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HomeMy WebLinkAbout2020-14 Release of Middle Creek Housing Deposit to Caughlin and Co Resolution No.14, Series of 2020 RESOLUTION NO. 14 Series of 2020 A RESOLUTION AUTHORIZING THE RELEASE OF SECURITY DEPOSIT FOR MIDDLE CREEK VILLAGE TO COUGHLIN AND COMPANY, INC. WHEREAS, the Town, through the Vail Local Housing Authority (the “VLHA”), as ‘Special Agent’, is party to a certain land lease agreement with Coughlin and Company, Inc. (“Coughlin”) dated January 15, 2002 (the “Lease”), for the development and operation of Middle Creek Village (“Middle Creek”), a multi-family, deed restricted rental development on the leased property as well as child education center; WHEREAS, pursuant to Section 18(6)(a) of the Lease, Coughlin was required to provide, and the VLHA was ‘entitled’ to hold, a security deposit in the amount of $340,000; WHEREAS, based upon the recent Covid-19 global pandemic, the Town Council finds that it is in the best interest of parties to release the Middle Creek security deposit in its entirety to Coughlin; and WHEREAS, the release of the security deposit is intended to provide immediate rental relief to individual resident tenants of Middle Creek; corporate tenants (master leased units) are not eligible. NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1. The Town Council hereby authorizes the VLHA to release the Middle Creek security deposit in the amount of $340,000 to Coughlin. Section 2. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a meeting of the Town Council of the Town of Vail held this 31st day of March 2020. _________________________ Dave Chapin, Town Mayor ATTEST: _____________________________ Tammy Nagel, Town Clerk 75 South Frontage Road West Housing Department Vail, Colorado 81657 970.479.2150 vailgov.com April 1, 2020 Mr. Mike Coughlin Coughlin & Company 140 East 19th Avenue, Suite #700 Denver, Colorado, 80203 Dear Mr. Coughlin: Please find enclosed a check for three hundred forty thousand dollars ($340,000.00), which represents the security deposit you were required to provide to the Vail Local Housing Authority (the “VLHA”) pursuant to the Land Lease between the VLHA, as Special Agent to the Town of Vail, and Coughlin and Company, Inc., dated January 15, 2002. By negotiating the enclosed check you hereby acknowledge and agree that the security deposit required by the above-refenced Land Lease has been returned to you in its entirety and you are entitled to receive no more funds held by the VLHA as a security deposit for Middle Creek at Vail. If you have any questions about this, or anything else, please do not hesitate to contact me. Very truly yours, Steve Lindstrom, Chair Vail Local Housing Authority VLHA Resolution No.9, Series of 2020 RESOLUTION NO. 9 Series of 2020 A RESOLUTION APPOVING THE RELEASE OF SECURITY DEPOSIT FOR MIDDLE CREEK VILLAGE TO COUGHLIN AND COMPANY, INC. WHEREAS, the Town of Vail and the Vail Local Housing Authority (the “VLHA”), as ‘Special Agent’ to the Town, are parties to a certain land lease agreement with Coughlin and Company, Inc. (“Coughlin”) dated January 15, 2002 (the “Lease”), for the development and operation of Middle Creek Village (“Middle Creek”), a multi-family, deed restricted rental development on the leased property as well as child education center; WHEREAS, pursuant to Section 18(6)(a) of the Lease, Coughlin was required to provide, and the VLHA was ‘entitled’ to hold, a security deposit in the amount of $340,000; and WHEREAS, based upon the recent Covid-19 global pandemic, the VLHA finds and therefore recommends that it is in the best interest of all parties to release the Middle Creek security deposit in its entirety to Coughlin. WHEREAS, the release of the security deposit is intended to provide immediate rental relief to tenants of Middle Creek Village. NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The VLHA hereby approves the release of the Middle Creek security deposit in the amount of $340,000 to Coughlin. Section 4. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED this 24 th day of March 2020. ___________________________ Steve Lindstrom, Chair Vail Local Housing Authority ATTEST: _____________________________ Secretary