| | | | | | | | VAIL TOWN COUNCIL AGENDA MEMO
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| | | | | | | | ITEM/TOPIC: East Vail Parcel – Public Discussion of a Draft Term Sheet for Review and Consideration.
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| | | | | | | | PRESENTER(S): George Ruther, Housing Director
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| | | | | | | | ACTION REQUESTED OF COUNCIL: Following review and discussion of the term sheet, the Vail Town Council is being asked to provide direction on this action item to the Town Attorney/Town Manager.
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| | | | | | | | | BACKGROUND: The purpose of this action item is to present the terms under consideration by the Vail Town Council to acquire at least 40 resident-occupied, deed-restrictions in a potential East Vail Parcel development expected to be proposed by Triumph Development. The outcome of the Town’s potential participation would result in a 100% deed-restricted development of approximately 130 to 140, one and two bedroom, for-rent homes for Vail residents.
The purpose of this action item is not to discuss the merits of a potential development review application for development on the East Vail Parcel. The review of a development application, if or when submitted, will occur during the course of the development review process with the Town of Vail Planning & Environmental Commission.
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| | | | | | | | STAFF RECOMMENDATION: The Town of Vail staff recommends the Vail Town Council engages in a public discussion specific only to the proposed terms of a potential development agreement with Triumph Development to acquire at least 40 resident-occupied, deed-restrictions on the East Vail Parcel, if a development plan is approved by the Town of Vail Planning & Environmental Commission.
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