HomeMy WebLinkAbout2024-03 A Resolution Approving a Mutual Release of Restrictive Covenant Amended and Restated Development Agreement between the Town of Vail and Luis A. Rodriguez and Claudia StuveResolution No. 3, Series of 2024
RESOLUTION NO. 3
SERIES OF 2024
A RESOLUTION APPROVING A MUTUAL RELEASE OF RESTRICTIVE COVENANT
AMENDED AND RESTATED DEVELOPMENT AGREEMENT BETWEEN THE TOWN
OF VAIL AND LUIS A. RODRIGUEZ AND CLAUDIA STUVE; AND SETTING FORTH
DETAILS IN REGARD THERETO.
WHEREAS, the Town of Vail (the “Town”), in the County of Eagle and State of
Colorado is a home rule municipal corporation duly organized and existing under the laws
of the State of Colorado and the Town Charter (the “Charter”);
WHEREAS, the members of the Town Council of the Town (the “Council”) have
been duly elected and qualified;
WHEREAS, Luis A. Rodriguez and Claudia Stuve (the “Releasee”) are the owners
of that certain property (“the Property”) located within the Town of Vail, Eagle County,
Colorado, with a physical address of 1779 Sierra Trail, Unit B, Vail, Colorado 81657;
WHEREAS, a restrictive covenant (“Restrictive Covenant”) was recorded against
the Property for the sole purpose of creating an employee housing unit within the Town
of Vail as provided in Chapter 12-13, Vail Town Code;
WHEREAS, said Restrictive Covenant was recorded against the Property in the
records of the Clerk and Recorder of Eagle County, Colorado on July 21, 1997 at
Reception No. 628410.
WHEREAS, The Town is the beneficiary of said Restrictive Covenant; and
WHEREAS, Releasee and the Town, pursuant to Section 12-13-5 of the Vail
Town Code, wish to mutually release the Restrictive Covenant in exchange for a payment
in lieu fee of $375,000.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail,
Colorado:
Section 1. The Council hereby approves the Mutual Release of Restrictive
Covenant and authorizes the Town Manager to execute the Mutual Release of
Restrictive Covenant Agreement on behalf of the Town in substantially the same
form as attached hereto as Exhibit A and in a form approved by the Town Attorney.