| | | | | | | | VAIL TOWN COUNCIL AGENDA MEMO
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| | | | | | | | ITEM/TOPIC: Resolution No. 38, Series of 2018, Resolution of the Vail Town Council directing the Town Manager to execute the purchase agreement with West Edwards Apartments, L.L.C. to acquire a total of 23 resident-occupied deed-restrictions at the 6 West Apartments, located in Edwards, Colorado
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| | | | | | | | PRESENTER(S): George Ruther, Housing Director, Matt Mire, Town Attorney
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| | | | | | | | ACTION REQUESTED OF COUNCIL: Motion on Resolution No. 38 to approve, modify or deny the resolution.
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| | | | | | | | BACKGROUND: A public/public/private partnership (P4) was forged to create this regional housing opportunity. The Vail Town Council, Eagle County Commissioners, and Gore Creek Partners, L.L.C. collaborated extensively on this deed restriction acquisition in response to the growing need for housing within the Eagle River Valley. If approved, the Town of Vail will acquire a total of 23 deed-restrictions, Eagle County a total of 13 deed restrictions, and Gore Creek Partners, L.L.C. will manage the leasing of the 36 homes as well as verify compliance with the terms of the deed-restriction, annually. As a result of this partnership, It is likely more than 75 Eagle County residents and their families will directly benefit as a result of this “first of its kind” partnership.
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