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10-09-17 Town Council Packet Work Session.pdfTown Council Monday, October 09, 2017 3:55 PM Agenda 1.Start Time 4:00 P.M. 2.2018 Budget Discussion 2.1.2018 Budget Discussion 2018 Budget Discussion Summary page 2 Comments from FAB page 4 AON Empower Results page 5 General Fund Net Operations Revenues-Expenditures page 30 3.Review of Workforce Housing Requirements 3.1.Review of Workforce Housing Requirements Review of Workforce Housing Requirements page 31 Permanent Moderate Housing Regulations page 32 Municipal Code Permanent Moderate Housing page 45 4.Adjournment 1 Town of Snowmass Village Agenda ltem Summary DATE OF MEETING October 9,2017 AGENDA ITEM: 2O18 Budget Discussion PRESENTED BY: Clint Kinney, Town Manager BACKGROUND: At the October 2,2018 Town Council meeting, the Town l/anager submitted and introduced the proposed budget and capital program for the fiscal year commencing January 1st with an accompanying budget message. This agenda item is a continuation of the 2018 budget message and discussion. Phil Sirianni, the Chair of the Financial Advisory Board (FAB), will be at this meeting to present the FAB budget recommendations. Attached to this memorandum is a chart on General Fund Net Operations comparing the adopted budget, revised budget and the actual numbers over the past five years. Also included is the insurance benchmark report prepared for the Town from AON brokers comparing health plan benefits. Below is additional information requested related to pay increase/insurance increases from other entities: Entitv Carbondale Basalt RFTA Aspen Pitkin County lnsurance Notes: 13.5% L% 4% 70% Wage lncrease 3% s% 4o/o 4% 3.4 - 4% Stzt< Per employee/yr atlowance County Health Pool overall +3% Self-insured w/sizeable insurance fund balance 210-09- 17 tc work session 2 FINANCIAL IMPACT: Financial lmpact in attached documents APPLICABILIry TO COUNCIL GOALS & OBJECTIVES See attached memorandum COUNCIL OPTIONS: 1. Provide feedback in all budget meetings discussing the 2018 proposed budget. STAFF RECOMMENDATION: Same as Council Options ATTACHMENTS: A. General Fund Operations-S year Historical Charl B. AON Benchmark Report 310-09- 17 tcwork session 3 a Town of Snowmass Village, Colorado COMMENTS FROM THE FINANCIAL ADVISORY BOARD on the 2018 BUDGET FAB was pleased that the Town staff was very thorough and conservative in the preparation of the 2018 Budget. The FAB believes the basis ofthe 2018 budget is prudent and sound, and endorses it. Sara Kurtz of the CPA firm Eide Bailly, presented the audit of the Town's financial statements for the year ended t2/31,11,6 and FAB was more than satisfied with the opinion rendered which stated "the financialstatements...present fairly, in all materialrespects, the respective financial position of the governmental activities, the business type activities and each major fund of the Town.....in accordance with accounting principles generally accepted in the USA." Sara noted that this is the best opinion that you can receive. FAB notes that while the overall budget projects S30,1,69,193 in total revenues and 531,860,336 in total expenses generating a51-,691.,L43 deficit and reduction in the overallfund balance (all funds), it should be noted that the Town is essentially using reserve funds to make up the deficit, said funds having been previously set aside for specific purposes. ln fact, the budget includes 54,224,962 in capital project outlays. FAB supports the increase in Marketing and Group