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HomeMy WebLinkAbout1978- 3 Imposing a Land Transfer Tax Upon the Transfer of Interests in Real Property; Earmarking the Proceeds Therefrom for the Purchase of Real Property to be Used for Open Space, Recreational or Park Purposes, or Employee Housingr~ r~ r~ ,r ~ ,. ORDINANCE NO. 3 Series of 1978 AN ORDINANCE DEPOSING A LAND TRANSFER TAX UPON THE TRANSFER OF INTERESTS IN REAL PROPERTY; EAR- MARKING THE PROCEEDS THEREFROM FOR THE PURCHASE OF REAL PROPERTY TO BE USED FOR OPEN SPACE, RE- RECREATIONAL OR PARK PURPOSES, OR EMPLOYEE HOUSING; REQUIRING THE COLLECTTON OF SUCH TRX BY THE TOWN MANAGER QR HIS AGENTS; EXEMPTING CERTAIN TRANSACTIONS FROM THE TAX IMPOSED; ESTABLISHING PROCEEDURES FOR ACQUIRIPIG A CERTIFICATE OF EX- EMPTION; ESTABLISHING A LAND ACQUISITION ADVISORY COMMITTEE; ESTABLISHING PENALTIES FOR VIOLRTIONS OF THTS ORDINANCE; CREATION OF A LIEN OF THE PROPERTY TRANSFERRED FOR THE AMOUNT OF THE TAX UNPAID; SUBMITTING THIS ORDINANCE TO THE QUALIFIED ELECTORS OF THE TOWN; AND SETTING FORTH DETAILS IN RELATION TO THE FOREGOING. WHEREAS, the Town Council is of the opinion that there are certain properrties within and without the Town of Vail that should be acquired by the Town for use as one or more of the following public purposes: (a} Parks, (b) Recreation, (c) Open space to be preserved in its natural state, (d) Housing for employees working for public and private employers within the Town, and (e) Similar uses; WHEREAS, the Town Council is of the opinion that the owners and .future owners of real property within the Town will benefit from the acquisition of property for parks, recreation, open space, employee housing, and similar uses; WIiEREAS, the Town Council is of the opinion that the citizens of the Town of Vail will be benefited by the parks, recreational, open space, and employee housing lands that may be acquired and by the preservation of the quality and character of the Town; 6dHERFAS, funds necessary for the purchase of such properties may be realized by the imposition of a land transfer tax; and ~ ~! ~ i Ord. 3 Page 2 WHEREAS, the Town Council wishes to impose a land transfer tax on transfers of real prnperty within the Town of Vail. and to provide for the earmarking of the proceeds there- from for the purchase of real property, and it is the intention of the Town Council that at such time as sufficient parcels of property have been acquired, the tax shall cease; NOW, THEREFORE, BE TT ORDAINED BY THE TOWN COUNCIL Ok' THE TnWN OF VAIL, COLORADO, THAT: Section 1. Imposition of Tax. There is hereby imposed a tax an all transfers by deeds, instruments, writings, certain leases, or any other document by which any lands, tene- menu or other interests in real property located in the Tawn of Vail are sold, granted, assigned, transferred or otherwise conveyed to or vested in a purchaser, or purchasers thereof, ar any other person or persons, except as may be specifically exempted by Section ~ of this ordinance. Said tax shall be due and payable at the time of transfer and contemporaneously there- with. Section 2. Persons Liable far Tax. Any seller, or sellers, or person ar persons who make a transfer which is sub- ject to the tax imposed under Section 1 above, and any purchaser or purchasers thereof, or any other r~erson or persons to whom such a transfer is made shall be jointly and severally liable for payment of the tax. Section 3. Definitions. a. Consideration. "Consideration" means and includes the actual cash paid and/or value of the property delivered, or contracted to be paid or delivered, in return for the transfer of ownership or title to real property and shall include the amount of any lien, mortgage, contract indebtedness, or other encumbrance, either given to secure the purchase price, or any part thereof, or remaining unpaid on the nroberty at the time of sale. The term does not include the amount of any outstand- ing lien or encumbrance in favor of the United States, the State ,~ ~ ~ • Ord. -~ Page 3 of Colorado, or of a municipal or quasi-governmental corporation or district for taxes, special benefits or improvements. In the event the transaction or transfer is by lease agreement not specifically exempted in Section 5, the consideration shall be based upon the capitalization at l00 of the average annual ren- tal over the entire term of the lease, including any renewal term, plus the actual consideration, other than rent, paid or to be paid. 6Vhen the average annual rental cannot be determined, or at the election of the Town A~anager, the tax shall be based upon the assessed value of the property covered by the lease. b. Person. "Person" means any individual, corporation, business trust, estate, trust, partnership, association or any other legal entity. c. Transfer. "Transfer" means and includes any grant or conveyance of the ownership of a title to real property that is evidenced by any deed, conveyance, instrument ar writing wherein or whereby title to real property situated in the Town of Vail is granted or conveyed, or the conveyance of a possessory interest and all other indicia of ownership without the passing of legal title, subject to the exclusions provided in this ordi- Hance. d. Real Property. "Real Property" shall be deemed to mean real property as defined by and under the laws of the State of Colorado. Section 4. Amount of Tax. The amount of tax payable in each case shall be as follows: a. Where there is no consideration or when the cons i-- deration is Five Hundred Dollars ($500.00) or less, no Land Trans- fer Tax shall be payable. b. Where the consideration shall exceed Five Hundred Dollars ($500.00), the Land Transfer Tax payable shall be com- puted at the rate of one percent {10} of the consideration unless a lesser rate is set by ordinance of the Town Council. ~, Ord. Section 5. ExemT?tions. ,• Bage 4 The Land Transfer Tax unposed by this ordinance shall not apply to: a. Any document wherein