| | | | | | | | VAIL TOWN COUNCIL AGENDA MEMO
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| | | | | | | | ITEM/TOPIC: Resolution No. 35, Series of 2017, A Resolution Approving a Development Agreement Between the Town of Vail, The Vail Local Housing Authority and Sonnenalp Properties, Inc.
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| | | | | | | | PRESENTER(S): George Ruther, Director of Community Development
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| | | | | | | | ACTION REQUESTED OF COUNCIL: Approve, Approve with Conditions or Deny Resolution No. 35, Series of 2017.
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| | | | | | | | BACKGROUND: Sonnenalp Properties Inc. owns real property within town limits with a physical address of 501 N. Frontage Rd. W. The owner wishes to develop deed restriction property for employee housing which will consist of 65 residential dwelling units within one building, parking and walkway improvements as well as renewable energy options. In exchange for the Deed Restriction, the Town shall pay the Developer $4,225,000 (the "Town Contribution"). The Town Contribution is based on a per Unit price of $65,000 (for 65 Units).
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