HomeMy WebLinkAbout1992-10 Amending Sections 3.48.040 and 3.48.090 of the Vail Municipal Code to Provide that the Real Estate Transfer Tax may be Used for the Acquisition, Improvement, and Maintenance of Real Property within the Town Limits"'"~' ~ • •
ORDINANCE NO. 10
SERIES 1992
AN ORDINANCE AMENDING 5ECTIONS 3.48.040 AND 3.48A90
OF THE VAIL MUNfCIPAL CODE OF TI•IE TOWN OF VAIL
TO PROVIDE THAT THE REAL ESTATE TRANSFER 'TAX MAY 8E USED FOR
THE ACQUISITION, IMPROVEMENT, AND MAINTENANCE OF REAL PROPERTY
WITHIN THE LIMITS OF THE TOWN OR WITHIN A MILE OF THE TOWN BOUNDARIES;
PROVIDING MORE SPECIFICITY AS TO WHAT THE FUNDS RECEIVED BY THE TOWN
PURSUANT T4 THE REAL ESTATE TRANSFER TAX CAN l~E USED FOR;
AND SETTING FORTH DETAILS IN REGARD THERETO.
WHEREAS, the Town Council wishes to amend the land trans#er tax to provide that land
transfer tax funds can be utilized far the acquisition and improvement of real property not only
within the Town, but also within one mile of the Town boundaries; and
WHEREAS, the Town Council also wishes to provide more specific guidelines for the use
of the land transfer tax.
NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail, Colorado:
1. Section 3.48A40{B} of the Municipal Code of the Town of Vail is hereby amended
to read as #ollows:
Section 3.48.04pEB)
Where the consideration shall exceed $604.00 (five hundred dollars), the land transfer tax
payable shall be t % (one percent} of the consideration, the proceeds of which tax shall be
earmarked for the purposes set for#h in Section 3.48.090(A} of this Chapter. No increase in the
1 °!a (one percent} tax established by this paragraph shall be levied after the passage of the
effective date of this paragraph, until such tax rate increase shall have been approved by a
majority of the registered electors voting at a regular or special election.
2. Section 3.48.090{A} of the Municipal Gode of the Town of Vail is hereby amended
to read as follows:
Section 3.48.090{A)
All funds received by the Town pursuant to this chapter shall be deposited in the land
transfer tax fund, which fund is hereby created. The fund shall be subject to appropriation for
only the fallowing purposes within the Town of Vail or within one mile of the boundaries of the
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Town of Vail:
a} Acquiring, improving, maintaining, and repairing real property fior parks, recreation,
open space and similar purposes;
b) The construction, maintenance, and repair of buildings which are incidental to park,
recreation, and open space land;
c) Landscaping parks and open space;
d) The construction, maintenance, repair, and landscaping of recreation paths set
forth in the Town of Vail Recreation Traits plan as it may be amended by the Tawn Council from
time to time;
e) Paying incidental costs and principle of and interest on any funds borrowed for the
purposes set forth in Section 3.~48.090(A}.
3. If any part, section, subsection, sentence, clause ar phrase of this ordinance is for
any reason held to be invalid, such decision shall not affect the validity of the remaining portions
of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and
each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any
one or mare parts, sections, subsections, sentences, clauses or phrases be declared invalid.
4. The Town Council hereby finds, determines, and declares that this ordinance is
necessary and proper for the health, safety, and welfare of the Tawn of Vail and the inhabitants
thereof.
5. The repeal or the repeal and reenactment of any provision of the Municipal Cade
of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any
duty imposed, any violation that occurred prior to the effective date hereof, any prosecution
commenced, nor any other action or proceedings as commenced under or by virtue of the
provision repealed or repealed and reenacted. The repeat of any provision hereby shall not
revive any provision or any ordinance previously repealed or superseded unless expressly s#ated
herein.
8. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent
herewith are repealed to the extent only of such inconsistency. This repealer shall not be
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construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore
repealed.
INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN 1=ULL ON
FIRST READING this 6th day of October, 1992, and a public hearing shall be held an this
Ordinance on the 20th day of October, 1992, at 7:30 p.m. in the Council Chambers of the Vail
Municipal Building, Vail, Colorado.
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Marga~t~' A. Osterfoss, Mayo
ATTEST:
~~t.a. ~.
Martha S. Raecker, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
in full this 20th day of October, 1992.
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Margafet A. Osterfoss, Mayor
ATTEST:
~~ ~. h'Aecku.~
Martha S. Raecker, Town Clerk
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