HomeMy WebLinkAboutresolution.council.042-96
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RESOLUTION NO. f~
Series of 1996
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
AUTHORIZING THE CITY MANAGER TO ENTER INTO SUCH AGREEMENTS AS MAY
BE NECESSARY TO FINANCIALLY PARTICIPATE WITH THE BOARD OF COUNTY
COMMISSIONERS OF PITKIN COUNTY, COLORADO, IN THE PURCHASE OF LAND
COMMONLY REFERRED TO AS THE "LONE PINE CONDOMINIUM" PROPERTY.
WHEREAS, the Pitkin County Board of County Commissioners has requested the City
Council of the City of Aspen to financially participate in the purchase of land commonly referred to
as the "Lone Pine Condominium" Property; and
WHEREAS, said property currently has constructed on it condominium mnts that are deed
restricted to ensure that they remain affordable in any future resale; and
WHEREAS, the land upon which the affordable housing units are located is owned by a
private party and is not subject to a deed restriction to ensure that they remain affordable in the
future; and
WHEREAS, said priyate party has agreed to sell his interest in the land upon tennsand
conditions deemed favorable by the Aspen City Council; and
WHEREAS, the City Council desires to financially participate in the purchase of the land to
ensure that the individual condomunium units remain affordable and retain these units in the pool of
affordable housing available to the citizens of Aspen and Pitkin County.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN,
COLORADO:
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That the City Council of the City of Aspen hereby authorizes the City Manager of the. City
of Aspen to execute such documents as may be required to financially participate in the purchase of
that certain land commonly referred to as the "Lone Pine Condominiums; provided, however, that
the documents required to be executed, including, but not limited to, the contract to buy and sell,
and deed restrictions to be placed upon the land, are reviewed as to form by the City Attorney
beforehand; and, provided further, that the City's financial contribution for said purchase does not
exceed $525,000.00 to be delivered to the seller at closing and short term loan amounts not to
exceed $450,000.00 to various Lone Pine homeowners evidenced by promissory notes and Deeds
of Trnst approved as to form by the City Attorney.
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the
rJ~ day of h~ , 1996.
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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 the day hereinabove stated.
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