREATIONAL FACILITIES. WHEREAS, there is a demand throughout the county for an increase in the availability of recreational facilities and affordable housing; and WHEREAS, the Recreation Task Farce has recommended that Eagle County purchase land and construct certain recreation facilities in the Edwards area; and WHEREAS, the Recreation Task Force has recommended that the County construct certain recreation facilities in the Eagle area and Basalt/E1 Jebel area; and WHEREAS, the Recreation Task Force has recommended that up to ten acres of land at the Edwards site be dedicated for affordable housing, said housing to be constructed by private developers or a public agency with the purpose of the development of affordable housing; and WHEREAS, the Board of County Commissioners has determined that an election to levy additional taxes in an undetermined amount will be necessary to finance the purchase and operation of such facilities, and has scheduled such an election for April 10, 1990. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, CQLORADO: 1. All departments, officials, and employees of the Town of Vail are hereby authorized to expend monies and to make contributions in-kind as said expenditures are budgeted and approved by the appropriate official, in order to dispense fair and balanced information on the issue of the increase in tax levy and the purposes therefor. 2. Any individual member of the Town Council or its department heads or employees as specifically directed by the Town Council, may expend not more than fifty dollars {$50) of public monies in the farm of letters, telephone calls, or other activities incidental to making a Town Councilman available to the press ar the public for the purpose of responding to question about any issues relating to the increase in tax levy and the purposes therefor, ar to express an opinion on any such issue. INTRODUCED, READ, APPROVED AND ADOPTED this 20~Gc day of Eeb~ucah.u 1990. "~' ~ < J ~C/l~C Kent R. Rose, Mayor ' ATTEST: Pamela A. Brandmeyer, Town Clerk RESOLUTION NO. 7 Series of 1890 A RESOLUTION AUTHORIZING THE TOWN MANAGER TO ACT ON BEHALF OF THE TOWN OF VAIL IN NEGOTIATING AND ENTERING INTO A LEASE TERMINATION RGREEMENT TERMINATING A CERTAIN LEASE OF LAND AND IMPROVEMENTS WITH THE UNITED STATES POSTAL SERVICE AND OTHER INSTRUMEFJTS AND DOCUMENTS RELATING THERETO. 17 IS HEREBY RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: Ron Phillips, the Town Manager for the Town of Vail, is hereby authorized to act on behalf of the Tawn of Vail in all matters requiring signatures enabling the lease of land and improvements to the United States Postal Service and all other instruments and document relating thereto. INTRODUCED, READ, APPROVED AND ADOPTED this 20th day of March 1990. Kent R': Rase, Mayor' ~aTTEST: Par~e1 ~~ A. Brand~ae r, Town C1 erk~ ,~ RESOLUTION N0. 8 Series of 1990 ' A RESOLUTION PROCLAIMING THE WEEK OF APRIL 21ST-27TH EARTH AWARENESS WEEK WHEREAS, recent times have seen an increased awareness on the part of local governments and private citizens in those issues which have direct and indirect impacts on our local environment, and WHEREAS, the citizens of the Vail Valley and the surrounding area are concerned that steps be taken to preserve the quality of the environment for the present and for future generations; and WHEREAS, there is an increasing awareness on the part of local citizens that their actions have a direct impact on our fragile environment; and WHEREAS, April 22nd marks the twentieth anniversary of the first Earth Day, a day established to increase peoples awareness of their environment and the effect their actions have on the environment; and WHEREAS, there is an international, national and local effort to involve as many communities as passible in this twentieth anniversary celebration of Earth Day through special events, the media and local efforts; and WHEREAS, the purpose of Earth Awareness Week is to bring into focus within the community the understanding that the preservation and improvement of our environment is the responsibility of each individual; and WHEREAS, the Town Council of the Town of Vail has recently expressed the opinion that environmental issues are a high priority for action. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that the week of April 21st-27th be designated as Earth Awareness Week. APPROVED AND ADOPTED THIS 3rd d y pf ApriJl 1890, Kent R. Rose,~Ma~or A EST: ~. ~~~~~ Pamela A. Brandmeyer Town Clerk ~ • RESOLUTION N0. 9 Series of 1994 A RESOLUTION SETTING FORTH CERTAIN RULES RELATING TO PUBLIC HEARINGS CONDUCTED BY THE TOWN COUNCIL. ~~ WHEREAS, the Town Council wishes to make public hearings held become more efficient and less lengthy by adopting certain rules governing public hearings. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL. OE THE TOWN OF VAIL, COLORADO, as follows: 1. Before any speaker shall be permitted to speak, the Mayor, Mayor Pro-Tem, or any other Chairman of the meeting shall announce a time limitation, and all speakers shall adhere strictly to such limitation. however, no speaker shall be permitted to speak for longer than five minutes, exclusive of time required to answer questions of Councilmembers, except upon the affirmative vote of the majority of the members of Council present. No speaker shall be permitted to speak more than once on any subject until everyone desiring to be heard has been allowed to speak. 2. When several individuals wish to express a shared opinion, it is encouraged that they choose a spokesman to speak for all members of the group. INTRODUCED, READ, APPROVED AND ADOPTED this 3rd day of Apx3.1 xg90, L ~~~ ~ ~~ Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk ~ ~ ~ RESOLUTION NO. 10 Series of 1990 A RESOLUTION OPPOSING FEDERAL LEGISLATION IMPOSING MANDATORY SOCIAL SECURITY AND MEDICARE COVERAGE FOR ALL PUBLIC EMPLOYEES. WHEREAS, the Federal Government wishes to pass legislation imposing mandatory Social Security far all public employees not currently covered by any qualified pension plan and Medicare coverage for all public employees hired subsequent to the effective date of the law; and WHEREAS, such legislation would negatively impact the Town of Vail's budget in the amount of $105,113.00; and WHEREAS, the Town of Uail currently provides for the future of its employees with a retirement plan significantly more effective than Social Security; and WHEREAS, legislation which removes municipal employees from municipally funded retirement plans and adds them to the Social Security system will increase the problem of a shrinking workforce supporting an ever growing number of retirees; and WHEREAS, the Social Security and Medicare systems were never established for local governments and therefore, many cities such as the Town of Vail have established their own pension plans; and WHEREAS, the Town of Vail pension plan is extremely well accepted by Town of Vail employees, is fully funded and has no unfunded liabilities. NOW, THEREFORE, BE IT RESOLVED 8Y THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: The Town apposes legislation proposed by the current Administration which would mandate Social Security and Medicare taxes on all public employers and employees. INTRODUCED, READ, APPROVED AND ADOPTED this 3rd day of April 1990. `{{~ `J V Kent Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk ~ ~ RESOLUTION NO. 11 Series of 1990 A RESOLUTION RATIFYING THE ARTICLES OF ASSOCIATION OF THE NORTHWEST COLORADO COUNCIL OF GOVERNMENTS. WHEREAS, a resolution ratifying the amended Articles of Assaciation of the Northwest Colorado Council of Governments (NWCCOG} was adopted by the new COG Board of Directors at the regular meeting in Kremmling, March 22, 1990; and WHEREAS, the Town Council of the Town of Vail has reviewed the amended Articles of Association of the Northwest Colorado Council of Governments; and WHEREAS, the Tawn Cauncil of the Town of Vail believes that the ratification of the amended Articles of Association of the Northwest Colorado Council of Governments is in the best interest of the Town of Vail, Colorado. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: The Articles of Association of the Northwest Colorado Council of Governments, as adopted by the Council's Baard of Directors on March 22, 1990 by Resolution No. 1990-1, are hereby ratified, pursuant to Section 502 thereof. INTRODUCED, READ, APPROVED AND ADOPTED this 17th day of April 1990. Kent R. Rase, Mayor ATTEST: ~ ~-.r.~v ~. ~-~r~-~iu~.ac,r,~.~ Pamela A. 8randmeyer, Town Clerk ~ ~ ~ RESOLUTION NO. 12 Series of 1990 A RESOLUTION AUTHORIZING EXECUTION OF TRANSFER OF FUNDS AGREEMENT WHEREAS, from time to time the Tawn orally requests Central Bank to transfer funds to other banks for credit to persons or corporations designated by the Town. WHEREAS, the Bank needs to have standing instruttion upon which to act pursuant to oral request for the transfer of funds. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: The Town Manager of the Town of Uail, Colorado, is hereby authorized to execute the domestic and international funds (Wire) Transfer Agreement on behalf of the Town of Vail with Central Bank providing for telephone requests for the transmission of funds belonging to the Town upon the terms and conditions set forth in said agreement. The authority referred to in this Agreement shall continue at full force and effect until written notice of its revocation shall be received by the Bank at its office. I, Pamela A. Brandmeyer, Town Clerk of the Town of Vail, Colorado, hereby certify that the foregoing is a true copy of a resolution adopted by the Town Council of the Town of Vail at a meeting of said Town Council duly and regularly called, noticed and held, and at which time was present, a quorum of the Town Council on May I5 1990, and that said resolution is in full force and effect. INTRODUCED, READ, APPROVED AND ADOPTED this 15th day of ~a~ 1990. v J ~.