the United States, or any agency or instrumentality thereof, the State of Colorado, any county, city and county, municipality, district or other politi-- cal subdivision of this State, is either the grantor or grantee. b. Any document granting or conveying title to real property in consequence of a gift of such property, where no consideration other than love and affection, charitable donation or nominal compensation is evidenced by the terms of the instru- ment of transfer. c. Any document, decree or agreement taaxtitioning, terminating or evidencing termination of a joint tenancy in real property except where additional consideration of value is paid in connection with such partition or termination. d. The transfer of title or change of interest in real property by reason of death, will or decree of distribution, e. Transfers made pursuant to business organization, reorganization, or restructuring including but not limited to mergers or consolidations of corporations, or by a subsidiary to a parent corporation for no consideration other than cancellation or surrender of the subsidiary`s stock. f. Transfers to make effective any plan confirmed or ordered by a court of competent jurisdiction under the Bankruptcy Act or in an equity receivership proceeding. g. Any deed or conveyance made and delivered without consideration for the purpose of confirming, correcting, modify- ing or supplementing a transfer previously recorded; making minor boundary adjustments; removing clouds of titles; or granting ease- ment, rights-of-way or licenses. h. Any decree or order of a court of record quieting, determining or resting title, including a final order awarding title pursuant to a condemnation proceeding. ~ . ~ ~. ~, Ord. .~` Page 5 i. Any deed granting or conveying title to cemetery lots. j. Any lease of any real property (or assignment or transfer of any interest in any such lease) provided the terms and conditions of such Lease do constitute a de facto conveyance of the subject property. k. Any mineral deed ar royalty deed. 1. Transfers to secure a debt or other obligation, or transfers of releases of property which is security for a debt or other obligation. m. Any executory contract for the sale of real pro- perty, of less than three years' duration, under which the vendee is entitled to or does take possession thereof without acquiring title thereto, or any assignment or cancellation of any such contract. n. Any deed or conveyance under execution sale, or foreclosure sale under a power sale or court decree of lien foreclosure, sheriff's deed, public trustee deed or treasurer's deed. o. Any deed or conveyance that is made pursuant to a valid and legally enforceable contract for sale entered into between the seller and purchaser prior to the effective date of this ordinance and the transaction closed and the deed or instru- ment of conveyance executed within 180 days from the effective date of this ordinance. Section 6. Application for Exemption. a. zn the event any document which is exempt from the Land Transfer Tax herein imposed does not contain language clearly showing its exempt character, the grantor or grantee may apply far and obtain from the Town Manager a Certificate of Exemption, which may be affixed to such deed or instrument or transfer. The Certificate of Exemption shall be in substantially the following form. ~• Ord. ~i EXEMPTIO~i FROM LAND TRANSFER TAX The undersicrned, as grantor(grantee) of a deed or instrument of conveyance from to (name of grantor and grantee}, dated ! ~. p ache 6 hereby apply for exemption from the payment of the Land Transfer Tax, imposed by Ordinance No. , Series of 1978, of the Town of Vail. The basis of such exemption is as follows: (State briefly grounds for exemp- tion, including applicable section an:d subdivision of Ordinance No. ) T hereby certify under penalty of perjury that the foregoing statements are true and correct. Grantor or Grantee Certificate of Exemption T hereby certify that the above described transfer of real property is exempt from the nay- ment of Realty Transfer Tax under Ordinance No. , Series of 1978, Section Town Manager b. Any person whose claim of exemption duly applied for under the provisions of this section is denied by the Town Manager may immediately appeal to the Town Council for a deter- mination of such exemption and such appeal shall be considered by the Town Council within 30 days of receipt of the same. In the event of a determination by the Town Council favorable to ~~ ' ~, `i • Ord. ~ Page 7 the appellant, any amount previously deposited, or so much thereof as may be allowed by the Town Manager, shat].. be promptly refunded to the person paying or depositing the same. Tf a decision is not made by the Town Council within 30 days of the receipt thereof, the decision will be deemed favorable to the appellant. Section 7. Lands Affected. When a document subject to the ordinance includes property located within the Town of Vail and property located within another city or in Eagle County ~r other counties, the tax imposed under the authority of this ordinance shall be computed only with respect to property located within the Town of Vail, and the tax shall be assessed an that part of the consideration fairly attributable to the part of such property located within the Town of Vail. Section 8. Town l!