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Home My WebLink About1998-02 IGA with ERWSDRESOLUTION N0.2 SERIES OF I998 A RESOLUTION ADOPTING THE INTERGOVERNMENTAL AGREEMEN x' BETWEEN THE TOWN OF VAIL AND EAGLE RIVER WATER & SANITATION DISTRICT, WHEREAS, the Town of Vail and Eagle River Water & Sanitation District previously entered into an Intergovernmental Agreement providing for a partnership to construct affordable housing within the Town of Vail; and WHEREAS, that Agreement was based upon the Eagle River Water & Sanitation District taking the lead as the developer of the project and; WHEREAS, since that time is has been agreed by the parties that the Town of Vail will assume the role as the coordinating entity and developer of the proposed multi-unit housing project; and WHEREAS, the Town Council provided direction to the Town Manager on December 9, 1997, with its authorization to proceed with executing such an Intergovernmental Agreement. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Vail, Colorado, that: I . The Town Council hereby adopts the executed Intergovernmental Agreement with Eagle River Water & Sanitation District as attached hereto as Exhibit A. 2. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED 's 6th day , 1998. Robert E. Ford, Mayor ATTEST: i[1ttOrtt~1ririrrr irrj ore i Donaldson, Town Clerk - ~ ~ ~ 1~+ J,,,'i~,CC DO `\\~rr LflRA ..~~ Resalulion No. 2, Series of 1998 INTERGOVERNMENTAL AGREEMENT This Intergovernmental Agreement {"Agreement") is made and entered this ~~~~th day of December, 1997, between EAGLE RIVER WATER & SANITATION DISTRICT ("ERWSD") and TOWN OF VAIL, COLORADO ("Town"), collectively referred to as "Parties". WHEREAS, Town is the coordinating entity and developer of a proposed multi-unit housing project to be used primarily for the benefit of employees in the Eagle County region Project"); and WHEREAS, ERWSD wishes to participate in the Project, and is willing to contribute two parcels of property toward the Project; and WHEREAS, ERWSD and the Town believe the development would benefit by maximizing the number of housing units that could be made available; and WHEREAS, ERWSD and Town have both determined that the provision of housing for the benefit of Iocal 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: Contribution of Pronertv. a. Town shall diligently pursue the acquisition of a parcel of real property presently owned by USFS, and more particularly described on Exhibit A which is attached and incorporated by this reference ("Town Property"). This Agreement is expressly contingent upon Town's acquisition of the Town Property from USFS. b. ERWSD is presently the owner of 2 parcels of property which are more particularly described on Exhibit B and shall be contributed to the project. 2. joint Participation and the Affordable Housing Effort. Each parry is a co-applicant in the development of the Iand, each shall contribute the land held by the ERWSD and the Town toward the project and shall take title to the forthcoming dwelling units in accordance to the following general guidelines: f leveryone~Andy\97_adminlervvsd.nl ] Exhibit A a. As co-applicants, each party shall co-sign the Town of Vail applications for development review (i.e. Special Development District Amendment and Design Review applications). The Tawn, as the lead agency, will bear all initial costs associated with the design, planning and development review of the project. b. Upon approval of the project and prior to the issuance of building permits, the ERWSD and Town shall provide construction financing for the project ar shall make interim cash contributions to cover construction costs or shall make other provisions far 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 based on the pro-rata share of the square footage of the floor area of units to be ultimately owned by each party. 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. c. Upon completion of the project as evidenced by the issuance of Temporary Certificates of Occupancy, and prior to any individual sales of units, each party shall dedicate the land each owns to a homeowner's association to be created during the construction phase of the development. d. Upon completion of the project and after the establishment of a homeowner's association, each entity shall take title to its share of units, which it will then sell or lease to its employees. The units shall be distributed as follows: 1-- TOV: Six units. 2-- ERWSD: The balance of the development, likely to be 12 units. 3-- If ERWSD does not sell or lease its share of the units to its employees, the Town may then purchase the balance to sell or lease to its employees. 4-- Remaining units shall be made available to the general public through a system similar to the system used to select buyers for the Vail Commons Development. e. Each party shall have first right of refusal on any unit resale included in the initial distribution per paragraphs d-1 and d-2. Each party shall have second right of refusal on any unit sale not exercised by the other party. f The ERWSD and Town will establish and implement a maximum cap on appreciation for resales in order to ensure the long term affordability of the local employee housing units. All units shall have a deed restriction fleveryanelAndy197 adminlenvsd.nll consistent with the restrictions attached as Exhibit C (i.e. "Vail C unans" deed restrictions.) Such restrictions, in addition to being incluc' ~n each deed of conveyance, shall be incorporated into the condonuni' declarations. Withdraw of Participation. The Town of Vail will issue requests for proposals frorn which they will select a design team that will also be responsible for building the project. Once the design team is selected they will determine cost estimates which will be considered prior-to entering into a contract with that design team to move forward on the project. Up to the time of accepting the proposal of the design team, either parry to this agreement can withdraw from the project and conclude their participation. Once each parry has reviewed the proposed casts and a contract has been entered into with a guaranteed maximum price as part of the Design Built Contract, each party is thereby bound to continue their participation and can no longer withdraw from the Project. fleveryonelAndy197_adminlenusd.nl ! WITNESS WHEREOF Parties have caused this Agreement to be executed as of the day and year first above written. EAGLE RIVER WATER & SANITATION DISTRICT Dennis Gelvin, General Manager ATTEST: STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing Intergovernmental Agreement was aclmowledged before me this /CV th day of ~ cr; ~ ~~ /'~ ; ~ ~~ , 19 i ` i , by Dennis Gelvin, as General Manager of the Eagle River Water & Sanitation District. Witness my hand and official seal, L'y, `'~.. Notary PublisY r. My commission expires: ~ ~~G~ ~~ c n ~: fleveryonelAndy197_adminlenvsd,n I 1 Q' i, TO OF VAII. B ~~` G V Robert W. McLaurin,~'~'own Manager ATTEST: Lorelei U?inaldson, Town Clerk S`1'ATE ~~~' C'OLORADO ) ss. COUNTY OF EAGLE ) T'he foregoing ~ntergovemmental Agreement was acknowledged before me this • •? ~ ~- `day of ~ ..• ,.. f_~ : , 14 ` ~' ~ ~ , by Robert W. McLaurin, as Town Manager, of the Town of Vail, Colorado. Wirness my hand and official seal. s i Notary Public My corrLrnission expires: f levcryonalAndy197_adminlenvsd.n 11 F•,rr~ ~. ~hfri vFi4 ~:~:a.ry f ~!!_7!i~ iviy ~..Jfi'~~Ti,Sii:1f~ ~~Iroc 6-1?-193°