-- Kent R: dose, Mayor- ATTEST: ~. ~ Pamela A. Brandmeyer, Town Clerk ~ ~ RESOLUTION N0. 13 Series of 1990 A RESOLUTION THANKING AND ACKNOWLEDGING HERB AND NICHOLE WERTHEIM FOR THEIR CHARITABLE CONTRIBUTION FOR THE VAIL CULTURAL ARTS CENTER. C~ WHEREAS, the Town Council and the Vail community has expressed a strong interest in the development of a cultural arts facility within the community; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously offered a one million dollar charitable contribution to the Town of Vail for the development of a cultural arts center; and WHEREAS, the Town Council wishes to accept the contribution of the Wertheim Foundation and acknowledge the generosity and foresight of Herb and Nichole Wertheim. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The Vail Town Council hereby acknowledges the generosity and foresight of Herb and Nichole Wertheim in offering a one million dollar contribution far the Vail Cultural Arts Center and hereby expresses its sincere thanks and appreciation to Herb and Nichole Wertheim. 2. The Town Council accepts the charitable contribution of the Wertheim Foundation and recognizes that it is the goal of the Wertheims to begin construction on a cultural arts and convention facility no later than 1991. INTRODUCED, READ, APPROVED AND ADOPTED this 5~~" day of ~ 1990. ant R: Rose, Mayor' ' ATTEST: Pamela A. Brandmeyer, Town Clerk i • ~ RESOLUi10N N0. 14 Series of 1990 A RESOLUTION SETTING FORTH THE INTENTION DF THE TOWN COUNCIL OF THE TOWN OF VAIL TO MAKE CERTAIN LAND AVAILABLE FOR THE DEVELOPMENT AND CONSTRUCTION OF A VAIL CULTURAL ARTS CENTER. WHEREAS, the Town Council and the Vail community strongly supports the development and construction of a cultural arts facility; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously made a one million dollar charitable contribution to the Town of Vail for the development and construction of a Vail Cultural Arts Center; and WHEREAS, the Town Council, the Vail Valley Foundation, the Vail lodging community, and other business interests in Vail have committed at least twenty-five thousand dollars for preliminary analysis and development of a cultural arts center; and WHEREAS, the Town Council wishes to solicit additional private contributions for the construction and financing of operations for a cultural arts center; and WHEREAS, the Town Council wishes to set forth its intent to make certain land available far the construction of the Vail Cultural Arts Center, which land is located between the Lionshead Parking Structure and the Mahn Dobson Ice Arena. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAiL, COLORADO, that: 1. The Vai] Town Council hereby sets forth its intention to provide the land it awns between the Lionshead Parking Structure and the Dobson Ice Arena for the development and construction of a Vaii Cultural Arts Center subject to: A. Preliminary analysis indicating the feasibility for such a cultural arts center. B. The completion of a design and site plan for the Vail Cultural Arts Center which is acceptable to the Town Council. C. The receipt of private charitable contributions to finance both the construction and endowment of the Vail Cultural Arts Center which is deemed sufficient by the Town Council. D. A written agreement between the Town Council and an appropriate party for the ongoing operation of the Vail Cultural Arts Center. INTRODUCED, READ, APPROVED AND ADOPTED this 5th day of ,7une 1990. ~ J ~pryC - Kent~R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk RESOLUTION N0. 15 Series of 1990 A RESOLUTION SETTING FORTH THE INTENTION OF THE TOWN OF VAIt TO ISSUE ITS MULTI-FAMILY HOUSING REVENUE BONDS FOR PROFESSIONAL DEVELOPMENT CORPORATION, SETTING FORTH THE CONDITIONS OF SAID INTENT; AND SETTING FORTH RELRTED MATTERS THERETO. WHEREAS, the Town of Vail (the "Issuer") is a town and a political subdivision duly organized and existing under the laws of the State of Colorado (the "State"); and WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3 of Title 29, Colorado Revised Statutes {the "Act"}, authorizes the Issuer to finance one or more "projects," including any land, building or other improvement and real and personal properties (other than inventories, raw materials and working capital) suitable or used for or in connection with residential facilities for low- and middle-income families or persons intended for use as the sole place of residence by the owners or intended occupants, to the end that the Issuer may be able to induce private enterprise to build a sufficient supply of adequate, safe and sanitary dwellings; and WHEREAS, the Issuer is further authorized by the Act to issue revenue bonds for the purpose of defraying the cost of financing and refinancing any "project," and for paying interest on such revenue bonds for a period of time not exceeding three years, and for paying all incidental expenses incurred in issuing such revenue bonds, and to secure payment of such revenue bonds as provided in the Act; and WHEREAS, representatives of Professional Development Gorporation, a Tennessee corporation, (the "Developer") have advised the issuer of the Developer's interest in developing, acquiring, constructing, improving and equipping within the boundaries of the issuer three hundred four {304) units of residential rental facilities (the "Project") to be owned by the Developer and rented to low- and middle-income families or persons intended for use as their sole place of residence, subject to the willingness of the Issuer to finance part or all of the necessary facilities as a "project" pursuant to the Act; and WHEREAS, the Project will be situated on multiple sites totalling thirty (30) acres of land within the boundaries of the Issuer and qualifies as a "project" within the meaning of the Act; and WHEREAS, a mare detailed description of the Project is attached hereto as Exhibit A (Vail Valley Affordable Housing proposal) and is hereby incorporated by this reference thereto; and ~ ~ ' WHEREAS, the governing body of the Issuer has considered the Developer's request and has concluded that the economic and other benefits to be derived by the Issuer from the Project will be substantial and desires to indicate its present intent to proceed with the issuance pursuant to the Act of its Multi-Family Housing Revenue Bonds (the "Bonds"} and the financing of the Project provided that certain conditions are met; and WHEREAS, it is the desire of the governing body of the Issuer to set forth the conditions of its intent. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. In order to assist and induce the Developer to locate the Project within the boundaries of~the Issuer, it is the present intent of the governing body of the Issuer to take all necessary or advisable steps to effect the issuance of the Bonds in the maximum aggregate principal amount of fifteen million dollars ($15,000,000) or such lesser amount as shall be determined and agreed upon by the Developer and the Issuer to finance the Project. 2. The intent of the governing body of the Issuer to effectuate the issuance of the Bonds is subject to and specifically conditioned upon the following: a} The Developer and the documents designed to effectuate the financing shall comply in all respects with the Act and any criteria subsequently adopted by the governing body of the Issuer with respect to the issuance of the Bonds, and the documents and the method of selling nr placing the Bonds shall be satisfactory to the Issuer in its sole discretion. b) The Developer's acquisition and development of the Project shall be in accordance with the Issuer's zoning ordinances, subdivision regulations and all other applicable development requirements, including without limitation income requirements that may be determined by the Issuer pursuant to the Act. c) No costs, expenses or liabilities shall be borne by the Issuer ~ regarding any matter pertaining to the issuance of the Bonds, the preparation of any documents relating thereto, or any legal or financial consultants retained in connection therewith. d) Approval of this Resolution shall in no way obligate the Issuer to take any additional steps to effectuate the issuance of the Bonds. Prior to any execution of a financing agreement, bond purchase agreement, indenture of trust, mortgage or any other necessary documents and agreements in connection with the -2- ~ ~ ~ Project and the Bonds, such documents and/or agreements shall be subject to authorization by legislative action of the Issuer pursuant to law. e) Should the Bonds in fart be issued, the prospectus shall clearly indicate in bold face type that the Tawn of Vail shall have no obligation whatsoever for the payment of the Bonds. 