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ORDINANCE NO. ~
(Series of 1990)
AN ORDINANCE RELEASING ASPEN/PITKIN COUNTY HOUSING AUTHORITY DEED
RESTRICTIONS AS THEY RELATE TO UNIT 92, CORKSCREW CONDOMINIUMS,
118 EAST HYMAN AVENUE, ASPEN, COLORADO, AND SUBSTITUTING AFORE-
MENTIONED RESTRICTIONS ON ASPEN WEST CONDOMINIUMS, UNIT #5, 104
WEST COOPER AVENUE, ASPEN, COLORADO, AS AUTHORIZED BY THE CITY
COUNCIL OF THE CITY OF ASPEN
WHEREAS, the owner of Corkscrew Condominium Unit #2, 118
East Hyman Avenue (hereinafter "Applicant"), caused to be
recorded that c~rtain Declaration of Covenants, Restrictions and
Conditions for Corkscrew Duplex Condominiums, as recorded in Book
424 at Page 973, which, among other things, imposed Aspen/Pltkin
County Housing Authority deed restrictions to Unit #2; and
WHEREAS, Applicant desires City to relieve Declaration of
Covenants in Book 424 at Page 973 of the real property records of
the Pitkin County Clerk and Recorder as they apply to Unit #2 in
exchange for the substitution of the same or similar provisions
to a comparable unit; and
WHEREAS, Applicant has purchased Unit #5, Aspen West Con-
dominiums, 104 West Cooper, Aspen~ Colorado, and desires to deed
restrict Unit #5 to comply with the Aspen/Pitkin County Housing
Authority Guidelines, as amended from time to time.
WHEREAS, the Aspen City Council, after taking public comment
at their meeting of December 11, 1989, approved the substitution
of restrictions of deed restrictions as outlined above, subject
to the conditions set forth hereinbelow; and
WHEREAS, the city Council determined that the aforementioned
amendment is in the interest of the health, safety and welfare of
the people of the city of Aspen, Colorado, insofar as it helps
perpetuate the affordable housing stock available to local
residents.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
The owner of Aspen West Condominium, Unit #5, 104 West
cooper Avenue, Aspen, colorado, shall execute and record an
approved rental/sale deed restriction as required by the Aspen/
Pitkin County Housing Authority deed restricting Unit #5 to low
income rental/sale guidelines as to occupancy, income and price
standards as contained in the Aspen/Pitkin County Housing Author-
lty guidelines as amended from time to time.
Section 2
Owner shall pay to the city of Aspen, for the benefit of the
Aspen/Pitkin County Housing Authority, a cash in lieu payment in
the amount of $88,540.00. Such amount is calculated by taking
the appraised price of Unit #2, Corkscrew Condominiums, 118 East
Hyman Avenue, $150,000.00, less the deed restricted sales price
of $61,460.00 (878 square feet times $70.00 per square foot).
Upon the recordation of the restrictions listed in Paragraphs 1
and 2 above, City shall caused to be released the Declaration of
Covenants, Restrictions and Conditions for Corkscrew Condominium
Duplex, as recorded in Book 424 at Page 973 of the real property
records of the Pitkin County Clerk and Recorder's office for
Pitkin County, as such restrictions apply to the Aspen/Pitkin
County Housing Authority deed restrictions applied to Unit #2 of
the Corkscrew Condominium complex.
Section 3
Right of first refusal to purchase unit #5, Aspen West
Condominiums, shall be granted jointly to current tenants.
Section 4
Aspen West Condominiums, Unit #5, shall be brought up to
living standards a per Aspen/Pitkin County Housing Authority
requests citing specific improvements for the unit.
Section 5
If any section, subsection, sentence, clause, phrase or
portion of this ordinance 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.
Section 6
Nothing in this ordinance shall be construed to affect any
right, duty or liabIlity under any ordinances in effect prior to
the effective date of this ordinance, and the same shall be
continued and concluded under such prior ordinances.
Section 7
A public hearing on the ordinance shall be held on the
day of ~~-~ , 1990, in the City Council
Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the City Council of the City of Aspen on the ~ 5/~ day of
,~.~L~ , 1990.
A~ . ..~:f % o~
'~Y~t,' Koch, City Clerk
."'" '"'"'~% William L. stifling, Mayor
~ryn ~' K6ch, C~ty Clerk