~ana.ger to Enforce. a. The Tawn Manager of the Town of Vail is charged with the enforcement of the provisions of this ordinance and is hereby authorized and empowered to prescribe, adapt and promul- gate and enforce rules and regulations pertaining thereto. b. At the time of any transfer upon which a tax is imposed by this ordinance there shall be made a report to the Town Manager on forms prescribed by him, setting forth the true, complete and actual consideration for the transfer, the names of the parties thereto, the location of the real estate trans- ferred, and such other information as he may require. c. For the purpose of collection of the taxes imposed by this ordinance, all banks, title companies, escrow companies, building and loan institutions, attorneys, real estate agencies, or other closing agents or agencies, permitted as such to da business under the lavas of the State of Colorado may collect the Land Transfer Tax and remit the same to the Tawn for and on behalf of the seller and buyer. ~• ~ .i • Ord. 3 ~.. Page 8 Section 9. Application of Funds and Land Acquisition Advisory Committee. a. All funds received by the Town of Vail pursuant to this ordinance shall be deposited in the Land Transfer Tax Fund, which fund is hereby created. The fund shall be subject to appropriation only for the purpose of acquiring land for one or more of the following purposes: (a) parks; (b) recreation: {c) open space, and/or (d) employee housing purposes. The employee housing may be developed by the Town or other private parties under such restrictions as may be imposed by the Town. b. The Town Council shall appoint a Land Acquisition Advisory Committee to advise and assist the Council in the use of the Land Transfer Tax Fund. Any final decision shall be made by the Town Council. c. The Land Acquisition Advisory Committee shall consist of five members who serve terms of two years each. The first committee shall consist of three members appointed to serve until June 1, 1980, and two members appointed to serve until. 3une 1, 1979. Upon the expiration of those terms, the Council shall appoint new members to serve for two years. A member of the Land Acquisition Advisory Committee may be reap- pointed by the Ta~an Council. d. Each member of the Land Acquisition Advisory Com- mittee sha11 file with the Town Manager a disclosure statement which specifies a description of any interest in real property being considered for acquisition and upon which the Committee must advise the Town Council, held by the member, the member's spouse, or minor children. "interest" as used herein shall include direct and indirect interests, agencies, or full or partial interests. The member shall keep the disclosure state- ment current and up to date with supplements filed as may be necessary. No member may vote or take part in the debate as a member on any recommendation that is to be forwarded to the Town Council with respect to a parcel of property in which the member, the member's spouse or minor children have an interest as above provided. c~ ~ ~ Ord. ~ Page 9 e. Meetings of the Land Acquisition Advisory Com- mittee may be called by the Chairman thereof, the Mayor of the Town or the Tawn Manager. Section 10. Due Dates,_Delinquencies, Penalties, Interest. The tax imposed under this ordinance is due and payable at the time the deed, instrument or writing effecting a transfer subject to the tax is delivered, and is delinquent if unpaid within thirty days thereafter. Tn the event that the tax is not paid prior to becoming delinquent, a delinquency penalty of ten percent (10%) of the amount of tax due shall accrue. In the event a portion of the tax is unpaid prior to becoming delinquent, the penalty shall only accrue as to the portion remaining unpaid. Tnterest shall accrue at the rate of one percent (1%) per month, or fraction thereof, on the amount of tax, exclusive of penalties, from the date the tax becomes delinquent to the date of payment. Tnterest and penalty accrued shall become part of the tax. Section 11. Lien. a. The amount of the Land Transfer Tax imposed by this ordinance, and penalty and interest due thereon, is hereby assessed against the property transferred, and if not paid when due, such tax penalty and interest, if any, shall constitute a lien on the property for the amount thereof, which lien shall continue until the amount thereof is paid or until its discharge of record by foreclosure or otherwise. b. Tf the tax is unpaid and delinquent, the Town Manager shall. give written notification to the buyer at the address shown on the deed or instrument, or his last known address, and the seller at his last known address, of said delinquency. Said notification shall be mailed certified or registered mail, postage prepaid, return receipt requested, and shall be effective on the date of mailing. Tf the tax, penalty and interest are not paid within thirty days of the effective ~~ ~~ Ord. .~ Page 10 date of the notification, the Town P~tanager shall mark the same delinquent on the Town's tax roll and shall, at least once each calendar year, but not sooner than the first day of December, certify such delinquencies, along with the interest and penalty, to the Treasurer of Eagle County, Colorado; and the County Treasurer sha11 extend such delinquencies upon the real property tax rolls of the County and collect the same in the same manner as delinquent general taxes levied upon such property. Upon certification of the delinquent taxes, the penalties and interest thereon shall also become due and ?payable. c. The amount of the tax, penalty and interest imposed under the provisions of this ordinance shall be deemed a debt to the Town. Any person owing money to the Town under the pro- visions of this ordinance shall be liable to an action brought in the name of the Town for the recovery of such amount. d. Any person who shall fail. or refuse to pay any tax due hereunder may be punished by a fine not exceeding Three Hundred Dollars ($300.00) or imprisonment for a period of not more than ninety {90) days, or both such fine and imprisonment. e.. Any remedies provided for herein shall be cumula- five and not exclusive and shall be in addition to any other remedies provided by law. Section 12, Review. The Town Manager shall prepare a report of the receipts from the Land Transfer Tax, expendi- tures made in the preceding fiscal year, real properties pur- chased or in the process of being purchased, a list of proper- ties to be purchased and the priorities of purchase Eprovided, however, the list of properties to be purchased and the