3. The Developer is hereby granted permission to prepare an application for a volume allocation for submission to the Division of Local Government, Department of Local Affairs, State of Colorado, pursuant to the provisions of the Colorado Private Rctivity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes, subject to review thereof by the issuer prior to submission. Any officer of the issuer is hereby authorized to execute such application, after which the Developer may submit the same to said Department. INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of June 1990. J ~~~ ~~ Kent R . Rose, 1Nayor ATTEST: C,~~. Pamela A. Brandmeyer, Town Clerk -3- i d ~ 4~ ,y ~owo of ~a~lV 75 south frontage road ~aiE, coiorado 81657 (303] 479-2136 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The Vail Council of tha Town of Vail, Colorado, met in regular session, in full conformity with the Town Charter and the applicable laws, rules, and regulations of the Town, at the Vail Municipal Building, Vail, Colorado, at the regular meeting place thereof, on Tuesday, the 19th day of June, 1990, at the hour of 7:30 B.M. The following were found to be present, constituting a quorum: Mayor: Kent R. Rose Mayor Pro Tem: Thomas Steinberg Councilmembers: Robert Levine Margaret Osterfoss Lynn k'ritzlen Merv Lapin Absent: Jim Gibson There were also present: Town Manager: Rondall V. Phillips Assistant Town Manager: Charles Wick Town Clerk: Bamela A. Brandmeyer Town Attorney: Larry Eskwith Thereupon the following proceedings, among others, wexe had and taken: Mayor Rose introduced Resolution No. ~.5, Series of 1990, a Resolution Setting Forth the Intention of the Town of Vail to Issue Tts Multi-Family Hosuing Revenue Bonds for Professional Development Corporation, Setting Forth the Conditions of Said Infant; and Setting Forth Related Matters Thereto. Councilmember Steinberg moved the approval of the full resolution, which was read by title, sufficient copies having previously been made available to the Town Council and to the public. The motion was seconded by Council .Member Lapin. The roll was called with the following results: Those Voting Xes: Those Abstaining: Those Absent from the Room: Those Absent: Kent R. Rose Thomas Steinberg Margaret Osterfoss Herb Lapin Lynn Fritzlen Robert Levine Jim Gibson Four Council Members having voted in favor of said motion, the Mayor thereupon declared the Resolution finally approved on first reading, was adopted and approved. There being no further business to come before the Town Council, on motion duly made and unanimously carried, the meeting was adjourned. Pamela A. Brandmeyer Town Clerk Town of Vail {TOWN SEAL) i "! EXHIBIT A VAIL VALLEY AFFaRDABLE HOUSING PR~P4SAL PRESENTED BY: PROFESSIONAL DEVELOPMENT CORPORATION X885 4UINCE ,SUITE 111 MEMPHIS, TENNESSEE 38119 TABLE OF CONTENTS 1. PROPOSAL 2. EXHIBIT - A DEVELOPER'S RESUME 3. EXHIBIT - B BOND FINANCING WITHOUT ASSISTANCE. 4. EXHIBIT • C RENTS WITH D.O.L.A. GRANT OF $500,000,00 5. EXHIBIT - D RENTS WITH D.O.L.A. GRANT AND NO LAND COST. fi. EXHIBIT - E UNDERWRITER'S RESUME 7. EXH161T- F ARCHITECTURAL FLOOR PLANS AND ELEVATIONS • • i VAIL VALLEY MULTI-FAMILY HOUSING PROPO$~; TO SECURE AN INDUCEMENT RESOLUTION FOR INDUSTRIAL REVENUE BONDS FOR THE DEVELOPMENT OFMULTI-FAMILY HOUSING IN THE VAIL VALLEY. NEF.~ AFFORDABLE HOUSING FOR THE EMPLOYEES IN THE VALLEY, A NEED OFFICIALLY RECOGNIZED BY THE COLORADO DEPARTMENT OF LOCAL AFFAIRS (DOLA) & COLORADO HOUSING AND FINANCE AUTHORITY (CHFA). PRIVATE DEVELOPER WITH EXTENSIVE EXPERIENCE IN MULTI-FAMILY HOUSING. SEE RESUME OF PROFESSIONAL DEVELOPMENT CORPORATION EXHIBIT-A. ~~.: NO LOCAL FUNDS REQUIRED ; NON RECOURSE ,TAX IrXEMPT BOND ASSISTANCE. (a.) IF A GRANT IS RECEIVED FROM DOLA TO ASSIST iN THE DEVELOPMENT OF THE SITE ,LOCAL COUMMNITY MAY BE REQUIRED TO PROVIDE SOME WAIVERS OF FEES, AND/OR ; (b.) PROVIDE SITE FOR PROJECT. TOTAI.~NIT~; THREE HUNDRED AND FOUR (344) a. 140 EFFICIENCY {24%} LOW INOME 24 UNITS b. 100 ONE BED ROOM {20%} LOW INCOME 20 UNITS c. 104 TWO BEDROOM {24%} LOW INCOME 21 UNITS FEASIBILLT]C~ EXHIBIT- B DEMONSTRATES THAT THE PROJECT WORKS WITH BOND FINANCING WITHOUT ASSISTANCE FROM DOLA IN THE FORM OF A GRANT. EXHIBIT - C DEMONSTRATES THE LOWER RENT LEVELS FOR THE PROJECT WITH THE DOLA GRANT OF $500,004.04 . EXHIBIT - 0 DEMONSTRATES THE RENTAL STRUCTURE WITH THE DOLA GRANT AND COMMUNITY SUPPORT iN THE FORM OF WAIVER OF FEES AND WITH A SITE PROVIDED AT.NO COST TO THE PROJECT. INDUSTRIAL REVENUE BQND~; ISSUED BY LOCAL COMMUNITY. (NON-RECOURSE) UNDERINRI7ER: MORGAN KEEGAN i~ COMPANY: SEE EXHIBIT - E. BOND CouN~,; KUTAK,ROCK AND CAMPBELL, DENVER OFFICE. • ! ~ (1F THE LOCAL BOND ISSUE FEES WILL 8E I~~RNE BY TH~~ ARCHITECTURE: DESIGN WILL CONFORM TO LOCAL COMMUNITY AESTHETIC VALUES. SEE EXH181T - F FOR FLOOR PLANS AND ELEVATIONS. ~lI,E: THE PROJECT DESIGN WILL ENABLE IT TO BE LOCATED ON EITHER A SINGLE OR MULTIPLE SITES. E~IBTT A RBSDMS PROFESSIONAL Dx~ v ~IAP~II:NT CORPORATION PROFESSIONAL DEVELOPMENT CORPORATION is a Tennessee Corporation. Tt was formed in 1980 and has developed sixty (60) million dollars in rental housing, single family housing and retail space. Financing for its developments has been secured from the Department of Housing & Urban Development, The Department of Agriculture, Farmers Home Administration, Tax Free Municipal Bonds, and Conventional Lenders, with recourse and non-recourse funding. Professional Development Corporation has developed the capability to develop, construct, finance, own, and manage all its properties, regardless of size, location, or type of development. The management of these projects is under contract to Campbell Properties, a sole proprietorship owned by Thomas H. Campbell, which has an established home office staff to handle this function. Professional Development Corporation throughout its history, has maintained a policy of close contact with the management of all its projects to assure compliance with all the regulatory agreements, requirements of the lenders, FI~II3A, and HUD guidelines, and to assure the financial and physical stability of all its projects. Professional Development Corporation has never had a project fall into a cash deficit position, far had a project in default of any of the above regulatory agreements. THOMAS H. CAI~BELL Mr. Campbell is, by degree, an Electrical Engineer, with a B.S. in Electrical Engineering from Christian Brothers College, 1959. He was the owner of Campbell & Campbell Consulting Engineers from 1963 to ].972, and was involved in the Architectural Engineering of various projects, a partial list of which is attached, representing a crass section of the various projects. Since 1972, Mr. Campbell has been involved in the real estate development business, and was the President of UMIC Real Estate Development Corporation from 1976 to 1980. While serving in this pnsition, he was involved in the development of approximately 3000 units of housing. From 1980 to present, Mr. Campbell has been the President and Chairman of Professional Development Corporation, and has developed approximately $G0,000,000 in new developments, incorporating some 1600 units of housing, 150,000 square feet of retail space and several single family subdivisions and single family housing. i ~ Mr. Campbell is 58 years of age, and carries $1,700,000 of key man insurance for his company. All construction is personally monitored by Mr. Campbell, and the company~s Project Managers. Personal inspections of all occupied projects are made by Campbell Properties staff on a monthly basis. A Iist of the properties developed by Professional Development Corporation and managed by Campbell Properties follows: LOCATION ROSEDALE, MS DREW, MS MEMPHIS, TN IUKA, MS CLEVELAND, MS HOLLY SPRINGS, MS BYHALIA, MS RED OAKS, MS HORN LAKE, MS GREENVILLE, MS FORREST CITY, ARK WINDSOR, CO BERTHOUD, CO MEMPHIS, TN FT. LUPTON, CO CLEVELAND, MS MEMPHIS, TN TUNICA, MS WEDOWEE, AL DALEVIr•r•E, AL MEADOWOOD, AL SUNRISE I SUNRISE II EAGLE, CO LAMAR, CO FORT MORGAN, THE WILLOWS, THE WILLOWS, LAJUNTA, CO WESTWIND, MS WILLOW GROVE * Thousands #UNITS 24 36 147 78 40 5D 25 25 48 48 37 36 31 396 12 37 98 80 24 48 32 50 50 36 37 CO 25 MPHS (S.F.) 56 MS (S.F.) 84 24 92 MPHS. (S.C.) DATE 1981 1982 1984 1983 1983 1983 1984 1984 1984 1985 1985 1984 1984 1985 1985 1986 1986 1986 1985 1985 1985 1986 1986 1986 1986 1985 1987/88 1.989/90 1989 1989 1989/90 OCCUPANCY 98$ 92$ 98$ 96~ 98~ 98~ 98$ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98$ 88$ 98~ 98~ 98~ 97~ 98~ 98~ 98~ 100 (U.C.) 10D~ (R.S.) {R.S.) MORTGAGE* $537 $865 $5,050 $1,443 $1,045 $1,083 $660 $663 $1,292 $1,283 $1,120 $1,193 $958 $7,254 $300 $989 $6,400 $2,376 $584 $1,045 $580 $1,268 $1,305 $1,031 $989 $8Do $1,548 $ 958 $369 $3,300 $3,700 (S.F.) - Single Family subdivision and Single Family residences. (S.C.} - Shopping Center (R.S.} - Renting Stage (U.C.} - Construction Stage LIST OF PROJECTS: (Architectural Engineering Design) APARTMENTS: Amarillo, Texas 12-start' high-rise Little Rock, Ar. 12-story high-rise Albuquerque, N.M. 10-story high-rise E1 Paso, Texas 10-story high-rise Lexington, Ky. 14-story high-rise Louisville, Ky. 10-story high-rise Evansville, Ind. 12-story high-rise Nashville, Tn. 12-story high-rise Hot Springs, Ar. 12-story high-rise NURSING HOME FACILITIES: Greenville, N.C. Fairhope, Alabama Richmond, Virginia Spartanburg, S.C. Towson, Md. Columbia, S.C. Cherry Hill, N.J. Wilmington, S.C. Greensboro, N.C. Tampa, Fla. Winston-Salem, N.C. Lafayette, Ind, Gastonia, N.C. MOTEL PROJECTS: Miami Springs, Fla. Bloomington, Ind. Tucumcari, N.M. Shreveport, La. Lancaster, Ohio Indianapolis, Ind. OFFICE BUILDINGS: Cincinnati, Ohio 3 five-story Indianapolis, Ind. 12 story Louisville,.Ky. 5 story Paducah, Ky, 4 story Kansas City, Mo. 5 story St. Louis, Mo. 5 story Houston, Texas 3 story Atlanta, Ga. 10 story New Brunswick, N.J. 6 story Memphis, Tn. 14 story SCHOOL PROJECTS: Twelve (12) in the Memphis, Shelby County Area EKIi181T - B n LJ NON-RECOURSE BOND FINANCING • EXHIBIT B PROFESSIONAL DEVELOPMENT CORPORATION VAIL COLORADO 304 UNITS • . USE OF FUNDS $15,000,000 100.00$ ISSUANCE COST (UNDERWRITER} 300,000 2.00$ LAND 2,920,500 19.47$ CONSTRUCTION $,085,000 53.90$ ARCHITECT 2$0,500 1.87$ CDNSTRUCTION INTEREST 1,713,000 11.42 DEVELOPERS COUNSEL 54,000 0.36$ BOND COUNSEL 53,000 0.42$ BOND PURCHASERS COUNSEL 31,500 0.21$ DEBT. SERVICE RESERVE 1,500,000 10.00$ ISSUERS COUNSEL 37,500 0.25 TRUSTEE 4,500 0.03$ TRUSTEES COUNSEL 6,000 0.04$ BDND PRINTxNG 3,000 0.02$ OFFICIAL STATEMENT 1,500 0.01$ TOTAL ~15,oaa,0oo 100.00$ PROIrESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 111 MEMPHIS, TENNESSEE,38119 TEL 901-753-'1100 FAX 901-753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 20 EFFICIENCY CHFA 20 ~ BEDROOM CHFA 21 2 BEDROOM CHFA SO EFFIGi1=NCY 80 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANC Y ALLOWANCE 5% NIwT OPERATING INCOME EXPENSES OPERATING EXPENS>=S AMOUNT AVAILABLfw POR DEBT SERVICE DEBT. SERVICE RATIO RENTS. EXHIBIT - B $323 77,520 0.71 $347 83,280 0.60 $416 104,832 0.55 $582 559,065 1.28 $742 712,317 1.2$ $971 966,716 1.28 2,503,730 ($125,175) 2,378,556 ~0 • 486,400 7,892,156 1.25 VAIL300R.XLS 1 ~/90 PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE, SUITE 111 MEMPHIS, TENNESSEIr,36119 901-753-110Q FAX 901-753-1127 VAIL COLORADO CONSTRUCTION COST BREAKDOWN AND LAND VALUE THE FOLLOWING ESTIMATED COSTS WERE OBTAINI=D FROM THE OWNER'S RECORDS AND INFORMATION, AND REPRESENT THE OWNER'S ESTIMATE OF OR THE ACTUAL COSTS. LAND TOFF SITE IMPROVEMENTS HARD COSTS SITE UTILITIES PAVING SITE IMPROVEMENTS BUILDINGS soFT cosTs ARCHITECTIENGINEER UNDERWRITER LEGAL,I=TC INTEREST COST TOTAL OF TOTAL PER S.FT. $2,920,500 19.47% 7A0 275,419 436,020 215,630 7,157,931 $8,085,000 280,Sflfl 300,000 241,000 $781,500 1.84% 2.91% 1.44% 53.9a°r° o.fla°i° 1.87% 2.40% 1.34% 5.21 1.51 2.39 1.18 39.17 fl.ofl 1.53 1.64 1.1fl fl.flfl 0.40% 0.00 INTEREST 3,213,000 $3,213,OO0 21.42% 17.58 BONDILOAN $15,000,000 73°k 82.08 YOTAL PROJECT VALUE $20,455,735 100'% 111.94 .. VAIL300R.XLS 1 • _.~!!0 • VAIL COLORADO ANNUAL OPERATION & MAINTENANCE 1XPENSES: CARETAKER 31,616 SUPPLIES ~ 2,432 PAINTING & DECORATING 13,376 GENERAL MAINTENANCE 12,1$p GROUNDS MAINTENANCE 38,912 SERVICES 9,728 FURNITURE & FURNISHING RELACEMENT 0 MISC OPER. COST 4,864 SUB TOTAL 113,088 a ELECTRICITY 27,9fi8 WATER 17,024 SEWI=R 17,024 HTR.FUEVOTHER (TELE.) 0 TRASH REMOVAL 7,904 SUB TOTAL 69,920 0 MANAGER SALARY-RESIDENT 26,266 MANAGEMENT FEE 84,050 ACCOUNTING 7,296 LEGAL 3,648 OTHER ADMINSTRATIVE 6,080 SUB TOTAL 127,340 0 REAL ESTATE TAXE5 95,213 SPECIAL ASSESSMENTS 0 OTHER TAXIrS FEES PERMITS 0 SUB TOTAL 95,213 a PROPERTY INSURANCE 77,192 COMPENSATIONS 0 BOND PREMIUMS 3,648 SUB TOTAL 80,840 0 INTEREST EXPENSE 0 OTHER EXPENSES 0 SUB TOTAL 0 0 TOTAL $485,400 VAIL300R.XLS 1 • .,30190 CONSTRUCTION TRADE ITEM BEAKDOWN5 PROJECT: VAiL COLORADO TRADEiTEM 1 2 LANDSCAPING 3 INT. TRIM DOORS WINDOWS 4 CABINET-TOP-VANITY-PANTRY 51NSULATION 6 CAULKING & SEALANTS 7 FINISH HARDWARE 8 DRYWALL 9 CARPET 10 PAINTING 11 FIREPLACE 12 HOUSE NUMBERS 13 TOILET ACCI=SSORIES 14 MIRRORS I 15 METAL CLOSET SHELVING 16 KITCHEN EQUIPMENT 17 PLUMBING 18 15 ELECTRICAL 20 CEILING FANS 21 CONCRETE/STEEL 22 CERAMIC TILE i 23 ROUGH CARPENTRY 24 ROOFING/SHEET METAL 25 GUTTERS & DOWN SPOUTS 26 MISC. 27 SEWER/WATER/STORM 28 WALKS 29 PAVING GRAVEVDIRT 30 BLINDS I 31 PLAYGROUND AMOUNT 33 I 34 GENERAL REQUIREMENTS 35 GENERAL OVERHEAD TOTAL VAIL300R.XLS 1 1EMTIlS - ~ 11-17 Ili11E ~ RE1i i11LE F#1 i1i IR1 x13 #F ME lli! IIILIIE It 1i1Y1EYIli l ltE lalr N Mil ~~Irlwtr 12-11 Nir r4 piA lgrri: Il-t1 Y 1 1 ' i L # / - I ! L 1 ! E li1il l q0I /f 1E 11a1111 1111 1l1M 1E111 1MCIAE 1111119 111EA i 4E!lS01 2 FE/10Y 3 FEtSN 1 IEJ15iNl 11111 l 111M 2 MIN 31M11 1 IERS01 2 4EA501 3 ME1501 t ~501I 5 !EA Go.lry 114,250 I47,kM 111,2M 121,331 3iI 1231 1231 1301 1311 It,3M 110,1!! 112,QN 113,314 / N, a4I 1211 illi 13x1 14ti 111,213 I1I,025 114,100 11x,113 ill, Criir~ 114,260 047,1M 111,211 121,3x1 613 1231 4251 1301 1341 11,311 iI/,IN 412,ON 413,344 111, 4Ai 12N 1311 13x1 i4lx 111,213 112,175 114,400 1!x,0!3 ilT, fe!!s iN,til il7,iM 412,211 121,360 303 2234 1211 1301 1341 M,3N 411,x11 4J2,ON 113,3N fit, 113 i2M 1300 13x1 N1x 111,217 112,126 114,400 !1x,013 117, klarrs 114,251 111,1N i1t,2M 121,361 SII 1?34 /2`JI 1301 1341 N,344 iio,xll 412,001 (13,344 41/, 103 1211 1301 •13x0 Nll 111,213 112,125 114,144 411,01] 117, Eagle iI0,7N @3,7M 12-,x31 /2l,xM SII 1123 1341 N1x (411 112,!31 1 M,113 41/,x6x 111,511 ill,' x01 i3M M1x 1511 q17 116,625 411,173 4N,tM i22,2M 121,' E10e~1 117,431 1!(,231 Q2,131 124,251 603 1213 1222 1351 1403 Ill,fix 112,1/2 114,131 /L5,6N 411,1 11'1 1327 1351 1421 ills g3,Ot; 114,111 11x,131 411,113 121,1 Frerrri 1 M,t51 111,iM ill,2!M 121,151 !13 1231 1251 13M 1347 H,3N 411,x, /12,000 113,311 114,, 113 1211 1311 i3M NU 111,213 012,13 114,401 11x,113 117,; iarlirli 111,41/ 12!1161 123,w /21,34N !II 1211 13M :311 1421 111,510 113,15a Il4,lii 11x,23/ 117,' 113 1341 1771 N13 qli /13,100 113,111 117,731 1!!,123 121, 11111, ~ i17,iS0 11t,N,1 i?2,i61 124,3N 611 12x1 1217 1313 131/ ilO,Tlt 112,251 113,111 11S,SI3 11x,' iQI 1322 1343 NI3 N71 Ilt,tli3 414,114 11x,531 411,376 111, Iirarl 211,401 121,g1 u3,xs1 iL,3N 611; itll 03N uT1 N21 111,501 Ii3,1L 114,711 411,431 ill, • 101 1345 '1371 1447 0311 i33,N4 415,1M 411,731 4lt,iti 121, G-aritimr 11T,TIN (20,250 122,151 125,300 601 0277 12ta 1355 1411 !11,0x3 112,x61 414,21? Ili,tli 111, x01 1332 115a 1421 Nf] 013,215 I15,IR /17,1x3 /11,275 120, Mirrslalr iN,t50 111,110 11t,2N 121,750 601 1231 0260 1390 1347 1!,144 410,x11 412,000 413,344 llt, x11 1210 1304 1]x1 Nlk 111,213 112,125 114,400 Nx,413 117, Ibrrlara ~ 114,250 117,100 i1t,2N 121,360 541 1234 4251+ 1300 q41 N,344 UI,x11 (12,000 113,344 114, 101 1210 1300 i3W N1x 1!1,213 !12,12'5 114,400 Iii,Oq 117, iaclsar 113.1`,0 111,IN R0,4M /22,x30 601 4's41 12x5 i;it 13x1 N,tOx 111,313 4i2,lSD 4 M,13x 415, 111 1241 1311 1313 1442 111,111 113,515 115,3N 411,tN 111, Xio.a 114,454 117,100 itt,2N 121,150 301 4:;4 1~'S0 1740 1;47 N,344 410,N4 117,004 413,141 114, x11 1:14 4340 i~80 1/lx 411,213 112,125 /x4,400 41x,413 111, r ~ ExHIBIT -c RENTS WITH DOLA GRANT OF $500,000.00 ~~fl ~ PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 117 MEMPHIS, TENNESSEE,38119 TEL 901-753-1100 FAX 901 753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 2fl EFFICIENCY CHFA 20 1 BEDROOM CHFA 21 2 BEDROOM CHFA SO EFFICIENCY $0 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANCY ALLOWANCE 5% NET OPERATING INCOME EXPENSES OPERATING EXPENSES AMOtjNT AVAILABLE FOR DEBT SERVICE DEBT. SERVICE RATIO RENTS $32:3 $347 $416 $565 $720 $942 VAiLC300.XLS 1 EXHIBIT - C 77520 83,2$0 1 x4,832 542,425 691,115 937,942 2,437,115 ($121,856} 2,315,259 486,400 1,828,859 7.25 ' 0.71 fl.sa x.55 1.24 1.24 1.24 i • ~ • DOLA and CHFA are willing to match the local private sector contribution dollar for dollar up to approximately $3,DOO,D00. DOLA will provide up to $500,OQ0 in State funds to help pay for infrastructure and/or sit• development. CHFA will allocate up to $500,000 in 1990 Federal Low Income Housing Tax Credits. The LIHTC provides atoll for raising cash equity for the housing project. The developer can sell the tax credits to investors who will receive a ten year stream of credits against Federal Income Taxes. In return, they become limited partners in the housing development, paying in a discounted value of roughly fifty cents on the tax credit dollar to the project. ( $500, 000 in tax credits times IO years times $.5D equals $2,500,000.) ~roiert se7.ect~ Cr, SELECTION WILL HE BASED ON THE EXTENT TO WHICH THE FOLLOWING CRITERIA ARE ADDRESSEDt 1) FINANCIAL COMMITMENT FROM THE LOCAL INDUSTRY. The minimum is one dollar for :ach dollar requested from DOLA and CHFA. It is critical to the positive evaluation of the project that the local business interests demonstrate a,aignificant financial contribution. In order for a project to work and for the proposal to meet this first criterion, com<aitmant^ from the private sector may be included that have real economic value but are difficult to quantify with an exact dollar figure. An example may be a commitment to cover ^ama portion of a development's operating lasses during rent-up or slow periods, to share in a loan guarantee, or to invest in tax credits. With that in mind, DOLA and CHFA are opens to reviewing proposals with creative or unique financial commitments, 2) FINANCIAL COMMITMENT FROM TgE LOCAL COVERNMENTES). This is a competitive process and the commitment should be appropriate to the scale of the project. Far example, local governments could provide cash, donate land, provide services, or waive fees. Proposals will only be considered that have the full support of the local governments. 3) A COMMITMENT TO 5ERVE THE LOWEST INCOME PERSONS FOR THE LONGEST TERM. For example, with all other things being the same, a project thet includes 150 low income units is better that one with 100 unite. Likewise, a pre jest that commits to reserving the units for law income persons for 20 years is better than one that includes a 15 years commitment. The LIHTC allocation plan provides specific criteria for evaluation of this criteria. 