HomeMy WebLinkAbout2007-23 Adopting the Development Improvement Agreement with Open Hospital/Hillwood Capital Partners dated September 6, 2007RESOLUTION N0.23
Series of 2007
A RESOLUTION APPROVING THE DEVELOPMENT IMPROVEMENT AGREEMENT
BETWEEN THE TOWN OF VAIL AND OPEN HOSPITALITY/HILLWOOD CAPITAL
PARTNERS, DATED AS OF SEPTEMBER 6, 2007; 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"); and
WHEREAS, the members of the Town Council of the Town (the "Council") have been
duly elected and qualified; and
WHEREAS, After nearly six months of negotiation, the Town and aTexas-based
development group, Open Hospitality/Hiliwood Capital Partners, dba OHP Vail One, LLC ("OHP")
have completed a proposed Development Improvement Agreement (the "Agreement') for the
redevelopment of the LionsHead parking structure; and
WHEREAS, The negotiation described above was preceded by a year long competitive
review process which included redevelopment proposals submitted by two developers, and
resulted in the selection of OHP by the Council; and
WHEREAS, OHP has proposed a $600 million mixed-use development on the site to
include two hotels, residences, commercial space, a conference center, additional public parking,
a transit center, a new visitor information center and other community amenities; and
WHEREAS, Town staff and consultants, along with representatives from OHP, held a
community meeting on September 10, 2007, to review with the public the details of the
Agreement; and
WHEREAS, the Council considers it in the interest of the public health, safety and welfare
to approve the Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO THAT:
Section 1.The Development Improvement Agreement by and between the Town of Vail and
OHP Vail One, LLC, dated September 6, 2007, is hereby approved by the Council.
Section 2.The Town Manager is hereby authorized to execute and deliver the Agreement
on behalf of the Town.
Section 3.This Resolution 23 shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town
Council of the Town of Vail held this 18'h day of Septem~r, 2007.
Rodney I~~SliferY
Mayor of the Town of Vail
A
relei onaldson,L.,~
Tow lerk
SSA J
Resolution No. 23, Series 2007 1 s
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