priori- ties thereof shall be confidential to the Town Council), and the projected revenue and expenditures for the next fiscal year. Such report shall be submitted to the Council two weeks prior to the submission of the budget as required by Section 9.3 of the Charter of the Town of Vail, ~• ` • `! Ord. ~ Page 11 Section 13. Referendum. This ordinance shall be submitted to the qualified electors of the Town of Vail at a special election to be held on the `~~ day of April, 197$. The question to be submitted to the electors shall be: In favor of the Real Estate Transfer Tax not to exceed lo. Against the Real. Estate Transfer Tax. If a majority of the qualified electors voting on this ordinance vote in favor, it shall be effective upon certification of the election results. Tf a majority of the qualified electors voting on this ordinance vote in favor, the to Real Estate Transfer Tax may not be increased without the approval of the qualified electars Of the Town, provided, however, all other terms, c3.auses, phrases, and paragraphs of this ordinance may be amended by ordinance of the Town Council without submitting the same to the electors. Section 14. Severability. Tf any provision, clause, phrase or section of this ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions, clauses, phrases or sections or applications of the ordinance which can be given effect with- out the invalid provisions or applications and to this end the provisions ar applications of this ordinance are declared to be severable. TNTRODLTCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBDTSHED ONCE IN FULL, this 7th day of February, 1978. A public hearing shall be held hereon on the 21st day of February, 1978, at the regular meeting of the Town Council of the Tawn of Vail, Colorado, in the Municipal Building of the Town. ~~ Mayor `~ ATTEST: f~~ Town Clerk (~ _ ~~ t~ NTRODUCED, READ ,ADOPTED AND ENACTED ON SECOND READING AND ORDERED PUBLI5HED (IN FULL} (QY TI7-Lf-~$~~F} THIS 2/ DAY OF ~ ~~~e ~ 19 ~ R'~ . ~.~. , f~fCYOR ~' '~ . 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Tha Lana Transfer Tax imposed by Thi: ordinance shah not aApl y to; a, Any document wherein the United Status, or any agency or lnsirumentality tnereof, the state of Colorado, any tounty, city and county, munlclpallty, district or otner political subdivision of this State, is either the grantor or grantee, b, Any document granting or cotrveytng ti}lo to real property in consequence of a gift of such property, where no tonatderation other than lave and aHedton, charitable donation or nominal compensefion is evidenced by the terms of the Instrument of irattafer. c, Ar1Y document, decree iz1, agreement parts#ioninq, terminatlnp or evldenUng termination of a joint tenancy in roe) property except Whe-e addttlanal consideration of value Is paid to connectlan with such partition or termination. d, The transfer of title or change of Mterestin real property by reason of deatn, will or decree of disiNbutlon, ' e. Transfers made pursuant ro business organization, raorganizatlon, or restructuring including but not limited to mergers or cansolldations of corporatlans, or by a subsldlary to a parent corporation for no consideration otnar Fnan cancallatlon or surrender of the subsfdlary'a stork. f, Transfers to make eHectlve any plan confirmed or ,ordered by a rnurt of competent turlsdittian under the Bankruptcy Act or in an equity receivership proceeding. g, Any deed Or conveyance made and delivered wittlout consideration for the purpose of conf€rming, correcting, modifying or supplementing a transfer prevlausiy recorded; making minor twundary ad)usiments; removing clouds of Titles; or granting easement, rigMs~of-way' or Ilcensas. h, Any decree or order of a court of retard quieting, determining or resting title, Including a final order awarding title gVreuant to a condemnation proceeding. i. Any dead granting or conveying title #o cemetery lots. j. Any lease of arty reef property (or assignment or transfer of any Interest In arty such lease} provided iha terms and conditions of such lease do tonstltute a de facto conveyance of file subject property, k. Any mineral deed or raya{ty deed. I. Transfers fa secure a debt or other obligation, or .transfers of releases of property which Is security for a debt or other obligation. m. Any executory contract for the sale of reel property, of less than three years' duration, under which iha vendee is entitled to or does take possession thereof without acquiring title thereto, or any assignment or canraNetion of any such Contract. n. Any deed ar conveyance under execution sate, or foreclosure sale under a power Bala or court decree of Ilan foreclosure, sHeriff's deed, public trustee dead or ireasurer's'deed. a. Any deed oY conveyance that is made pursuant to a valid and legally enforceable contract for sale entered into between 'rho soller and purchaser prior to the effective data of this ordlnanca and the transaction closed and the dead dr Instrument of conveyance executed within 18g days from the effect{ve data of this ordinance. SECTION 6. Applieallon far Exemption. a, In the even} any document which is exemptfrom the Land Transfer lax herein imposed does not contain language clearly showing its exempt character, the grantor or grantee may apply for and obtain from the Tawn Manager, a teriiilcate of Exemption, wh{cH may be affixed to su[h deed or Instrument ar transfer. Tha Certificate of Exemption shah be fn substantially the following farm. ' BxEMPTION FROM LAND TRANSFER TAX The undersigned, as grantor (grantee) of a deed or instrument of conveyance from to ) (name of grantor and grantee), dated hereby apply for exemption from the payment of the Land Transfer Tax, Imposed by prdinance No. , Series of 1978, of the Town pf Vall. The balls of such exemAtivn Is as follows: (State brletly grounds for exemption, Including applltabte soctlan and subdivision of ordinance No. ) I hereby cartlfy under penalty of petlury that the foregolnq afatemonts are true and corratL Grantor or Grantee Certificate of Hxempgon I hereby cartlfy that iha above described transfer of real pro(xr}y is exempt }tom the payment of Realty Transfer Tax under Ordinance No, ,Series of 1978, section , Town Manager 6. Any person whose claim of exemption duly applied for under the provlslons of Chia section Is denied 6y the Town Manager may Immetllately appeal fo iha Town Council IOr 8 determinatlan al such exemption and such appeal shall be considered by iha Town Council wltHln 30 days of receipt w fne same. In the event of a determinatjon by the Tawn amount previously deposited.