4) SITE CONTROL, This means ownerahig of the Bite or an option to buy the site. This criterion will be evaluated based on the degree of certainty that the site is available fez development within the constraints of the proposed schedule. ~ ~ • RENill3 - 1~ 11-11 1MGOKE i #ENT TAIlE i0i i/i Ail i0t Of N EiIAN 1NCtNE Ir NtNSENil1 I 1tE Nte ai liil'rlntoet: 12-Ii lilealC-4fARgortr 41-91 MY i'i LOi-1NCONE L[N1 T1 1101 IF iE tlAil NAI INUN AEM1t IM CO#E LIMI TS AREA 1 PERSN I PERSON 3 PEISdK i PERSkM 1 OIRII l Ollpl 2 iORM 3 IMIN 1 PERIOi 2 PEA50i1 3 PEASOM 4 PEASOM S PERS~ Cro~ler 11i,4S1 I17,1N i11,2M 121,334 541 1234 1251 1301 -- 1317 14,311 -410,401 112,000 „113,341 114,4 i0I 1111 1301 4381 N1i 111,$13 112,125 !11,401 (18,0(3 117,2' Crller 114,451 117,1„ /11,IM 121,331 711 4234 1251 1301 4311 11,314 110,801 112,0„ 413,3„ 114,4: 101 f281 1301 4314 Nli 111,213 112,(23 114,404 Oli,Oli 411,2' Oe11~ i N,f71 117,1„ 411,2M 421,351 SOI 1234 4251 1301 1341 „,314 (10,811 412,009 H3, 344 014,4; 591 1201 1301 1311 ill! 111,2!3 112,025 f „,400 418,413 117,2 Delores 111,9',0 4J7,IN 111,2„ 121,371 SOI 1234 12`9 1304 1341 19,344 69,881 112,041 113,341 114,4] WI 4211 1301 ~ 1310 Hli 111,213 132,023 414,400 418,013 017,21 E~le 420,701 123,1„ 421,171 421,8„ 511 1323 1341 i41L fill 412,431 IN,113 OlB,iSi 111!,304 114,9E 40'1 1311 Nli 1701 4577 IIS,52i 417,775 411,401 422,2„ 421,41 E11eri 111,431 1H,451 122,471 124,471 301 1273 4242 1311 i40i 410,901 112,484 114,031 115,514 114,01 811 1321 1351 N2l Nll i13,OM 414,443 1 „,131 411,713 420,2] Freeail ~ 411,454 417,1M 414,211 121,354 301 4231 1254 4301 1347 /4,3N 410,801 112,000 111,341 111,11 i0I 4211 q01 i3N Nli 411,213 412,125 114,100 411,413 417,2! 6u1it11 111,4„ 421,031 123,831 421,301 701; 4211 1301 1511 1421 ill,S00 i13,158 414,111 418,431 /17,77 601 /311 1374 /413 1311 413+000 117,701 111,131 114,725 421,31 Oil~is 417,170 134,801 !22,171 /11,101 341 1281 1211 4345 1141 410,711 112,230 413,701 115,313 411,73 601 1322 1345 N13 NIi 112,863 114,190 Ili,`r30 110,373 111,01 Or~n# 418,400 121,431 02],831 121,3„ SOI 4281 1301 1370 4427 111,501 111,111 414, T/1 414,131 i17,7~ • 801 4313 4311 1443 ill! 413,009 115,701 111,731 119,721 421, 1C 6unnisas 111,700 420,234 122,750 027,3„ 501 6277 1296 1355 Ill! 411,083 112,858 434,214 415,013 OIT,07 601 4332 4351 1421 0443 113,217 (15,181 017,063 11i,477 424,49 ilissd4le f14,954 117,100 (14,201 421,351 701 1231 1230 IIri4 4347 44,344 /10,100 /12,004 113,344 /14,41 801 1?00 1301 0311 Nli 111,213 012,025 414,100 111,013 IIT,29 Nuerluq ~ 4 H,450 117,100 111,2„ 121,351 701 1231 125ri 0301 1147 /9,314 410,100 412,000 413,344 114,41 b0I - 1200 1300 1380 4411 111,213 412,025 16,400 411,013 411,29 dtcdsos f15,0•.A 110,!04 429,1„ 122,470 501 1.41 /2dS i;H 1369 14,106 Id l,]Il 112,779 H4,t7i 113,20 801 1297 1311 1303 N42 111,101 113,575 135,300 138,911 /11,31 Kior~ OIi,4S9 037,!00 011,2„ 121,370 301 12 i4 1.50 4104 4147 14,344 110,6„ 012,090 H T,IN 134,11 601 /s^54 1'40 1:84 1411 (11,213 112,025 114,490 114,913 411,.9 • ~ EXHIBIT - D RENTS WITH DOLA GRANT OP 500,000.00 i LAND AT NO COST TO PROJECT. ~0 • PROFESSIONAL DEVELOPMENT CORPORATON 66$5 QUINCE ,SUITE 117 MEMPHIS, TENNESSI*E,38119 TEL 901-753-1100 FAX 901 753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 20 EFFICIENCY CHFA 20 1 BI=DROOM CHFA 21 2 BEDROOM CHFA 80 EFFICIENCY 80 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANCY ALLOWANCE 5% NET OPERATING 1NCOME EXPENSES OPERATING EXPENSES AMOUNT AVAILABLE FOR DEBT SERVICE DEBT. SERVICE RATIO RENTS $323 $347 $41S $461 $588 $789 VAILD300.XLS 1 ~ EXHIBIT - D 77,520 83,zso 104,832 442,931 564,349 765,902 2,038,815 ($101,941) 1,536,874 486,400 1,450,474 1.25 0.71 0.60 0.55 1.01 1.01 1.01 • NMIIl.3 - H ll-U Hla ~l I1~ 0tl~i0sl: lt-M Ial~ it 1711 Rgatt 11-11 INEI GorI~T Crslee Iell+ Ielatn E+;1~ E11n1 Fr ~ Irtli~ll Iil1i~ k+~ lwu~ liq~ Mi~sUlr ~ !tilt f uo iattso~ Kior~ IMLINE 1 /E1T TALE F11 iii iNl 111 IF MEIIIN 1NLIIE iY MIIIEMIII Ii]'E N11'1 111-INCINE 11N1T1 IIQi /F NEliiiNl 1 rfR51N 2 FEJ110N 1 FE181M 4 FEN61N 114,!51 I0T,1M li1,2N 121,371 it/,151 I1T,1N /ll,2M 021,'3'11 014,170 017, IN 01l,2M 121,351 !14,!71 017,1M 01l,2M 02!,771 i21,7N II7,7N IL,631 02l,1N 111,410 111,170 122,171 121,}71 • 114,150 I1T,1N IH,2N I21,Ji1 111,4N 121,131 123,W 020,]M 117, i7/ 01l,Li/ 122,171 121,110 011,4N 021,050 123,161 0?I,7M i17,1N 020,271 022,150 127,3M 114,9`,,4 017,1N N9,2N IZl,3S1 014,lS0 017,100 {1!,201 121,351 013,150 tl1,iN 020,110 022,H0 114,171 017,100 11l,2N 021,350 iii Its Sls !Is i0s 646 NZ NZ SII 10'1 701 IU SIL 111 its 311 Iii ils Ns 301 Ni 601 sIs Ms 701 111 ili wi Ii1slNN1 LENTS INTONE LINiT! 1 NIN 1 IIIMI 2 0111N 3 IIIN 1 I'E131N 2 tEASOM 3 IEI~M 1 rE1151N1 7 IERSI 1234 1254 1301 0341 N,344 111,6M 112,000 113,714 114,4 1210 03N 1361 0411 011,217 112,125 014,401 111,4{] 111,2' 1234 0260 03N 0341 0l, 144 111,N1 /II,D04 113,344 114,4. 1210 lilt 0364 1411 111,213 112,125 114,4N 01x,017 117,2' 1234 1251 1301 1347 H,3N 01/,6N 112,001 !1!,144 114,4 12M ~W41 i3M 1411 111,211 (12,125 114,400 011,017 111,2' 1231 12'0 070! 1]41 01,344 110,611 Ht,001 113,344 114,1' 02N 03N • 03x0 N1i 011,213 012,025 114,400 111,013 017,2' 032] 1341 ill! 0411 012,931 114,113 11i,63r 111,600 Ill,91 i3M NII 0510 0S7T 116,525 Oq,ITi 011,911 122,210 023,1; 1273 0212 0331 1406 111,911 01x,11! 114,131 116,514 016,1M 1327 1351 1421 1417 117,011 N4,l13 111,131 111,711 020,21 1231 181 0300 1341 N,340 111,111 112,ON 013,3N 114,41 0210 1111 !3W Nlr 111,213 112,121 014,4N 011,017 117,21 12N 1341 1371 1421 111,100 113,171 lLl,Ill fi6,4A 011,7: 1313 0711 N47 IS17 113,100 117, 7M 01J,131 111,725 121, K 1211 1211 0343 NN !10,71? 112,251 11],711 013,313 01x,73 1772 1345 0113 N71 112,113 111,700 111,530 ili,3TS Ill,14 0211 1301 0370 N2! 011,601 013,15r 014,111 011,47N 117,79 0345 Nli IN3 lSli 013,100 016,111 111,731 11l,72S 021,]1 R7T l2tk 1355 1411 011,063 132,636 111,21! 113,113 011,07 1332 0331 0417 1413 /13,2)5 113,111 111,063 111,971 120,44 12N 0250 1360 0311 i9, 341 010,111 112,000 113,!44 014,41 1210 13N 1310 1411 011,213 012,125 IN,40i !11,113 H7,29 !?K 02511 0301 174] 0(,344 011,111 012,000 113,344 !14,41 IzlO 03N 1310 1116 011,213 112,123 114,100 111,013 117,29 k41 ~ 0265 ISI! 0311 1!,106 011,313 Il2,JS0 111,151 015,29 0211 0311 13#3 N42 111,111 113,ST5 113,300 116,111 111,31 0:;4 0250 0;04 0;41 N,344 111,111 112,000 11 T, 744 111,41 1'.10 1190 /'~10 1111 011,217 112,125 114,100 016,013 111,29 EXHIBIT E UNDERWRITER'S RESUME MORGAN KEEGAN !~ COMPANY. Ify~ Morgan Keegan & Company, Inc. ("Morgan Keegan"~ is a full service investment banking firm based in Memphis, Tennessee, serving clients nationally and internationally. The firm has twenty offices in ten states and employs over 850 people. Morgan Keegan is a member of the New York Stock Exchange and its parent, Morgan Keegan, Inc., is publicly traded with its stock listed on the New York Stock Exchange. The firm's sales department has over 400 registered representatives including over 100 institutional salespersons. Morgan Keegan is the nation's Largest underwriter of taxable municipal bands; the only firm based outside of New York in the list of top ten underwriters of municipal housing bonds; and the 52nd largest underwriter of long temp municipa! bands. The Public Finance Division is responsible for structuring and managing municipal bond underwritings and placements. The Public Finance Division is part of the firm's Inves#ment Banking Division which maintains offices in Memphis, Little Rack, and New Orleans. A tisitng of Morgan Keegan's senior management transactions is available upon request, along with references. ,mss M Fowler Jr•, First Vice laresident, works out of Morgan Keegan's T. J Raney & Sons Division in Little Rock, Arkansas. Mr. i=owler is a graduate of Hendrix College where he earned a B. A. degree, the Universty of Arkansas at Fayetteville School of Law where he earned a J. D. degree, Southern Methodist University where he earned a Master of Law degree and the Goethe Institute in Stauten-im-Breisgau, West Germany. Prior to joining T. J. Raney & Sons in 1983, Mr. Fowler was a member of the Rose Law Firm, a professional association, where he practiced in the municipal and corporate securities law area. Mr. Fowler has specialized in multi-family housing revenue bonds. -ter' ~--~- r, .~ ~ ~ _, . ~ ~! ~; o~ a 4 is a+ a ~ ',~, _ a1 4 ~ 1 i ~ ! R Y .-r r ~ ~ 1 t 4- p~ ". ~l y r t Z 5 ,. 't ice, ~ °'~ ~"t , ~~ ~ ~;~_ ~~ ~ '~` _ _.~ __.-- ~ i .,,__..._ - SlSE - A I..J ---- -! 1 'V ~_---- 1 ~ BED RM. ~~ BED RM. 29 `- g.. C ~ r- --~ 9ATH~ i KIT. r I ~ DINING Ii =a f, ~ i ~ 1 O DIVING ~~ 2 BEDROOM 760 S.F (64S.F. I/2 STAIR} t6} 2 BEDROOM • ~ i~ ~r 7~ ~~ r ~~ "'~•. /f t ~ y ~~ r~ L.J V • I 29' - g.. - of ~ ~~ I BATt-i KIT. I gED.RM. I ~ •• _ I I M I i ~-- ~, -' L IV!!VG ` DiNl1VG ~ R I i ~ fi la'-!" ~ as'--lo" I BEDROOM 606 S.F (34 S.F. I/2 STAIR} •~ (8} I BE©ROOM , ~ BEp~pOM 4 ~,F Il2 STAt~t~ • {81! ~ ~E~RS ~ ~ ~ 6i~ BEDROOM I DEN ___~ _~ _~ ~~ 2 BEDROOM 7fi0 S.F U B'2 BEDROOM 2 KIT. ~ - - ~~ ~~ DINING O 8.3 BEDROOM 3 , ~~ r 9.4 BEDROOM 4 LIVING 29-9~~ 4 BEDROOM 150 S F. CONVER510N {4}BATH {LIVING,DINING,DEN} 29'-g~~ . . ~. --~ _~~ i 1$'--10" ~ 10'-8" ,~ LIVING _~, pIN1NG BEDROOM I tsra i n i r~,~ o ~ l KlT. g,2 BEDROOM 2 1~ 0 I,~ O BEDROOM 3 DEN )~ B_ 29' - 9 F~ 3 BEDROOM 13fi6 S.F. CONVE 2~ BATH ~(LIVI~VG, DINING, DEN) 2 BEDROOM 760 S.F. ~ i .? 9• _ ~~~ 18 ~lb~~ ~ 10'-!i't BEDROOM I i~ .~ ~~I , r - ), D1N1~[G BATH 1 ~~~~ .. .. ~ ~~ . KITCHEN 8.2 BEDROOM 2 Y ~~ ~ ~~ L!VlNG 1, 8, ~DROQM 3 '2 29~-5~~ 3 BEDROOM 1241 S.F. CONVERSION (LIVING,KITCNE~N,DINING, 2~BATHS K 2 BEDf200M 760 S.F. - f LIVING/DINING !Q~-II~~ -- - - CL. ~ BEDROOM 2 KITCHEN BATH 2 ~IU~ ~' ~U BREAKFAST BATH E CL. BEDROOM f _~ _~ _~ -~l N .~ i I I LV ~--- 18 - f0" 0 BEDROOM ~ 481 S.F. 2 BEDROOM 1087r S.F. CONVERSION (LARGE MASTER BEDROOM ,BREAKFAST? .. I8'- ~O" I ,~ .~ ~ • • RESOLUTION N0. 16 Series of 1990 A RESOLUTION RUTHORIZING THE ACQUISITION BY THE TOWN OF VAIL, COLORADO (THE "TOWN"} OF CERTAIN REAL PROPERTY LOCATED IN THE TOWN FROM ROBERT W. GLAKE AND FERN F. GLAKE ("SELLER") FOR A PURCHASE PRICE OF $109,000; SUCH REAL PROPERTY TO BE DEVOTED TO PUBLIC PURPOSES; AUTHORIZING 7HE iSSUANGE BY THE TOWN OF ITS PROMISSORY NOTE IN TWE AMOUNT OF $87,200 PAYABLE IN THREE ANNUAL INSTALLMENTS, AND SECURED BY A DEED OF TRUST UPON THE SUBJECT REAL PROPERTY; AND PRESCRIBING OTHER DETAILS IN CONNECTION WITH SUCH ACQUISITION AND PURCHASE. WHEREAS, Seller is the owner of Lots 2 and 4, Block H, Vail dos Schone Filing 2, Vail, Colorado; and WHEREAS, Seller desires to sell the property and the Town desires to purchase and acquire the property for open space and/or public purposes; and WHEREAS, the purchase price of the property will be annually paid and said purchase price will be divisible and subject to annual appropriations by the Town; and WHEREAS, the Town will not incur a general obligation indebtedness in connection with the proposed method of acquisition. