Vail to review Timber Ridge agreement
August 18, 2014
VAIL — The Vail Town Council will review additional modifications to an earlier agreement regarding the terms and conditions for redevelopment of the eastern portion of Timber Ridge Village Apartments at its evening meeting Tuesday. The discussion items are listed sixth and seventh on the meeting agenda which begins at 6 p.m. in the Vail Town Council Chambers and will include opportunities for public comment. The modifications have evolved over the past few weeks as the Town Council requests additional refinements to ensure the town's investment in the property is protected.
The Town Council and the developer, Lion's Ridge Apartment Homes, LLC, had previously agreed to a 35-year ground lease in which the town would retain ownership of the land and would take possession of the entire development at the end of the lease. This current agreement, Resolution No.4, Series of 2014, was approved on Feb. 18.
To accommodate the project's financing requirements, the developer has asked for consideration of a change in the development agreement which is outlined in Resolution No. 18, Series of 2014, and a new ground lease agreement described in Resolution No. 21, Series of 2014. The proposed modifications would extend the lease to a 50-year term and an option to allow the developer to purchase the land from the town for $5 million within the next 10 years. If the option to purchase the property is not exercised by the developer, the town would receive annual lease payments of $125,000 beginning in 2025 with a 12.5 percent increase every five years. No modifications are proposed to the previously approved deed restriction requiring employee housing occupancy on the property. Final revisions to the documents under consideration include making the Vail Local Housing Authority the owner of the property and the landlord under the lease with the developer.
To comment in advance of the meeting, email the Vail Town Council at firstname.lastname@example.org.