~orllsot~much !hereof as may be allowed by the Tawn fylaneger, shall be promptly refunded to the person toying or dsposlting the lama. If a datidan fa not made 6y iha Town County wltHin 30 days of the receipt thereof, iha decision will bs deemed favtwable to iha appellant. • St`s4Ttt}t1 T. Lands Affacfed. When a a aaattriv i~a ad vrNhftn theme 7cv+nco(v Iwind property located within anMher city of in Eagle County or other couMles, ttla tax Imposed under iha authority of this ordinance shall be computed only with respect to property located within the Town of Vafttend the tax. shalt ba assessed on that part of the consideration fairly attributable to tho part of such property located within the Town of Vail. „ .., ~ , s " SECTION !. Town Manger fa Enforce. r a. Tne Town Manager of the Town of Vail fir charged with the entortement of the brovislons of this ordinance and Is hereby authorized and Empowered ttl..prescribe, adopt acid promulgate and enforce rlifes and regulafians pertaining thereto. ~ ~, h, At the time of any transfer upon which a tax is imposed by this ordlnanca there shall tso made a report to fne Tawn Manager on forms prescribed by him, setting forth the true, complete and actual consideration for the transfer, the names of the parties thereto, the Iotation of the real estate transferred, and such other information as he may require. '~ c, Far the purpose of coilact(on of the taxes imposed by this ordlnanca. all banks, title companies, escrow companlea,'bWlding and loan institutions, attorneys, real estate agencies, or other closing agents or agencies, permitted as such to do business under the laws of the State of Colorado may collect file Lend Transfer Tax and remit the same to the Town far and on behalf of the seller and .buyer, 5@CTtt)N 9, Application of Fuads and Land Acquisition Advisory Committee. a. Ail funds rece]ved by the Town of Vail pursuant loth€s o-dinance shall 6e deposited In itre Land Transfer lax Fund, whkh fund Is hereby cleated. The Fund shall be subject to appropriation tlnlY for the purpose of acquiring lend for one or more of the following purposes; (e) parks; (b3 recreation; (c) open space, and ar (d! employee hauling purposes. The employee Housing may be developed by The Town or other private parties under such resfrlctions as may be Imposed by the Town, b, THe Tawn Council shelf appoint a Land Acquisition Advisory Committee to advise and assist the Council In the use of the Lend Traneter Tax Fund, Any final tleclsfan shall be made by the Town Cauntil, c. The Land Acquisition Advisory Committee shall ransist of flue members who serve terms of two years each. The first committee shall consist of three members appointed to carved until June 1, 1pSg, and two members apppolnted to serve until Juna 1; 1979, Upon the expiration of those farms, the Counci! shah appoint new members tv serve for two years. A member of the Land Acquisition Advisory Committee may he reappalnted by the Town Council, d. Each member of the Land Acqulsltlan Advisory Committee shay file with the Town Manager a disclosure statement which specifies a description of any interest In real property being conslderod far acqulsltlon and upon which the Committee must advise the lawn Council, held by the member, The memner'a spouse, tlr minor children, "interest" as'usetl herein shall include direct and indirect interests, agencies, or fuN or partial interests. The member shall . keep the dlsctgsure statement current and up to date.with supplements filed as may 60 necessary. No member may vote or fake part in fne debate as a member on any recammendatlon that !s to be forwarded to the Town Council wi}h respect to a parcel of property in which fne member, the members spouse or minor children have an Interest as above provided, e. Meetings of the Land Acquisition Advisory Committee may be tailed by the Chairman thereof, itte Mayor of the Town or -he Tawn Manager. SECTION 10. due Dates, t3eltnqueneles, Penaitias, interest. The tax Imposed Under chic ordinance Is due and payable at the t€me the deed, instrument ar writing effecting a transfer Subject to the tax • !s delivered, end is delinquent If unpaid within ihfrty days thereaffar. In the event that the tax is not paid prior to becoming deRnquenT, a delinquency penalty of ten percent (10 percent) of the amount of tax tlue Shall accrue. In fne event a portion of the tax is unpaid prior to- necoming delinquent, the penalty shall only accrue as to the portion remaining unpaid. Interest shall accrue at Tha rate of one portent Il percent) per month, or fraction thereof, art the amount of tax, exclvtive of panaltles, from the date rho tax becomes delinquent to the date of payment, lnterast and penalty accrued shall .... apart of Tha tax, SEG710N 11. Lien. a. The amount of the Land Transfer Tax imposed by this ordinance, and penalty and interest due thereon, is hereby assessed against the property transferred, and if not paid when due, such tax penalty and Interest. If any, shall constttute a Ilan on tna property for the amount thereof, which Ilan shall continue until the amount thereof Is paid or until its dlscnarge of record by foreclosure or otherwise. b. If the tax Is unpaid and delinquent, the Town Manager shall give written nollflcatlon 10 the buyer at the address shown oft the deed or Instrument, ar his last