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The entering into by the Town of the purchase agreement with Seller with respect to the property is hereby authorized. 2. The total purchase price for the property shall be one hundred nine thousand dollars ($109,000} payable as follows: A. Ten thousand dollars ($10,000) as earnest money on the contract. B. Eleven thousand eight hundred dollars ($11,800) payable at closing. C. Eighty-seven thousand two hundred dollars ($87,200) to be payable to Seller in accordance with a promissory note attached to the purchase agreement as Exhibit A bearing interest at the rate of eight percent (8°,6) per annum payable in three annual installments of principal and accrued interest, said note being due and payable three (3) years from the date of its execution. 3. The execution by the Town of the deed of trust attached to the purchase agreement as Exhibit C and securing the obligation evidenced by the promissory note, is hereby authorized. 4. In accordance with the terms of the note and the deed of trust, the Town shall not have any liability for the payment of principal or interest or the performance of any other obligations under the note and deed of trust, it being .r r M understood and agreed that the Town's obligations thereunder are expressly subject to annual appropriations by the Town Council and that the sole remedy of Seller in accordance with the note and deed of trust is through an action against the property. 5. In accordance with Article II of the deed of trust, the Town shall be entitled to releases of the lien created by the deed of trust apportioned to the amount of the purchase price then paid for by the Town. 6. In accordance with Article II of the deed of trust, in the event that Seller recovers fee title to the property or any portion thereof as a result of foreclosure of the deed of trust {or otherwise), Seller shall have the right to repurchase from the Town any portion or all of the property previously released from the lien of the deed of trust upon payment to the Town of a sum per square foot equal to one hundred nine thousand dollars {$109,000) divided by the total number of square feet of the property fnr each square foot to be repurchased. 7. The deed of trust shall be a lien on the property superior to any other liens, encumbrances, or leases. 8. The purchase agreement, the note, and the deed of trust are authorized in substantially the form attached hereto. 9. The obligation authorized and evidenced by the purchase agreement, the note, and the deed of trust shall not constitute an indebtedness of or a pledge of credit by the Town within the meaning of any pertinent constitutional ar statutory limitations; and, further, that all payments by the Town in accordance with the purchase agreement, the note, and the deed of trust shall be expressly subject to annual appropriation by the Town Council. 10. The Mayor of the Town, the Town Clerk, the Town Manager, and Town staff are authorized to take any and all action toward the execution of the purchase agreement, the note, the deed of trust, and all other instruments and documents in connection with the transaction authorized by this Resolution and all previous actions in said regard taken by the Mayor, the Town Clerk, and the Town Manager are hereby ratified by the Town Council. INTRODUCED, READ, APPROVED AND ADOPTED this ATTEST: ,d. .d.,n~.l.~..~~.-~ Pamela R. Brandmeyer, Town Clerk -2- 3rd day of July , 1990. Kent R. Rose, Mayor` 1 t ~ ~ . RESOLUTION NO. 17 Series of 1990 A RESOLUTION AUTHORIZING THE ACQUISITION BY THE TOWN OF VAIL, COLORADO (THE "TOWN") OF CERTAIN RERL PROPERTY LOCATED IN THE TOWN FROM DIXON KEYSER AND LUCILLE KEYSER ("SELLER°) FOR A PURCHASE PRICE OF $109,000; SUCH REAL PROPERTY TO BE DEVOTED TO PUBLIC PURPOSES; AUTHORIZING THE ISSUANCE BY THE TOWN OF ITS PROMISSORY NOTE IN THE AMOUNT OF $87,200 PAYABLE IN THREE ANNUAL INSTALLMENTS, AND SECURED BY A DEED OF TRUST UPON THE SUBJECT REAL PROPERTY; AND PRESCRIBING OTHER DETAILS IN CONNECTION WITH SUCH ACQUISITION AND PURCHASE. WHEREAS, Seller is the owner of Lots 1 and 3, Block H, Vail das Schone Filing 2, Vail, Colorado; and WHEREAS, Seller desires to sell the property and the Town desires to purchase and acquire the property for open space and/or public purposes; and WHEREAS, the purchase price of the property will be annually paid and said purchase price will be divisible and subject to annual appropriations by the Town; and WHEREAS, the Town will not incur a general obligation indebtedness in connection with the proposed method of acquisition. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The entering into by the Town of the purchase agreement with Seller with respect to the property is hereby authorized. 2. The total purchase price for the property shall be one hundred nine thousand dollars ($109,000} payable as follows: A. Ten thousand dollars ($10,000) as earnest money on the contract. B. Eleven thousand eight hundred dollars ($11,800) payable at closing. C. Eighty-seven thousand two hundred dollars ($87,200} to be payable to Seller in accordance with a promissory note attached to the purchase agreement as Exhibit A bearing interest at the rate of eight percent {8%) per annum payable in three annual installments of principal and accrued interest, said note being due and payable three (3) years from the date of its execution. 3. The execution by the Town of the deed of trust attached to the purchase agreement as Exhibit C and securing the obligation evidenced by the promissory note, is hereby authorized. 4. In accordance with the terms of the note and the deed of trust, the Town shall not have any liability for the payment of principal or interest or the performance of any other obligations under the note and deed of trust, it being ' ~ understood and agreed that the Town's obligations thereunder are expressly subject to annual apprapriations by the Town Council and that the sole remedy of Seller in accordance with the note and deed of trust is through an action against the property. 5. In accordance with Article II of the deed of trust, the Town shall be entitled to releases of the lien created by the deed of trust apportioned to the amount of the purchase price then paid for by the Town. 6. In accordance with Article II of the deed of trust, in the event that Seller recovers fee title to the property or any portion thereof as a result of foreclosure of the deed of trust (or otherwise), Seller shall have the right to repurchase from the Town any portion or all of the property previously released from the lien of the deed of trust upon payment to the Town of a sum per square foot equal to one hundred nine thousand dollars {$109,000) divided by the total number of square feet of the property for each square foot to be repurchased. 7. The deed of trust shall be a lien on the property superior to any other liens, encumbrances, or leases. 8. The purchase agreement, the note, and the deed of trust are authorized in substantially the form attached hereto. 9. The obligation authorized and evidenced by the purchase agreement, the note, and the deed of trust shall not constitute an indebtedness of or a pledge of credit by the Town within the meaning of any pertinent constitutional or statutory limitations; and, further, that all payments by the Town in accordance with the purchase agreement, the note, and the deed of trust shall be expressly subject to annual appropriation by the Town Council. 10. The Mayor of the Town, the Tawn Clerk, the Town Manager, and Tawn staff are authorized to take any and all action toward the execution of the purchase agreement, the note, the deed of trust, and all other instruments and documents in connection with the transaction authorized by this Resolution and all previous actions in said regard taken by the Mayor, the Town Clerk, and the Town Manager are hereby ratified by the Town Council. INTRODUCED, READ, APPROVED AND ADOPTED this ATTEST: ~l/NL[~J ~. ~i1~~YYU.G{.~F i ~ J Pamela A. Brandmeyer, Town Clerk -2- 3rd day of Ju1v 1990. ~~ ~ ~i~- Kent R.` Rose, Mayor ' ~ ~ s ~ RESOLUTION N0. i8 Series of 1990 A RESOLUTION AUTHORIZING CERTAIN TOWN EMPLOYEES AND OFFICERS TO SIGN CHECKS DRAWING ON AN OPERATING ACCOUNT TO BE OPENED BY THE TOWN AT THE FIRSTBANK OF VAIL AND FURTHER AUTHORIZING CERTAIN EMPLOYEES OF THE TOWN TO MAKE DEPOSITS IN SAID ACCOUNT. WHEREAS, the Town wishes to open an operating checking account at the FirstBank of Vail; and WHEREAS, the Bank requires a Resolution setting forth parties who are authorized to sign checks drawing on funds in the account and who are authorized to deposit in said account. NO4~, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, as follows: 1. The following officers and employees of the Town are hereby authorized in the name of the Town, to collect, discount, negotiate, endorse, and sign all checks, drafts, notes, and other negotiable or nonnegotiable instruments payable to the Town, or in which the Town has an interest, and to draw, sign, and deliver, in the name of the Town, checks or drafts against the funds of the Town on deposit in said Bank. A. Kenneth H. Hughey or his successor. B. Stephen H. Barwick or his successor. C. Rondall U. Phillips or his successor. 