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HomeMy WebLinkAbout1992-03 Opposing the Enactment of Senante Bill 101 in the Colorado General Assemblyw r ~ ~ RESOLUTION N0.3 SERIES OF 1992 A RESOLUTION OPPOSING THE ENAGTMENT OF SENATE BELL 101 IN THE COLORADO GENERAL ASSEMBLY WHEREAS, the Town of Vail recognizes that second home condominium rental units are vital to the economy and the viability of Colorado's resort communities; and WHEREAS, continued condominium development is important to Colorado's economy; and WHEREAS, Colorado's year-round tourism industry is dependent on an available bed base; and WHEREAS, any change in the tax classification of second home condominium units will affect not only their sale and hence the resort real estate market, but also their availability as rental units; and WHEREAS, a reduction in the condominium real estate market and rental opportunities would negafi~ely impact sales tax revenues; and WHEREAS, for both focal and state government, current Colorado iaw with regard to condominium classification is in keeping with condominium law in other states and has served to stimulate condominium and resort deveiopment. NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado: 1. The Town Council is opposed to any attempt to reclassify second home condominiums as commercial property. 2. This resolution shad take effect immediately upon its passage. INTRODUCED, READ, APPROVE©, AND ADOPTED this 4th day of February, 1992. J Margaret A. Osterfoss, Mayer ATTEST: Pamela A. Brandmeyer, flown Cierk C:IRESOLU92.3