known address, and the seller at Hls )act known address, of said delinquency. Sold notification shall be malted tertlfied Or registered mall, postage prepaid, return receipt requested, and shall. be effective an ntatlelf ere otip Id wltnln thirty days of the effective data of this natiflcatlon, the Town Manger shall mark the name delinquent on the Town's tax roll and shall, of hest once each calendar year, but not sooner that the first day ~ December, certify such dellnquenties, along with the Interest and penalty, to the Treasurer of Eagle Gounty, Colorado; antl the Counts Treewret shall extend such dellnquenctes upon the real property tax rolls of the County and collect the same in the same manner as delinquent general taxes,levled upon such property, Upon certlflcation of the delinquent taxes, iha penalflea and interest thereon shall also become due and payable. c. The amount of the tax, penalty and Interest imposed under rho provlelons of this ordinance shall be deemed a debt to the Town. Any person owing money to the Town under the provisions of this ordinance shall be liable to an action brought )n the name of rho Town for the recovery of aucH amount, d. Any person who shall fail or refuse to f pay any tax due hereunder may be punished '' by a fine not exceeding Three Hundred Dollars (5300.00) or imprisonment for- a period of not morn than ninety (90) days, or botH such fine and Imprisonment.- e. Any remedies provided far herein shall be cumulative and not excwslve and shall be In addition to any other remedies prgvlded 6y IoW. s£cTiON )2. Review. Tne Town Manger shall prepare a report of the receipts from the Land Transfer Tax, expenditures made in the preceding fiscal Year, real properties purchased or {n fine .process of being purchased, a list of properties to bo purchased and ;he priorities of purchase (provided, however, the list of properties to 6e purchasod and the prioritiesthereof shall be confidential to the Tgwn Caunclt), and the prdjected revenue and expentllturesfar tHo next fiscal year. Such -eport snail be. submitted to the Council two weeks prior to the submission of the budget as required 6y Section 9,3 of the Charter of the Town of Vail. SECTION 13. Referendum. This ardlnanco shall be subm Itted to the qualified electors of the Town of Va€I of a special election to be held on rho 1h day of April, 1978. The question to be submitted to the electors shall be: to favor of the Real Estate Transfer Tax not to exceed 1 percent,. Against the Real Estate Transfer Tax. If a majority of the qualified alettor5 eating on this ordlnanca vote in favor, It shall be effective upon certifltatfan of iHo election results. If a majorityot the qualified electors voting on this ordinance vote in favor, the 1 percent Real Estate Transfer Tax may not be increased without fne apAroval of the qualified electors of the Town, provided, However, all other terms, clauses, phrases, antl paragraphs of this ordinance m_ ay be amended by ordinance of_ I the Town Cduncif' without submitfirig the I same Ta tno electors. SECTION t4. Severablifty. If any provision, clause, phrase or section of this ordlnanca or the application thereof to any person or circumstance is held invalid, such invalidity shall Hat affect other provisions, clauses, phrases or sections or applfcatlons of the ordinance which can be given effect without the invalid provisions or appl€catlans and to this end the provisions or appncatlons of this ordinance era declared to be srverable. INTRODUCl;D, READ ON FiRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL, this 7th day of February, 1978. A pubdc hearfig shall be Held hereon on the 21st day of February, 1978, at iha regular meeting of the Town Council of the Town Of Vali, Colorado, in fne Municipal Building of the Town. TOWN OF VAIL Rodney E. sliler Mayor ATTE57: Colleen Kilns Town Clerk Publlsned in The Vail Troll on February 10, 1918. • ~~ i m ~ m O ~ i7' O ~ ~. Po w ~ ry ~ 7 ~ fii• e~p ~ ,. ~+ r.. yo R, O O m ~ G O~ .ti ~ Gy, m i n ~' 1 (7 ~• ~ n ~ ro m ~ as a+ ~ tp m 7 ~ m a' ~ ro A ~ ~ N ~ W m~ ~~~~ ~ .'7'~ ' . ' ~ ~ ~11 Q. ~ ti ~ as +w ;."t 'o ~. n ~,' w Ory • ~ .r~n ~ y e-r ~ `~ ~ m ~ ~. ~. m `~ ri rOy O ~ ro w G O• ~ o ~ O ~ A. ~ ro ~ ~ m ~. ~ d m em+ ro O ry G~ ~ N e~D 7 =~ m ~ a c~D ~ ~ ~ m by ~ ¢'~ ~ ~9 ~ A. 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KMs mx°_:`$~3~~~~•°N~°yOmm~m°~°~-'~~°f~ ~b~~~'cxo~ r t ..~ c. Any document, decree or agreement partltlonlnq, terminating or evidencing termination of a lolnt tenancy In real property except where eddiTlonel conslderalfon of value is paid In connection with such partition or termfnet[on. " d. The transfer of title or change of Interestln real property by reason of death, will or decree of distribution. e, Transfers made pursuant to buslnes5 organization, rearganlzallon, or restructuring Including but not limited to mergers or consolldatlons of corporations, or by a subsidiary to a parent corppralfon tar no consideration other than cancellation or surrender of the subsidiary's stock. 1. Transfers to make effecftve any plan confirmed or ordered 'by a court of competent iurlsdiction under the Bankruptcy, Act or In_an equity recetvershlp proceeding.. ' g. Any deed or conveyance made and delivered without consideration for the purpose of confirming, correcting, modifying or supplementing a transfer previously recorded; making minor boundary adlustments; removing clouds of }Ides; or granting easement, rights-of-way Or (itenaBa, ~ ~ . h. Any decree or order of a court of record quieting, determining or resting 1111 e, including a final order awarding title pursuant to a condemnailon proceeding. I. Any deed granting or.comeying title to cemetery lots. I. Any lease of any real property (or assignment or transfer of any interest In any such lease) provided the terms and condlllens of such lease da constitute a de facto conveyance of the subiect property. k. Any mineral deed or royalty deed. 1. Transfers to secure a debt or other obligation; er transfers of releases of property which Is security for a debt or other obi lgation. m. Any executory contract for the sale of real property, of less then three Years' duration, under which the vendee is entitled io or does fake possession thereof without acquiring title thereto, or any assignment or cancallatfgn of any such contract. ~'~~.