2. For the purpose of deposit in the account of the Town with the Bank, any Town officer or employee of the Finance Department may endorse, sign, or deliver on behalf of the Town, any checks, orders, or other evidence of indebtedness for the payment of monies payable to the order of the Town. 3. The authority of the aforesaid employees and officers to perform each and all the powers conferred by the foregoing Resolution shall continue until notice in writing, terminating such authority, shall be served upon said Bank and shall be noted upon the certified copy of such Resolution as delivered to said Bank. 4. This Resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 7th day of August 1990. ~ J °~ Kent R. Rose, Mayo r ATTEST: ~~. ~ Pamela A. Brandmeyer, To n Clerk RESOLUTION N0. 19 Series of 1990 A RESOLUTIDN AUTHORIZING THE TDWN OF VASL TO RENT A SAFE DEPOSIT VAULT AT THE FIRST BANK OF VAIL AND AUTHORIZING CERTAIN OFFICERS TO SIGN A LEASE THEREFOR, TQ TERMINATE THE LEASE, TD SURRENDER THE BOX, RETURN THE KEYS, AND RELEASE THE BANK FROM ANY LIABILITY IN CONNECTION THEREWITH. WHEREAS, the Town has the power to rent safe deposit boxes in financial institutions; and WHEREAS, the Town wishes to rent a safe deposit box at the First Bank of Vail. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, as follows: 1. Ron Phillips, or his successor as Town Manager, and Steve Barwick, or his successor as Administrative Services Director, are hereby authorized to rent a safe deposit box in the First Bank of Vail safe deposit vault and to sign on behalf of the Town a lease therefor, to terminate the lease, to surrender the box, return the keys, and release the bank from any liability in connection therewith. Included in this authorization is access to such box and control of the contents thereof by the above named officers. 2. At least ane of the authorized officers set forth above shall be present whenever access is had to the box and shall sign whatever application for access may be required by the bank as a prerequisite to granting access to said box. 3. This authorization shall remain in effect until and unless the bank if notified otherwise by the Town. INTRODUCED, READ, APPROVED AND ADOPTED this "/I~ day of ~,(,C~,u,~,~' , 19 9 0 . v ~ ~i-yC ' Kent R. Rose, Mayor ATTEST. Pamela A, Brandmeyer; Town Clerk S RESOLUTION N0. 2O Series of 1990 A RESOLUTION SUPPORTING AN ELECTION TO INCREASE COUNTY SALES TAX IN AN AMOUNT SUFFICIENT TO FINANCE A COUNTY-WIDE BUS SYSTEM. f 8~ai/4~ WHEREAS, a county-wide bus system has been in existence for the past several years; and WHEREAS, the County is unable to continue the funding of the bus system past September of 1990; and WHEREAS, the Town Council of the Town of Vail considers it desirable that the bus system continue in operation past that date. NOW, THEREFORE, 8E IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1, The Town Council supports the continuation of the county-wide bus system past September of 1990. 2. The Town Council supports the holding of an election to determine whether or not the sales tax should be increased in an amount sufficient to continue funding the county-wide bus system past September of 1990. 3. This Resolution shall take effect immediately upon its passage. iNTRODUGED, READ, APPROVED AND ADOPTED this day of 1990. Kent R. Rose, Mayor ATTEST: Pamela A, Brandmeyer, Town Clerk r ~ ~ ~; RESOLUTION N0. 21 Series of 1990 R RESOLUTION SUPPORTING THE BLACK LAKES RESERVOIR PROJECT PROPOSED BY THE VAIL VALLEY CONSOLIDATED WATER DISTRICT, WITH CERTAIN CONDITIONS. WHEREAS, the Vail Valley Consolidated Water District (VVCWD) has submitted an application to Eagle County for a 1041 permit to enlarge Black Lake No. 1, located near Vail Pass, to accommodate an additional two hundred twenty-seven {227) acre feet of water storage capacity; and WHEREAS, the Town of Vail approved Resolution No. 6, Series of 1988, in support of the proposed Black Lakes Reservoir Project, subject to certain conditions; and WHEREAS, the VVCWD has participated with the Town of Vail and Trout Unlimited in a stream habitat improvement program far Gore Creek and contributed ten thousand dollars ($10,000) to that program; and WHEREAS, the operation of the proposed Black Lakes Reservoir Project has been modified, with the support of the Colorado Division of Wildlife, so as to optimize the use of project water for fishery benefits during the winter low flow period; and WHEREAS, the VVCWD augmentation plan, as decreed by the District Gourt for Water Division No. 5 in Gase No. 82GW328, contains a clause which would allow the Tawn of Vail to reopen consideration of the plan if the Council finds the project does not operate as anticipated and stream flows have dropped below those expected, resulting in damage to the fish population or other forms of adverse impacts; and WHEREAS, the VVCWD has proposed mitigation of 4.5 acres of wetlands lost at Black Lakes with measures that will restore and enhance over ten {10) acres of wetlands within the Gore Creek Valley to the benefit of riparian habitats, fisheries, water quality, and scenic and heritage values; and WHEREAS, the VVCWD has implemented a comprehensive water conservation plan to encourage efficient utilization of water resources for all uses within the Uai1 Valley; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that the Tawn Council supports the development of the Black Lakes enlargement project with the following conditions: 1. The VVCWD shall be responsible for restocking fish in Gore Creek if a significant fish kill occurs through the diversion of water from Gore Creek. The Colorado Division of Wildlife shall be solely responsible for determining when a _ ~ R significant fish kill occurs. The fish stocking program sha11 be done in accordance with direction given by the Colorado Division of Wildlife. 2. The VUCWD shall enter into an agreement with the Town of Uail committing to the terms and conditions set forth in paragraph 1 hereof; and BE IT FURTHER RESOLVED, that the Town Council of the Town of Vail believes that the VUCWD has met reasonable standards for protection of the environment in planning for the development of the Black Lakes project. INTRODfiCED, READ, APPROVED AND ADOPTED this 21st day of August 1990. ~~ ~ ~ Kent R. Rose, Mayor ATTEST: `~~`~.~. Pamela A. Brandmeyer, own Clerk -2- • s RESOLUTION #22 Series of 1990 A RESOLUTION OPPOSING PROPOSED AMENDMENT #1 OF THE COLORADO CONSTITUTION. WHEREAS, the proposed Amendment #1 to the Colorado Constitution wi11 be submitted to the voters at the General Election on November 6, 1990; and WHEREAS, Amendment #1 will impose severe limitations on the ability of the Town of Vail to raise existing or new revenues related to any tax, license, permit or fee to provide needed services; and WHEREAS, Amendment #1 will impose severe limitations on the ability of the Town of Vail to issue all types of debt related to General Obligation Bonds, short term borrowing, lease purchasing, or debt refinancing; and WHEREAS, Amendment #1 will cause many service level reductions in the Town which heretofore have been desired and/ar mandated by the citizens of the Town; and WHEREAS, the Town Charter and the Town Ordinances adopted by the citizens of the Town of Vail contain reasonable and practical provisions for the self-government of Vail by its citizens and elected Town Officials; and WHEREAS, Amendment #1 creates a state-wide approach to taxation and fails to recognize special local needs or the desires of the citizens of the Town of Vail; and WHEREAS, Amendment #1 undermines local control, threatens continuation of current services, and impairs the ability of the Town to respond quitk1y and effectively to find solutions to problems affecting the Town; and WHEREAS, Amendment #1 requires the Town to set aside emergency reserves from fiscal year spending of one percent (1°/°} in 1991, two percent (2%) in 1992 and three percent (3%) in 1993 and each year thereafter; and WHEREAS, emergency reserves can be spent only for declared emergencies which exclude economic conditions and revenue shortfalls; and WHEREAS, the amount of emergency reserve for 1991 is $295,000.00 and the estimate for 1993 is $1,000,000.00; and WHEREAS, Amendment #1 will have an adverse affect on the Town's bond rating thus increasing the cast of borrowing funds for further growth; and WHEREAS, Amendment #1 will decrease the Town's revenue generated from property taxes over a ten year period; and WHEREAS, the total reduction in property taxes for Eagle County provided by Amendment #1 is $53,271,677.00 over a ten year period. