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RESOLUTION NO. \ / ;,
(Series of 1988)
A RESOLUTION OF THE CITY OF ASPEN RELEASING THE DEED RESTRICTION
FOR EMPLOYEE HOUSING ON THE HUNTER LONGHOUSE CONDOMINIUM COMPLEX
WHEREAS, Pitkin County is the owner of that certain parcel
of Real Estate which is more particularly described on Exhibit A
attached hereto (referred to hereinafter as "the property); and
WHEREAS, the Property is the site upon which the Hunter
Longhouse Condominium Complex has been constructed and has
currently been subjected to a deed restriction, recorded at Book
500, Page 646 et. sea. of the real property record of Pitkin
County, and which restricts said property to use as low or moderate
employee housing pursuant to the current guidelines of the
Aspen/Pitkin County Housing Authority ("Housing Authority") ;
WHEREAS, both City of Aspen and the Housing Authority wish to
construct additional condominium units upon an adjoining parcel of
property and to refinance the bonded indebtedness upon the Property
by an issue of Housing Authority Revenue Bonds in order to better
preserve the affordable rates now in effect at the complex, which
bond issue is not feasible in light of the current deed
restriction;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO that the deed restriction which is currently in
effect with regard to the Property, restricting its use to employee
housing pursuant to the Housing Authority guidelines is not
effective in the provision, preservation, or expansion of employee
housing opportunities within Pitkin County and is, in fact,
currently limiting the ability of the Housing Authority to provide,
through revenue bond financing, additional employee housing units
in the complex.
BE IT FURTHER RESOLVED that the Mayor of the city of Aspen is
hereby authorized and directed to execute on behalf of this city
council, any and all documents or conveyances necessary or
appropriate in order to remove the Deed Restriction which is
currently placed upon the Property, which restriction is in Book
500, page 646 et. ~ of the Real Property Records of Pitkin
County. Removal of said Deed Restriction is specifically
conditioned upon the issuance by the Housing Authority of Revenue
Bonds, Series 1988, on or before December 1, 1988.
Dated: / J / t-:v' /~
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William L. Stirling, Mayor
I, Kathryn S. Koch, duly appointed and acting city Clerk do
certify that the foregoing is a true and accurate copy of that
resolution adopted by the city council of the city of Aspen,
Colorado, at a meeting held on /Yl-rrv / ~ ' 1988.
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Kathryn S. Koch, city Clerk j'v