~.-~AnY~'.daetl ar conveyance lllldar execution sale, or foreclosure sale under a 'power sale or court decree of .Ilea foreclosure, sheriff's deed, pdblic trustee deed ar treasurer's deed. o. Any deed or Conveyance that Is made pureuanito a valid and legally enforceable conlract far sale entered Into between the seller and purchaser prior fo the effecflve dafe of th]s ordinance and.the transaction 'closed and" the ' tleed or instrument of conveyance executed within 180 days from the affective date a} this artllnance, ;i~TION 6. Application for Exemption. a. In the evens any document which is exemptfram the Land Transfer Tax herein Imposed does not contain ianouage clearly ahowing Its exempt character, the grantor or grantee may apply for and obtain from the Town Manager, a Certlflcate of Exemption, which may ba affixed to such deed or instrument or transfer, The Certlllcate of Exemption shall be In substantially iris following form. EXEMPTION. FROM LAND TRANSFER TAX The underaipned, a5 grantor (grantee) of a deed or Enstromenl of conveyance from to -) (Heine of grantor and grantee), tlaled , hereby apply for exemption from iha payment of the Lend Transfer Tax, Impasetl ' by prtllnance Na. , Sgrles o} 197g, of the lawn of VaEI. The basis of such exemption is as fahows: (Stale briefly grounds for exemption, Including applita6le section and subdivision of Ordinance Na. ) I hereby csrtlfy under penalty of peryury that the forapoing statements era true and correct, ~ GrantororGrantae Csrtllteats o! tExsmptlan I hereby cerllfy that the above tleacrlbed transfer of tool property is Oxlmpt from the payment of Raelty Tranalsr Tax under Ordinance No, Serlea of 1978, Section , Town Manager b. Any person Whose claim of exemption duly applied for under the provisions of this section Is denied by the Town Manager may Immediately appeal to the Tawn Council for a determination of such exemption and such appeal shalt be conslderetl by'the Town Council within 30 tlays of receipt of the same. in the event of a determination by the Town Council favorable to tics appetlant, any amount previously deposltetl, ar so much thereof as may be allowed by the Town Manager, shalt be promptly refunded to the decision all inatomade by IthetTOwn Council within 3D days of the receipt thereof, the decision will be deemed favorable to the appellant. SECTION 7, Lands Affacfsd. When a document aubiect to the ordinance includes property located within the Tawn of Vall artd property located within another city or In Eagle County br other covntlea, the tax imposed under the authdrfty of this ordinance shall be computed on)y wish respect to property located within the Town of Veil, and the tax shell be assessed on that pall of the consideration fairly attributable to'-t)e'part''af such proparfsydoeatsp w(ihfn, The Town of Veil. SECTION B. Town Hangar to Hnforce. a. The Town Manager of the Town of Valk la charged with the sntorcament of the provlslona Of this ordinance End Is hereby authorized and empowered 10 prestrlbe, adopt and promulgate and enforce rules and regulations pertaining thereto. ' • b. At thetimeof any transfer upon whic~l a tax is imposed by this ordinance there shall be made a report to the Town Manager pn forms prescYibed by him, setting forth the true, complete and actual consitleraflon for the transfer, the names of the parties thereto, the location of the real estate transferred, and such other information as he may require. c. For the purpose of collet#lon of the taxes imposed by this ordinance, all banks, title companies, escrow companies, builtling and loan institutions, attorneys, real .estate agenclea, or other cloainp agents or, agenclea, permitted as such to do buslneti~ under the laws of the State of Colorado may collect the Land Transfer Tax and remit the same to the Town for and on behalf of the seller and buyer. SECTION 9, Application of Funds and Land Acquisition Advisory Committee, a. All funds received by the Town of Vail pursuant to this ordinance shall be deposited In the Land Transfer lax Fund, which fund Is hereby created. The Fund shalt be subiect to approprla on only far The purpose of acquiring land for one or mare of the following purpaooa: (a) parks;' tb) recreation; (c) ~ open space, and or (d) employee housing purposes, The employee housing may be tlaveloped by }he Tawn or other private parties under such restrl~tlons as may be Imposed by the Town. b, the Town Covncn shall appoint a Lend Aequfsltlon Advisory Committee to advlae and assist the Council In the use of the Lend Transfer Tax f=und. Any final decision shall . be made by the Town Council. c.. The Land Acqulsillon Advisory Committee shalt consist of flue membare who serve terms of two years each. The flrat committee shall consist of three membare appolntod to served until June 1, 1980, and twe members apppointed 1o serve unt11 Juna ~ 1, 1974. Upon the expirafidn of those terms, the Cauntll shelf appoint new members to larva for two years. A member of iha Lend Acqulelilvn Advisory Committee mny be raappatnted by the Tawn Council. d, Each member at the Land Acpulsltlon Advleory Commltteeahall file Wlih the Town Manager a dlsctesure statement which ' speclile6 a descrlptlon of any interest In real property being considered for acquisltlon and upon which the Committee must advise the Town Council, held by the member, the member's spouse, or minor children. "Intersat" as used herein obeli Include direct end Indirect Interests, agencies, ar full or partial Interests. The member shalt keep the tltsclosure statement currant and up 1o date with supplements filed as may be ndcessary. No member may vote or -take part in the debate as a member on any recommendation that is to be forwarded to the Town council with respect to a parcel of property In which the member, the membeY'a spouse ar minor children have an Interest as above provided. e. Meetings of the Lend Acquisition Advisory Committee may txf called by the Chairman thereof, the Mayor of iha Town •or the Tawn Manager. SECTION lg, Due Oates, Delinquencies, Penalties, Interest. The tax Imposed under this ordnance is due and payable at the time the deed, instrument or writing affecting a transfer subject To the tax is delivered, and is delinquent If unpaid within thirty days thereafter. fn the event that the tax is not paid prior to becoming delinquent, a delinquency penalty of ten percent l10 percent) of iha amount of tax tlue shall accrue. 