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: The Town Council hereby sets forth its strong opposition of proposed Amendment #1 of the Colorado Constitution and urges all registered voters to reject Amendment #1 at the General Election on November 6, 1990. INTRODUCED, READ, APPROVED AND ADOPTED THIS ~~~ DAY OF OCTOBER, 1990. Kent R. Rose, Mayor ` ATTEST: Pamela A. 8randmeyer,~Town Clerk RESOLUTION #23 Series of 1990 RESOLUTION #23, SERIES OF 1990, A RESOLUTION OPPOSING CONGRESSIONAL MANDATE OF SOCIAL SECURITY AND MEDICARE COVERAGE WHEREAS, the Town of Vail considers elimination of the federal budget deficit of critical importance to the economic health of municipalities, states, and the nation as a whole; WHEREAS, the Town of Vail supports reduction of the federal budget deficit in an even-handed and balanced manner, through real reductions in spending and fair increases in select taxes; WHEREAS, the Town of Vail is gravely concerned with congressional inclination to transfer increasing proportions of the federal budget burden to state and local governments throughout the nation; WHEREAS, this transferred burden is most recently manifested in proposals to increase numerous taxes which would heavily impact municipal fiscal stability, including mandatory Social Security coverage for all state and local employees not covered by a public retirement plan and mandatory Medicare coverage for all employees; WHEREAS, such mandated coverage would amount to increased outlays by the Town of Vail, in particular, of $121,000 per year, without providing additional benefits or services to Vail's residents or guests; WHEREAS, such transference of federal expenditure burdens does not represent a real remedy for the nation's poor economic health, but simply exacerbates the already worsening financial situation of America's states and municipalities; NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Vail, Colorado, that: The Town of Vail strongly opposes reduction of the federal budget deficit through further transference of federal budget responsibility to the nation's ,states and municipalities, namely the mandating of Medicare coverage and Social Security coverage for all state and local employees not covered by a public retirement plan. x°112 ~ ~ J ~ ~-z~' Kent 'R. Rose ~ ~ Mayor ATTEST: ~. Pamela A. Brandmeyer ` . ~ ~ ~ ~. r RESOLUTION N0. 24 Series of 3.990 A RESOLUTION DETERMINING THAT THE FORMATION OF A LOCAL IMPROVEMENT DISTRICT HAVING THE BOUNDARIES INDICATED ON EXHIBIT A AS PRESCRIBED IN THE COLORADO UNDERGROUND CONVERSION OF UTILITIES ACT (Z9-8-101 C.R.S.) WILL PROMOTE THE PUBLIC CONVENIENCE, NECESSITY, AND WELFARE. WHEREAS, the Tawn Council of the Town of Vail, Colorado, deems it in the public interest to form a Local Improvement District within the Town boundaries in the area depicted on Exhibit A, which is incorporated into this Resolution and made a part hereof by reference, for the purpose of converting overhead electrical and communications service lines to underground service in accordance with the Colorado Underground Conversion of Utilities Act. NOW, THEREFORE, BE IT RESQLVED BY THE TOWN COUNCIL OF THE TOWN DF VAIL, COLORADO: 1. Pursuant to 29-8-101 C,R.S., the Town hereby determines that the formation of a Local Improvement District far the purposes set forth in the Colorado Underground Conversion of Utilities Act will promote the public convenience, necessity, and welfare. 2. The Tawn requests each public utility serving the above mentioned District with overhead electrical or communication facilities to make a study of the costs of conversion of its facilities to underground service and the Town Manager is instructed to submit this Resolution to each utility. 3. The costs and expenses of undergrounding utilities as provided for in this Resolution shall be levied and assessed upon the property benefited by such undergrounding. 4. Each public utility utilizing overhead electric ar communication facilities within the proposed District shall be provided with the name and address of the owner of each parcel or lot within the proposed District, if known, and if not known, the description of the property and other such matters as may be required by the public utility in order to perform the work involved and the costs of the study. S. A report of this study shall be filed with the Tawn Clerk within one hundred twenty (120) days from the adoption of this Resolution and will be made available in the Offices of the Tawn and the affected utilities to all owners of land within the proposed Improvement District. ~1 js ,,., 6. The Town Cauncil's preliminary determination as to the method of assessing each lot or parcel in the District is to assess the actual cost, including but not limited ta, the cost for trenching and backfilling and the administrative costs of the District. INTRODEJCED, READ, APPROVED AND ADOPTED this 24th day of November 1990. i~f` homas I. Steinberg, Mayor Pro-Tem ~ ATTEST: ~~ Pamela A. Brandmeyer, Town Clerk -2- ~~~. EXKZBI~ ~ ~~ ~~ ~~ ~ #- ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~~ ~ a•R ~ 4l ~,9 ~ C,>y. ~~ ~ . ~ • ~, ~o w ~ ~ ~ N -i n ~' '~ ~ ~ ~ M ~ ~~ "' v ~ ~a ~ ~ ~ i a n N ~ ii ~ ~~ ~(~ i~. V Y ^i ~ ` N s ~ ~` r~ a r ~ ~; a ~ ~ ~ ~, ~,~ a~ N o ~ s ~ w a aw ~ ~. ~ ~ a ~a ~~ i ~_ '~ } * RITE Rl1. ~ ~~ ~~ o ~ ~ ~ # ~ ~~ ~~ ip "1~ y~ ~N i d ~I[ ~.1 t V ~ ~~ ~~ ~~ ~~` r Z~ 4 yL N ~ N ~- ~ i N~.A i~~ N ~ ~ Lk ~* W '~ .~ ~ p ~ ~ ~~+ ~ ~ N ~ ' ; ,i '~ r, s °' ~$ ,. ~ ~~ ~ ~~ ~~ ~'~ ~s ~ ~ G''~ ~~ ~~ ~~ ~~ Q~' ~~u . ~ ~~~ ~~ ~INE i ' . • RESOLUTION NO. 25 Series of 199OT A RESOLUTION DECLARING THE NEED FOR A HOUSING AUTHORITY TO FUNCTION IN THE TOWN OF VAIL, COLORADO. WHEREAS, a petition has been filed with the Town Clerk of the Town of Vail by 25 residents, setting forth that there is a need for a Housing Authority to function within the Town; and WHEREAS, a public hearing has been held upon due notice given by the Town Clerk, all in accordance to "The Housing Authority`s Law" of the State of Colorado, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: The Town Council of the Town of Vail hereby finds, determines, and declares that: 1. There is a lack of safe and sanitary dwelling accommodations in the Town of Vail, Colorado, available for all the inhabitants thereof; and 2. There is a need for a Housing Authority to function in the Town of Vaii, Colorado; and 3. A petition setting forth the need for a dousing Authority to function in the Town of Vail, Colorado, has not been denied by the Town Council therein within three {3) months of the date of the filing of the petition; and 4. The Mayor of the Tawn of Vail, Colorado, is hereby notified of the adoption of this Resolution; and 5. The Mayor is directed to file in the Office of the Town Clerk of the Town of Vaii, Colorado, a necessary certificate evidencing the appointment of the Commissioners and designation of the first Chairman of the Housing Authority, pursuant to Section 29-4-205{3) of "The Housing Authority's Law" of the State of Colorado. 6. The aforesaid conditions of the Tawn of Vail, Colorado, compel persons of low income to occupy unsafe or unsanitary dwelling accommodations or overcrowded and congested dwelling accommodations, and that these conditions cause an increase in the spread of disease and crime; that the clearance and reconstruction of areas in which unsanitary or unsafe housing conditions exist and the providing of safe and sanitary dwelling accommodations at rents which persons of low income can afford are public uses and purposes. ATTEST: .~.i3(.Gc.l~-~ Pamela A. Brandmeyer, 'own Clerk ~~ r~qt. INTRODUCED, READ, APPROVED, AND ADOPTED this ~5thday of January ~9~fl'. The motion to adopt said Resolution was moved by Rob Levine and seconded by Merv Lapin, and upon roll call, the following voted: Ayes: Kent Rase Merv Lapin Rob Levine Peggy Osterfnss ~~ ~~f J Kent R. Rose, Mayor Nays: Tom Steinberg Lynn fritzlen Thereupon the Mayor declared said Resolution duly adopted and passed and the signed the same in approval thereof. The Mayor of the Town of Vail being present at the meeting, acknowledged notice of the adoption of the Resolution. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk . .' CERTIFICATE OF INCUMBENCY OF OFFICE AND DATE, TIME, AND PLACE OF THE REGULAR TOWN COUNCIL MEETING I, Pamela A. Brandmeyer, the acting and qualified Clerk of the Town of Vail., Colorado, and as such, the keeper of the minutes of the actions and deliberations of the Town Council of the Town of Vail, does hereby certify at the time of the attached Resolution, the duly elected and qualified incumbents in office were: Kent Rose, Mayor Tom Steinberg, Mayor Pro-Tem Lynn Fritzlen Jim Gibson Merv Lapin Robert Levine Peggy Osterfoss I further certify that at the time of the adoption of the attached Resolution, the date, time, and place of the regular meeting of the Town Council was and is January 15, 1991, 7:30 p.m., the Town Council Chambers of the Municipal Offices of the Town of Vail, Colorado. In witness whereof, I have hereunto set my hand and the seal of the Town of Vail, Colorado, this 1Sth day of January , 1991. Pamela A. Brandmeyer, Town Clerk ~m 5d. ~• A N' "~~~ ~ -• p ~. '~ ~ 7 ~~'C 4Q fa ~ ~ ~ ~ ~ ~~~~~ ,A~ ~ N ' W . ~ ~ ~ ~ ~ ~ ~ ~~.~ ~N~ so ~m v o ~ ~ ~ Q ' ~ °~~~ ~~~~~ ~ r rt ~ ~ g Q.~ ~~~5r: ~ ~~~ ~~ g ~ ~ ~ ~~~~~~'~ ~ ~. Q ~ ~ ~_~ g~ ~~ g o ~ ~ ~ ~p ~'~~~ m~ o A ~ Q ~ ~ ~ a ~ W~g.~ a~ :`~ ., •~ \~C. -- .. .~ r- ~3 D -n Z • ~~ Resolution 26, Series of x.990 ~QBLI ~1X~tI~Yt An Honorary Resolution on behalf of the Town Council of the Town of. Vail, Colorado, recognizing the contributions of Tad Kindel for his years of service to the community of Vail, Colorado. WHEREAS, Ted Kindel served on the original Board of Trustees, and was elected Mayor of the first Vail Town Council; and WHEREAS, Ted Kindel served as a member of various commissions for the Town of Vail, and as a director for Vail Associates and the Vail Resort Association; and WHEREAS , Ted Kindel served on the water and sewer and fire special district boards; and WHEREAS, Ted Kindel was integral to the success and long term viability of this community. NOW, THEREFORE, BE IT RESOLVED BY THE VATL TOWN COUNCIL OF THE TOWN OF VATL, COLORADO, THAT: Section 1. The Town Council hereby recognizes Ted Kindel for his leadership and dedication to insuring the future of the Town of Vail. Section 2. That the Town of Vail hereby expresses its sincere appreciation and gratitude to Ted Kindel for his perseverance and service by designating the open space between the Red Lion and the Mill Creek Court Building as a permanent location far Ted Kindel Park. INTRODUCED, READ, APPROVED, AND ENACTED, this 18th day of December, 1990. ~,,n,~ ~ ~ Mayor