| | | | | | | | VAIL TOWN COUNCIL AGENDA MEMO
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| | | | | | | | ITEM/TOPIC: Ordinance No.1, Series of 2019, An Ordinance Authorizing the Sale of Certain Real Property in the Chamonix Vail Development to STK, LLC for $875,000
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| | | | | | | | PRESENTER(S): George Ruther, Housing Director
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| | | | | | | | ACTION REQUESTED OF COUNCIL: Approve, approve with modifications, or deny Ordinance No. 1, Series of 2019 upon first reading
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| | | | | | | | | BACKGROUND: In 2017, the Vail Town Council authorized the development of the Chamonix Vail Neighborhood in West Vail. Upon doing so, to maintain affordability of construction, a portion of the development site was reserved for future residential development. That portion of the site is legally described as Parcel D, of the Chamonix Vail Community plat.
Upon completion of a real estate appraisal, the Vail Town Council authorized the town staff to submit the appropriate development application for review to facilitate the creation of Parcel E in preparation for a future sale. Parcel E is comprised of Parcel D and a small portion of Parcel A.
A determination was made that it is more cost effective for the town to sell the property rather than attempting to build affordably on the site. The terms of the sale, however, do require the future development of at least one deed-restricted homes on the site.
The Town of Vail has received a contract to purchase the property which includes a full price offer, and all other terms required by the Vail Town Council.
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