HomeMy WebLinkAbout1979-07-31 Town Council Minutes.10
VAIL TOWN COUNCIL
Special Meeting
July 31, 1979
MEMBERS PRESENT: Mayor Rod Slifer
John Donovan
Scott Hopman
Paula Palmateer
Tom Steinberg
Bill Wilto
OTHERS: Larry Rider, Town Attorney
The Town Council convened in a Special Meeting at 2:00 P.M. on
Tuesday, July 31, 1979 in the Council Chambers of the Towrr of Vail
Municipal Building to adopt Ordinance No. 31, Series of 1979, first
reading. This is to authorize the issuance and sale of $12,800,000.00
in single family mortgage revenue bonds, Series of 1979, for the Pitkin
Creek Project.
Larry Rider.explained that there were two items that the Council
was to discuss: one was a resolution and the second item was the ordinance.
It was noted that these were the last two items to be dealt with in
the arrangement between the Town of Vail, Pitkin Creek and the various
other entities for sale and maintenance of the industrial revenue bonds.
The resolution deals with the sale of the bonds, defines what a qualified
purchaser is and determines how and when the property can be resold as
well as the various responsibilities of the individual parties, including
the Town of Vail at the time of resale. Garth Grisson and Jay Peterson,
representing Pitkin Creek, gave a more detailed description of the
resolution. Other items that were discussed were proposed landscaping
plans, condominium declarations and the. Town's obligations under the
resolution for resales. Garth Grisson then outlined some changes that
were requested from the "servicer" that did not appear on the
Council's copy of the resolution but would appear on the closing documents.
Chuck Anderson, Pitkin Creek, gave the Council some of the financial
details.relating to the bonds. As there was no further discussion, Paula
Palmateer made a motion to approve the resolution as amended; seconded
by John Donovan. The motion also included an amendment made by John
Donovan on Page 7 dealing with time limits. A unanimous vote was recorded
in favor of the motion.
Ordinance No. 31, Series of 1979, an emergency ordinance, first reading.
Bill Wilto expressed his concern about the "income" limitations and Jay
Peterson addressed this. Slifer then read the "title" into the record.
Scott Hopman made a motion for approval; seconded by Tom Steinberg. A
unanimous vote was recorded.
As there was no other business, the Special Meeting was adjourned.
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