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HomeMy WebLinkAbout1999-15 Approving and Adopting the IGA to Develop a Sixteen Acre Affordable Housing Project Located on the Berry Creek 5th PropertyRESOLUTION NO. 15 SERIES OF 1999 A RESOLUTION APPROVING AND ADOPTING THE TOWN OF VAIL/EAGLE COUNTY INTERGOVERNMENTAL AGREEMENT TO DEVELOP A SIXTEEN ACRE AFFORDABLE HOUSING PROJECT LOCATED ON THE BERRY CREEK 5TH PROPERTY. WHEREAS, the Town of Vail and Eagle County wish to be equal partners in the development of affordable housing located on the Berry Creek 5t NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado: 1. The Vail Town Council approves and directs to the Town Manager to execute the Town of Vail/Eagle County Intergovernmental Agreement to Develop a Sixteen Acre Affordable Housing Project Located on the Berry Creek 5th Property, as attached hereto as Exhibit A. 2. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 3&day of November, 1999. Robert E. Ford, Mayor ATTEST: onaldson, Town Clerk C:IRESOLU99.1 5 INTERGOVERNMENTAL AGREEMENT This Intergovernmental Agreement ("Agreement") is made and entered into thisi6t4 flay of October, 1999, between EAGLE COUNTY (the "County") and TOWN OF VAIL, COLORADO ("Town"), collectively referred to as ("Parties"). WHEREAS, the County is the coordinating entity and developer of an affordable housing project located on the Berry Creek 5th Filing to be used primarily for the benefit of employees in the Eagle County region ("Project"); and WHEREAS, the Town wishes to participate in the Project, and is willing to pay fifty percent (50%) of the development cost of the Project; and WHEREAS, the Town believes the development would benefit by the County insuring the housing may be developed in a timely manner; and WHEREAS, the County and Town have both determined that the provision of housing for the benefit of local employees is an appropriate, necessary and valid public purpose. NOW, THEREFORE, in consideration of the terms and conditions of this Agreement, the sufficiency of which is mutually acknowledged, Parties agree as follows: 1. Contribution of Property. a. The County shall provide what has been previously identified as Parcel 2, as described in the IGA entered into with the Eagle County Recreation Authority and the RE50J School District, for development of the employee housing project. 2. The Proiect. The Town and the County shall work together to design the Project to be located on Parcel 2, and to determine whether the units shall be for sale units, rental units or some combination of for sale and rental units. The Town and the County shall likewise in cooperation select the appropriate means for financing, construction, marketing, and management of the Project. The Town and the County shall each be entitled to designate the rules for the sale or rental of fifty percent (50%) ofthe units. These rules shall be consistent with the agreed financing and marketing plans. 3. Joint Participation of the Affordable Housing Effort. Each party is a co -applicant in the development of the land. a. As co -applicants, each party shall co-sign the Eagle County applications for development review. The County shall serve as the lead agency. b. Upon approval of the Project and prior to the issuance of building permits, the County and Town shall provide construction financing for the Project or shall make interim cash contributions to cover construction costs or shall make other provisions for the construction financing, such as requiring the developer to provide it. The funds shall cover all construction costs and shall be provided by each party on an equal basis. Costs associated with the construction phase shall include, but not be limited to, permit and tap fees, excavation, building materials, site work, landscaping, change orders, labor, etc. Nothing in this Agreement shall be construed to create a multiple fiscal year obligation, and all financial commitments contained herein shall be subject to annual appropriation. IN WITNESS WHEREOF, Parties have caused this Agreement to be executed as of the day and year first above written. ATTEST: 2A_ /ion Clerk to the Bo of County Commissioners B COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Johnnette Phillips Chairman TOWN OF VAIL By Town Manager STATE OF COLORADO COUNTY OF EAGLE ss. The foregoing Inter overnmental Agreement was acknowledged before me this Zwulay of October, 1999, blJ., d,a se..1, as Town Manager of the town of Vail, Colorado. Witness my hand and official seal. My commission expires nlrlclberry.iga otaryblic