Loading...
HomeMy WebLinkAbout1974-19 Budget Supplemental from Open Space/Capital Improvements Fund and the Recreational Amentities Fund to Purchase Lot A, Block 2, Vail Village Seventh Filing• . • ~ ~. ORDINANCE NO i 19 Series of 1974 AN ORDINANCE MAKING SUPPLENff~FT'AL APPROPRIATIONS FROM THE urr~N SPACE/CAPITAL IMPRC~jTS FUND AND THE RECREATIONAL AMEI~LI'I'TFS FUND OF THE 1974 BUDGET AND FINANCIAL PLAN FOR THE TOWN OF VAIL, COLORADO, AND AUTHORIZING THE EXI'ENDITURF' OF SAID Arrt~z.~rRIATIONS FOR THE PURCHASE OF TRACT A, A PORTION OF LOT A, BLOCK 2, VAIL VILLAGE SEVF!~JTH FILING, AN UNDEVL~.,OPED TRACT OF LAND SI`TL?A'T~ IN THE 'T'OWN; AUTHORIZING SHORT-TF~2M INDFBTEDr7F'..~5 OF $225,000.00; AUTHORIZING THE MAYOR AND THE TOWN MASIAGER TO JOINTLY EXEC[TI'E A SF~ORT-TERM PRM4ISSORY NOTE FOR PART OF THE PURCF~ASE PRICE AND O'I'fjER INSTRUMF~`d'I'S RELATING TO SAID PURCHASE; A~+1D PFtC~'IDII~IG FOR THE IRRFPEALABILITY I-~REOF UNTIL SAID INDEBTED- NESS HAS BEF',2J DISCHARGED WHERFI~S, contingencies hereinafter indicated have arisen r?uring the fiscal year 1974 which could not have been reasonably foreseen or anticipated by the Tawn Council at the time it enacter~ Ordinance No. 25, Series of 1973, adopting the 1974 Budget and Financial rl_ar_ for the Town of Vail, Colorado; Whc;ttr~A5, the Tam of Vail, Colorado, hereinafter referred to as the "Town", has received certain revenues not budgeted for previously; WfiEREAS, the Town previously adopted a Budget which hay not taken into consideration the increased revenues received by the municipality this fiscal year, nor has said Budget taken into consideration the increased expenditures now a~~r~opriate to obtain needed additional recreational facilities; Whr:.rcr;AS, the Town Manager has certified to the Town Council that suffici~t funds are available to discharge the appropriations referred to herein, not otherwise reflected in the Budget, in accordance with Section 9.10 (a) of the Charter of the Town of Vail, Colorado; • . • . • Whri~AS, the Town Council finds that it is in the interest of the Town to now acquire additional open space for recreational purposes within the Town for the benefit of its visitors and citizens at the present and in the future; tnT~~:KtsAS, Vail Associates, Tnc. , has offered to sell to the Town at this time an undeveloped tract of land known as Tract A, a portion of Lot A, Block 2, Vail Village Seventh Filing, described in F.~hibit A attached hereto and made a part hereof, for the sum of $300,000.00, with there being a $75,000.00 down payment and ttie $225,000.00 balance of the purchase price to be paid within twelve months after the effective date of this ordinance, said sale to be consumated through a purchase agreement, a deed of trust, and a short-term prc~nissory note; Wl~tcr;A,S, in the event the Tawn purchases Tract A, Vail Associates, Inc., will forthwith pay to the Town the sum of $75,000.00 in ~7.d,~. payment of the recreational amenities tax due for the NortYiwoods development, which sum will be used by the Town to make the down payment on said purchase; VJl~ijt:AS, not only is Tract A desirable to the Town to enable it to provide a needed additional recreational area of high quality, unless the Town purchases said tract at this time the land will soon be developed by Vail Associates, Inc., and lost as open space; GVHEF~5, the Town Council finds that it is timely, reasonable, and appropriate for the Town to purchase Tract A at the present on the aforesaid terms and to create short-term indebtedness of $225,000.00 to make said purchase; and Wl~tu.;AS, due to