Vail council will consider Vail Village property sale
VAIL — The Vail Town Council will consider an ordinance authorizing the sale of its town-owned commercial space in Vail Village at its meeting today. The action item is listed as 4.3 on the meeting agenda with opportunities for public comment.
As proposed, Ordinance No. 5 would authorize the sale of the space, located on the lower level of 100 East Meadow Drive in the Vail Village Inn, Phase V building, to STK Capital, LLC, for $1.547 million. According to the Vail Town Charter, the c
Tuesday’s consideration of Ordinance No. 5 follows earlier direction by the council to retain the services of a commercial real estate seller’s broker to list the space, which generated interest from several prospective buyers. The sales contract contemplates a restrictive covenant enduring the future use of the property remains commercial and prohibiting residential uses.
The approximately 3,700-square-foot unit was acquired by the town as part of a mitigation obligation when the Phase V building was constructed nearly 30 years ago. Over the years,
Prior to deciding to sell the commercial property, the council reviewed the utilization of the space, evaluated the ongoing cost of ownership of the property and contracted for a commercial real estate property appraisal to be completed to determine an estimated fair market value. In the end, the council determined
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