VAIL — The Vail Town Council will be reviewing a proposed modification to the terms for redevelopment of the eastern portion of the Timber Ridge Village Apartments at its regular meeting Tuesday. The discussion follows an earlier approval of the terms and conditions by the Town Council on Aug. 19. Tuesday’s item, Resolution No. 24, Series of 2014, is listed ninth on the meeting agenda which begins at 6 p.m. in the Vail Town Council Chambers with opportunities for public comment.
Resolution No. 24, Series of 2014
The developer, Lion’s Ridge Apartment Homes, LLC, has asked to modify the agreement by removing a stipulation that was added during Town Council’s 5-2 approval on Aug. 19. The provision had included an option to allow the developer to purchase the land from the town within the next 10 years with a purchase price of $5 million or the land’s appraised value at the time — whichever is higher. In Resolution No. 24, Series of 2014, the appraisal provision has been removed.
All other terms and conditions are unchanged from the August approval. This includes a 50-year ground lease. If the option to purchase the property is not exercised by the developer, then the town would receive annual lease payments of $125,000 beginning in 2025 with a 12.5 percent increase every five years. No modifications have been made to the previously approved deed restriction requiring employee housing occupancy on the property.
The redevelopment project represents 5 acres and would include four three-story-tall buildings totaling 112 units with a mix of 84 two-bedroom apartments and 28 one-bedroom units. The developers have indicated the project will cost $27 million.
The Vail Local Housing Authority met on Aug. 21 and approved a resolution supporting the redevelopment.