said contingencies the Town Council considers that it should make supplemental appropriations in anticipation of receipt of expected revenues in order to purchase Tract P. in the 1974 fiscal year; • • • • _~ NOW, TF~RF,~'ORE, BE IT ORDAIN~L BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLOI2AD0, AS FOLLO6VS Section 1. Title. This ordinance shall be known as the "Ordinance Making Supplemental Appropriations for the Purchase of Tract A and Authorizing Short-Term Indebtedness for Part of the Purchase Price." Section 2. Supplemental aNN,.~Nriations from Open Space/ Capital Improvements Fund and P,ecreational Amenities Fund; authorization for ek~~lditure of said appropriations for the purchase of Tract A. Pursuant to Section 9.10 (a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes a supplemental appropriation in the sum of $200,000.00 from the Open Space/Capital. Improvements Fund and a supplemental appropriation in the sum of $100,000.00 from the Recreational Amenities Fund of the 1974 Budget and Financial Plan for the Town, and authorizes the expenditure of. said appropriations totalling $300,000.00 within a reasonable time and as N~~~ided herein for the purchase of Tract A, a r."~~ion of Lot A, Block 2, Vail Village Seventh Filing, an undeveloped tract of land situated in the Town, described in T~hibit A attached hereto and made a part hereof. Section 3. Authorization for short-term indebtedness of $225,000.00. The Town of Vail, Colorado, is hereb~T authorized pursuant to Sections 4.8, 10.1, anc? 10.2 of its Charter to create short-term indebtedness in the ~~~ant of $225,000.00, for a period rot to exceed twelve (12) months after the effective date of this ordinance, at a rate of interest not to exceed h.7 per cent per anri~n, for the purpose of purchasing Tract A in accordance with Section 2 hereof. Section 4. Payment to the Town of $75,000.00 of the recreational amenities tax of. approximately $100,000.00 due f_or Northwoods development; use of tax payment for down payment on purchase of Tract A; ~.imitaticn. The recreational amenities net t.as. due for the Northwoods development of Vail Associates, Tnc., shall be approximately $100,000.00; a portion thereof, the sLUn of $75,000.00, shall be paid by Vail Associates, inc., tc the Town in conjunction with the sale of Tract A and shall be used by the Town to make the down payment csi • • • ~ • said purchase; provided, however, that to be effective said terms must be inco~~Lated in the purchase agreement for Tract A to be entered into by the Torun and Vail Associates, Inc. Section 5. F~ecu.tion of purchase agreement, deed of trust, short-term promissory note, and any other appropriate instruments relating to purchase of Tract A. The Town Council authorizes the Mayor and the Town Manager to jointly execute within a reasonable time and in accordance with the provisions hereof a purchase agre~nent whereby the Town will purchase Tract A from Vail Associates, Inc., for the sLUn of $300,000.00 with there being a $75,000.00 down payment in accordance with Section 4 hereof and the $225,000.00 balance of the purchase price to be paid within twelve (12) months after the effective date of this ordinance, a deed of trust for said conveyance, a $225,000.00 short-team prcgnissory note for a part of the purchase price to Vail Associates, Inc., payable within said twelve (12) months and bearing a rate of interest not to exceed 6.7 per cent per annum, and any other appropriate instruments relating to said purchase. Section 6. Irrepealability. This ordinance shall be irrepealable until the entire indebtedness