'In the event a portion of the tax is unpaid prior to becoming delinquent, the penalty shall only accrue as to the portion remaining unpaid, Interest shall accrue at the rata of one percent (1 percent) per month, or Traction thereof, on the amount of tax, exclusive Of psnaltiss, from the data the tax becomes delinquent to iha date of payment. Interest end penalty aecruetl shall become part of iha tax. SECTION 11, Lien. e. The amount of the Land Transfer Tax Imposed by thla oldlnsnte, and penalty and Interest duo thereon, la hereby atMSaed against the property transferred, and if not paid when due, ouch tax penalty and intere}t, if any, shall constitute a Iles on the property for iha amount thereof, which IEen shell continua uMtl the amount thereof la paid or until ,its discherp~ of record` by toraclgsura or otherwlae.:;•,y ` b, 111he tax fa unpaid and delinquent, iha Tawn, Manager shall:. glue ' written notification fo the buYe* at the address shown On the deed or instrument, Or tell last known address, and the seller a1 his lest known address. of Bald delinquency. Sold notlflcation sheN be melletl certified or registered mail, postage prepaid, return receipt requested, and shall 6e effective on the date of mailing. If the tax, penalty and interest ere sot paid within thirty days of iha effecflve date of this notification, the Town Manger shall mark the same delinquent on. iha Town's tax roll end shad, at least once each calendar veer, but not sooner that the first day of December cattily such delinquencies, along with ~he Interest and penalty, to iha Treasurer of Eagle County, Colorado; and the Counts Treasurer ahal! extend such dellnquencles upon the real property tax rails of the County and collect the same in iha same manner as delinquent ,general taxes levied upon ouch property. Upon tertifigatlon of the deNnquent taxes, iha penaitles and interest thereon shall also become due end payable. o. Tne emoum of the tax, penalty and [nterestlmpoaed Vnderthe provisions ofthis grdfnante shell be deemed a debt td the Tqwn, Any person owing money to the Town under the provlslona of this ordinance shall be liable to an action brought En She name of the Town for the recovery of ouch amount. d. Any person who shall fail or refuse to pay any tax due hereunder may be punished 6y a tine no} exceeding Three Hundred Oo11an (S3ag.alt! or Imprisonment for a period of not more than ninety 196) days, or bath such line and Imprlwnmant. e. Any remedies provided for herein shall be cumulative and not exclusive and shat l be In addition 1o any other comedies provided by law. - ~ SECTION 1~. ~Reviaw; The Town Manger shall prepare a report of the receipts from the Land Tranafar Tax, expenditures made In the preceding fiscal year, real properties purchased ar In the process of being purchased, a lint of properties to be purchased and iha prkfritles Of purchase Iproylded, however, }he Ilst of properties To be purchased and iha prlorltle5 thereat shall be conlidentiallo The Town Council), and the protected revenue atltl expenditures for the next fiscal year. Such report shall be submitted tp the Council two weeks prior to the submission of the budget as required by Section 9.7 of the Charter of the Town of Valt. SECTION 13. Referendum. This ordinance shalt ba submitted tp the quaff}fed electors of the Town of Vall at a spatial election to be held on iha nth tlay of April, 1918, The q~ueatlon to b'e submitted to the electors shall 1n favor of the Real Estate Transfer Tax n0t tp exceed one h) portent. Against the Real Estate Transfer lax, Ef a ma)orlty of The qualified electors voting on this ordinance vote in favor, If shall be eFlectlve upon certlticatlon of the election results, If a malvrity of the qualified electors voting on this ordinance vote In favor, the 1 percent Real Estate Transfer Tax may not be Increased without the approval of the qualified electors of the Town, provided, however, all o}har terms, clauses, phrases, and paragraphs of this ordinance may be amended by ordinance of the Tawn Council without submitting the same to the electors. SHCTION 14. Severability. df any provlaion, clause, phrase or section pl this ordinance or the applltation thereof to any person or circumstance Is held Invalid, Suc Invalltllty shall not affect other provisla , Clauses, phrases or sections ar appticatl is of the ordinance which can be given effect without the Invalid provlslona or applications and to this end the provisions or applications of this ordinance are declared to be severable, INTRODUCED, READ ON FIRST REAPING, APPROVED, AND ORDERED PUBLISHED DNCE IN FULL, this 7th day of February, 1918, A publEc hearing shall be hold hereon on the 21st day of February, i97B, at the regular meeting of the Tawn Council of the Town of VaIE, Colorado, In the Municipal Building of the Town. TOWN OF VAIL Rodney E, oilier ATTEST; Mayor Colleen Kline ' Town Clerk Pvbllahad in The Vall 7rpil on February 1g, 197`. fNTRODUCEO, R£Ap, ADOPTED AND ENACTED ON SECONp READING AND DRDEREO PUBLISHER DNCE IN FULL this 21st day of February, 1978. " TOWN DF VAIL Rodney E. Slifer Mayor ATTEST: Colleen M. Kline , Town Clerk