HomeMy WebLinkAbout2018-25 Second Amendment to Development Agreement with VLHA and Sonnenalp Properties Inc.RESOLUTION NO. 25
Series of 2018
A RESOLUTION APPROVING THE SECOND AMENDMENT TO DEVELOPMENT
AGREEMENT BETWEEN THE TOWN OF VAIL, THE VAIL LOCAL HOUSING
AUTHORITY AND SONNENALP PROPERTIES, INC.; AND SETTING FORTH DETAILS
IN REGARD THERETO.
WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of
Colorado is a home rule municipal corporation duly organized and existing under the laws
of the State of Colorado and the Town Charter (the "Charter");
WHEREAS, the members of the Town Council of the Town (the "Council") have
been duly elected and qualified;
WHEREAS, Sonnenalp Properties Inc. (the "Developer") is the owner of certain real
property with a physical address of 501 North Frontage Road West, Vail, CO 81658 (the
"Property");
WHEREAS, the Developer plans to redevelop the Property for rental employee
housing (the "Development");
WHEREAS, the Town and the Developer are parties to a certain Development
Agreement dated October 25, 2017 (the "Agreement"); and
WHEREAS, the Town and the Developer wish to modify the Agreement with regard
to the number of units which must be occupied by at least one Qualified Resident who is
employed within the Town's boundaries, but not employed by the Master Lessee (the
"Second Amendment to Development Agreement").
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO THAT:
1. The Second Amendment to Development Agreement is hereby approved in
substantially the same form attached hereto as Exhibit A and in a form
approved by the Town Attorney, and the Town Manager is hereby authorized
to execute the Second Amendment to Development Agreement on behalf of
the Town.
2. This resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regul. j meeting of the Town
Council of the Town of Vail held this 19th da of June
Resolution No. 25, Series of 2018
ave Chapin,
Mayor of the Town of Vail, olorado
ATTES
Patty M
Town CI
Resolution No. 25, Series of 2018
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (the "Second
Amendment") is made this day of , 2018 (the "Effective
Date"), by and among the Town of Vail, Colorado, a Colorado home rule municipality
with an address of 75 South Frontage Road, Vail, Colorado 81657 (the "Town"), the Vail
Local Housing Authority, a local housing authority with an address of 75 South Frontage
Road, Vail, Colorado 81657 (the "VLHA"), and Sonnenalp Properties, Inc. a Colorado
corporation with an address of 20 Vail Rd., Vail, CO 81657 ("Developer") (each
individually a "Party" and collectively the "Parties").
WHEREAS, the Parties entered into a Development Agreement dated October
25, 2017 (the "Agreement");
WHEREAS, the Parties entered into an Amendment to Development Agreement
dated (the "Amendment"); and
WHEREAS, the Parties wish to amend the Agreement as set forth in this Second
Amendment.
NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which is mutually acknowledged, the
Parties agree as follows:
1. Section 7.a. of Exhibit B (the "Solar Vail Apartment Homes Rental Guidelines")
of Exhibit A ("Deed Restriction for the Occupancy of Solar Vail Apartment Homes") of
the Agreement is hereby amended to read as follows:
7. Occupancy of Restricted Units.
a. At all times, 10 studio apartment Units and 7 one -bedroom apartment
Units (collectively, the "Restricted Units") shall be occupied by a Qualified Household
that includes at least one Qualified Resident who is employed within the Town's
boundaries, but not employed by the Master Lessee.
2. The remainder of the Agreement, including all Exhibits, shall remain unchanged
and in full force and effect.
6/14/2018
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WHEREFORE, the Parties have executed this Second Amendment as of the
Effective Date.
ATTEST:
Patty McKenney, Town Clerk
ATTEST:
Secretary
STATE OF
COUNTY OF
) ss.
TOWN OF VAIL, COLORADO
Greg Clifton, Town Manager
VAIL LOCAL HOUSING AUTHORITY
Steve Lindstrom, Chair
DEVELOPER
The foregoing instrument was subscribed, sworn to, and acknowledged
before me this day of , 2018, by
My commission expires:
(S E A L)
2
Notary Public
6/14/2018
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