Loading...
HomeMy WebLinkAboutordinance.council.019A-95 ., -, COie" M .\1j -.. '" "'.., \{. .',."", . .~ ~", '{"- ( ( ORDINANCE NO. t c) Series of 1995 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A PURCHASE AGREEMENT AND AGREEMENT FOR COVENANTS AND OCCUPANCY RESTRICTIONS FOR CERTAIN PROPERTY COMMONLY KNOWN AS THE SHADOWWOOD APARTMENTS AS MORE FULLY DESCRIBED IN EXHIBITS" A" AND "B"; AUTHORIZING THE CITY MANAGER TO EXECUTE ON BEHALF OF THE CITY OF ASPEN SAID AGREEMENTS AND SUCH OTHER DOCUMENTS AS MAY ,BE NECESSARY TO CONSUMMATE THE AGREEMENTS; APPROPRIATING FUNDS FOR SAID PURCHASE; AND, DECLARING AN EMERGENCY IN ACCORDANCE WITH SECTION 4.11 OF THE ASPEN CITY CHARTER. This ordinance has been adopted as an emergency ordinance in accordance with Section 4.11 of the City of Aspen Charter. The facts showing such urgency and need are set forth below. WHEREAS, Shadowwood Corporation is the owner of real property and improvements located at 100, 200, and 300, Shadowwood Road as more fully described in Exhibits "A" and "B" appended hereto; and WHEREAS, the Property is currently improved with 3 apartment buildings, containing a total of: 7 studio apartments; 8 one bedroom apartments; 4 two bedroom apartments; and, I three bedroom apartment ("Existing Units"); and, WHEREAS, the Existing Units are free market rental units, free from any deed restrictions regarding rental, and are currently being rented by Shadowwood Corporation for long-term rentals to residents and employees of the Aspen/Pitkin County area; and, WHEREAS, Shadowwood Corporation desires to construct additional improvements upon the Property for rental purposes (the "New Units")j and, WHEREAS, the City and Pitkin County desire to convert the Property and Existing Units into deed restricted employee housing to come under the auspices of the Aspen/Pitkin County -- . . --- -- c Housing Authority ("APCHA") to the extent provided in the appended agreements and, further, desire the New Units to be deed restricted employee housing under the auspices of the APCHA to the extent provided herein; and, WHEREAS, Shadowwood Corporation has agreed to so restrict the Property and the Existing and any New Units for a fee and subject to the terms, conditions, covenants and mutual promises contained in the appended agreements; and, WHEREAS, the City Council has determined that the acquisition of additional deed restricted rental units for employee housing would further the goals of the Aspen Area Community Plan, adopted on February 2, 1993, by Resolution No.6, Series of 1993; and WHEREAS, the private development of the Property as single family luxury homes would not assure the development of much needed affordable housing; and, WHEREAS, the City Council has determined that the uncontrolled private development of the Property imperils the continued vitality and growth of the Aspen area and the unique community values which now exist; and WHEREAS, immediate acquisition of the covenants and restrictions as set forth in the appended agreements by the City of Aspen in partnership with Pitkin County, followed by the opportunity to gain additional deed restricted employee housing on the Property, is hereby determined by the City Council to be necessary for the preservation of the public health, peace, safety and welfare of the City of Aspen, its citizens and visitors, and the City Council desires to approve and authorize the Purchase Agreement and Agreement for Covenants and Occupancy Restrictions in accordance wit\! the terms and conditions of said Agreements; and J WHEREAS, Pitkin County has committed $450,000.00 and a private individual has committed $300,000.00 towards the total purchase price; and WHEREAS, under the terms of the Purchase Agreement the closing date for the 2 ~~ ;~ . ~., tit ( ( consummation of the transaction is established no later than March 31, 1995; and, WHEREAS, Shadowwood Corporation has offered to execute the Purchase Agreement for a total price of $1,250,000.00 only if closing occurs prior to March 31, 1995, in order to take advantage of an IRS Section 1031 Tax Free Exchange of property; and WHEREAS, the City Council deems it necessary to approve, as an emergency ordinance for the reasons hereinabove stated, the Agreements appended hereto, and the authorization for the City Manager to execute on behalf of the City of Aspen said Agreements, as well as such other documents as may be necessary to consummate the contemplated transactions; and, WHEREAS, the City Manager has certified to the City Council that there are available for appropriation revenues identified in the 1995 budget to meet the expenses referenced herein; and, WHEREAS, the City Council has determined that it is financially prudent to make an emergency appropriation from the City's Housing and Day Care Fund to meet a public emergency affecting property and the wellbeing of the citizens of Aspen. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 . That the City Council does hereby declare an emergency pursuant to Section 4.11 of the Aspen City Charter for the preservation of public property, health, peace, and safety of the City of Aspen, its citizens and visitors, inasmuch as an opportunity for the City of Aspen to deed restrict, 20 rental units for employee housing at a reduced cost will be lost if the City Council ! does not act with urgency. Section 2. That the City Council does hereby approve the Purchase Agreement and Agreement for 3 \e e . ( ( Covenants and Occupancy Restrictions for Shadowwood Apartments, or substantially similar agreements, appended hereto as Exhibit "A" and "B" respectively, and authorizes the City Manager to execute said Agreements on behalf of the City of Aspen and such other documents as may be necessary. Section 3. That the City Council does hereby authorize as an emergency appropriation from the City's Housing and Day Care Fund the amount of $950,000.00 to be used as follows: (1) $500,000.00 for the cash payment referenced in the appended Purchase Agreement, and (2) $450,000.00 as a short term loan not to exceed one month to Pitkin County if necessary for Pitkin County to meet its financial obligation in accordance with the Purchase Agreement. Section 4. This ordinance shall not have any effect on existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances amended as herein provided, and the same shall be construed and concluded under such prior ordinances. 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 hereof. Second reading of this emergency ordinance shall be held on the _th day of March, 1995, at .m., in the City Council Chambers, Aspen City Hall, Aspen, Colorado. 4 '.'~~ ,< ." 1;% ~\,' " ~\;.,""',',',., '" '\ \'z,,< - -- " ( ( INTRODUCED AND READ as provided by law by the City Council of the City of Aspen on the 27th day of March, 1995. John S. Bennett, Mayor ATTEST: Kathryn S. Koch, City Clerk FINALLY adopted, passed and approved this day of ,1995. John S. Bennett, Mayor ATTEST: Kathryn S. Koch, City Clerk shadowwd.ord 5