herein authorized, together with any accrued interest thereon, has been fully paid or discharged. Section 7. Effective date. This ordinance shall take effect five days after publication following the final passage hereof. Section 8. Supplement to Annual Appropriation Ordinance. Ut,~,~~ its enactment Section Z of this ordinance shall be a supplement to the 1974 Annual At.r~opriation Ordinance, Ordinance No. 25, Series of 1973, of the Town of Vail, Colorado. ,. • ~ • . ~. II~ITRODUCL~, REAI? ON FIRST RF~ADING, APPROVF~, AND ORDF,RII~ PUBLISHF~ ONCE IN FULL, this 17th day of September, 1974, and a public hearing on this ordinance shall be held at the regular meeting of the 'Ibwn Council of the Town of Vail, Colorado, on the 1st day of October, 1974, at 7:30 P.M., in the Municipal Building of the Town. ~~~ v/ ~~/ wr4~ Mayor ~ ATTF~ST: lt~' 7'oGJt~ CTSer~ U ~: ~ • , • EX.NIBIT "~" LEGAL DESCP,IPTI0~1 A portion of Lot A, clock 2, Vail Village Seventh Filin4, as filed under reception numher 182730, filed in 'dap Case 2 in Drati~~er ~l, of the Eagle County, Coicrado, Clerk and Recorder`s records, said portion or Land being more particularly described as follotirs: Beninnina at the northeast corner of Lot A, Slock 2, Vail Village Seventh Filino; thence S 21° 27' 30" E a distance of 50.00 feet; thence S 41~ ('~2' 30" ~t a distance of 445.00 fee; thence S G2° a5' S7" !'1 a distance of 12.25 feet• thence S 81 50' S5" W a distance of 557.°~ feet; thence `+ 14b 51' 3£3" E a distance of 49.15 feet, to a point of curvature; thence an arc distance of 75.23 feet along a curve to 'ra heft, laid curve having a radius of 112 feet, a central angle of 3£~ 30' 42" and a!hase chord bears ;1 ~4° 23' 43" !~! a distance of 73.87 to a point of tangency; thence P, 230 3^' 04" !d a distance of ?.2.07 feet to a point on the southerly R~;ght-of-1~?ay line of Fail Valley Orive; _ thence along said southerly Right-of-t~!ay line for the follov!ina t~~ra (2) courses: (1) N 6G° 2~' S5" E a distance of 369.71 feet, (2) N bB° 32' 30" E a distance of 709.52 feet to the true point of beginning, containing 217,216.15 square feet cr 4.937 acres more ar less. ~ _ ~~ • . • . • Ordinance No. 19, Series of 1974 INTRODUCED, READ ON SECOND READING, APPROVED ,AS AMENliru, ENACTED, AND ORDERED PUBLISHED ONCE IN FULL, this 1st day of October, 1974. :~, _. Mayor .~ i t ATTEST,'.: ~) ~- ~~ Town C M •- ~ ~; ` ~~ ~ ~„ ~ ~ town o f nail ~ box 100 vail, Colorado 81657 (3031 476-5613 'Ibwn Council Zbwn of Vail, Colorado P.O. Box 100 Vail, Colorado 81657 office of the town manager September 16, 1974 Re: Supplemental arN~~~riation for the purchase of Tract A, a portion of Block 2, Vail Village Seventh Filing, an undeveloped tract of land situated in the Town of Vail, Colorado Councilpersons: Pursuant to Section 9.10 (a) of the Qzarter of the Town of Vail, Colorado, I hereby certify that based on apparently reliable information from the Finance Department there are available for at~N~v~.~iation expected revenues in excess of those estimated in the 1974 Budget and Financial Plan for the Town of Vail which will enable the Town Council to make the supplemental appropriation of $300,000.00 for the purchase of Tract A above during the 1974 fiscal year. Accordingly, I re~..~~n~~end that the 'Ibwn Council N~~~~Lly enact a suppl~~~~tal app~~~~iation ordinance for this purpose. Sincerely, r-~ %`~~ ' ' ~~~~ Terrell J. ger, Zrhun Manager Subscribed and swul~~ to before me this 16th day of September, 1974. `~~ Notary Public ;/ / County of Eagle, State of Colorado My Commission expires November 30, 1977. • ~ ~.