HomeMy WebLinkAboutresolution.council.049-11 RESOLUTION NO. C
(Series of 2011)
\A -W
A RESOLUTION OF THE ASPEN CITY COUNCIL GRANTING APPROVAL TO THE
ASPEN ART MUSEUM TO SATISFY A PORTION OF THEIR AFFORDABLE
HOUSING MITIGATION REQUIREMENT THROUGH PAYMENT TOWARDS CITY -
BUILT AFFORDABLE HOUSING.
Parcel ID: 2737 - 182 -25 -004
WHEREAS, pursuant to the Master Development Agreement between the City of Aspen,
633 Spring II, LLC (633), and the Aspen Art Museum (AAM), recorded at reception no. 577043
(MDA), 633 and AAM must provide housing in the amount of 5.95 employees, or such greater
number as shall be required by the net leasable area constructed on Lot 2, AAM Subdivision
through the purchase and deed restriction of existing residential units within the City of Aspen or
those portions of Pitkin County within the Aspen Urban Growth Boundary, the purchase of units
within the City's Burlingame Phase II project, the purchase of employee housing mitigation
credits, the provision of cash -in -lieu with the approval of the Aspen City Council, or other such
methods as may be acceptable to the parties; and,
WHEREAS, AAM is obligated under its agreement for the purchase of Lot 1, AAM
Subdivision for 5.95 FTEs of the total mitigation; and,
WHEREAS, the AAM, in satisfaction of its portion of the housing mitigation under the
MDA, 5.95 FTEs, has contracted to purchase and deed restrict two residences within the Aspen
Urban Growth Boundary, located within the Aspen Business Center, to Category 4 mitigating
housing needs for 4.75 employees and has requested City Council approval of a payment towards
future City -built affordable housing project in an amount equal to 1.2 FTEs; and,
WHEREAS, the Community Development Director has reviewed the MDA and the
request for acceptance of a portion of the requirement through a payment towards a future City -
built affordable housing project and has recommended City Council approval; and,
WHEREAS, City Council has reviewed the MDA, the request for acceptance of a
portion of the requirement through a payment towards a future City -built housing project, the
recommendation of the Community Development Director, and finds the request consistent with
the MDA and an acceptable method of meeting the housing requirement under certain
circumstances; and,
WHEREAS, the City Council finds that this Resolution furthers and is necessary for the
promotion of public health, safety, and welfare.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ASPEN,
COLORADO, THAT:
Section 1:
Resolution No. , Series 2011. Page 1
The AAM shall deposit with the City (the "Escrow Agent") the sum of $160,895.00 (est. 1.2
FTEs x $134,079 per FTE = $160,895) in the form of cash or wired funds (the "Escrow Funds ")
and shall execute and "Escrow Agreement and Instructions" which recites and agrees, at a
minimum, as follows:
The funds shall be considered and used as a down payment on a residential unit within
Burlingame Ranch Phase Two or a similar affordable housing project to be built by the
City. In the event that the City is unable, for any reason, to construct and make available
to the AAM an affordable residential unit, then the City of Aspen, in its sole discretion,
may draw upon the Escrow Funds and the funds so drawn shall be considered a cash -in-
lieu payment to the City to mitigate for 1.2 FTEs as described in the Master Development
Agreement. In addition, pursuant to the Master Development Agreement, before a
Certificate of Occupancy for Lot 2 is issued, the actual number of FTEs shall be
confirmed and 633 shall satisfy the housing mitigation requirement as needed to mitigate
for the actual number of FTEs in excess of 5.95 required to be mitigated by the
development of Lot 2.
The Escrow Agreement and Instructions shall be approved by the City Attorney. The Escrow
Funds shall not earn any interest. The Escrow Funds shall be applied against the purchase of a
City developed unit, or be returned to AAM upon the purchase of an affordable housing unit as
contemplated by the Master Development Agreement before three years from the date of this
resolution.
Receipt of the Escrow Funds and evidence of purchase and deed restriction of the two residences
within the Aspen Business Center shall represent satisfaction of the housing obligations of the
MDA to the extent of 5.95 FTEs. All other provisions of the Master Development Agreement
remain unchanged.
Section 2:
This Resolution shall constitute authorization for the Community Development Director with the
approval of the City Attorney as to form and content to amend the MDA to add and/or amend the
provisions thereof to be consistent with the intent hereof. Any such amendment to the MDA
shall be agreed to and executed by AAM and 633.
Section 3:
This Resolution shall not affect any existing litigation and shall not operate as an abatement of any
action or proceeding now pending under or by virtue of the ordinances repealed or amended as
herein provided, and the same shall be construed and concluded under such prior ordinances.
Section 4:
If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason
held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a
separate, distinct and independent provision and shall not affect the validity of the remaining
portions thereof.
Resolution No. , Series 2011. Page 2
FINALLY, Adopted, Passed, and Approved on this day of , 2011, at a duly noticed
meeting before City Council.
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
John Worcester, City Attorney Michael C. Ireland, Mayor
ATTEST:
Kathryn S. Koch, City Clerk
Resolution No. , Series 2011. Page 3