Sales emergency reserves from 15%to25Yo, as the Town wants to be prepared by having available funds to spend on Marketing & Group Sales in those lean recession years when it's needed most. FAB recommends that the Town be cognizant of the increasing Property Tax burden to property owners given the recent mill levy additions by TOSV for the Aspen School District, Snowmass Water & Sanitation District, and the Snovnrmass-Wildcat Fire Protection District. Thus, much thought should be given to the broad property tax picture if future mill levies by the Town are considered. FAB notes that in the General Fund, operating expenditures are forecast to exceed revenues in future years (20L9 -2022) resulting in a reduction of funds available in the generalfund from 52,702,849 in 2018 to a deficit of 5582,456 in 2022. While alarming on paper as budgeted, FAB is al'rare that the Town has considered conceivable capital projects (for future budgets r,vhich will not be commenced unless funds are available in the specific year's budget). FAB considers this future budgeting approach conservative as it lays allthe capital project cards on the table, thus allowing the Town to pick and choose the projects to move forward with, based on the dollars available on a year by year basis. FAB is aware that the 2018 budget includes an additional l% contribution to the Defined Contribution Plan for all employees. FAB discussed this increase in conjunction with a discussion on yearend bonuses vs. base salary increases. FAB makes no recommendation on changing current policy, however, FAB suggests the Town be aware of limiting factors available to them to reduce expenses in lean years when it comes to employee compensation and benefit plans, including pension and medical. As always, the FAB willing to take on any financial topic town council desires. Currently, we have suggested that we look at the financial consequences of proposals for operation of Base Village building 6 by or for the Town as we understand ACES will not be occupying the space as a tenant as previously planned. a a a a a a a 410-09- 17 tc work session 4 ! t+ro So -Otub -l-e5 -*, 1A- Itl6s L E=(Eg CL lt)ot-o- aa {r,Lo CLot o0c .I VIL (tr E -gIg oo (o FIoN :. 510-09- 17 tcwork session tI / 5 N o = q) d, OJ 3o E UJ E. 3H 06- sE oEoo)I.Y @6jc) -od EEo6 -o- TE .xiocoo- o_ o.CP .C ECfo o-o C(!o ac.9ao-o c G o- J LL a .o) E G) Lo Eoura.e -b: = aaso_ m b F3P^ b o-Au, FE<Bu-s;g Al-6v'-l-6':giEo.+8-cE-LlJov)= EEH;EES E Af = E = Po=oOOo= Ed.ioEo(otcoE;bF Eil=fd85{ co aa(o E =oC U) o c =oF a)s !-o C) a:l ox c) 'ioot- Go-ot-o- Eoo- 0) cr)c =t- G E-oC o) -o Eo o)o N EoLits a=Ja o)L O-i (JagEooo Eoo-t Es)'= r-)ot(u-Eo.aEF> Co tlr,o5 T)ot-rts, C 610-09- 17 tc work session 6 a g 0,,c, o 3o E UJ --E. 3H od- -cE6Eoor .!? @6jo -€'tE o6 -oi o.e q) (r)g q) oo C o)p oo oocoEf;E E E + g .,1Ur!h(oa cDcT;i-o =38,,-Ho t_ >.= 6EF5bE.Eg'tstrE9t g,E E 3 Itrtr\ovLs:E H €"aGgHg;(tI55:EEgEsEs6EE : = .c ao U)co EC G a Eox o) at-o oo N-! t-o o o- Etu Co o)- .9, ac11.9tro5r 0 .0).= Cq) o C,)co E G EL(uEcN a E'(E 0)l-o ao)C L C)Eo $ GO FLJ oOr ;Eo a- C(o Or.lcD j=ge9bOEo^d LobooOr/)t,) Plz(trE+r-'=LoOur8a = oN r-g !etrEL .L 58 -b ioz-oPEFo(UC - 3 N E go- tt- - EPEE P - c.=q); P Ec-oo'E=5.e Eo'=ooE -u(JNO.=' LI "9!qok.!l t4; E €T 9 E E6 = E dBa 6loo+=ca q) aO E { EEq) 'E':-o >';t+=o cc.a z oR =:loE 3,f Ptr E op GitC.r)o Y o tojt-E'FIO-o =rrr lzoo =t-oo- aL Jo o o E t-o O cf) o) l- =t-o =ao o) o o_ E c) o E I)rh o a o-o -o .C =Go.C t_ o) o co 15o c) l- =a a o)>'E ': o) .9otrit-tro -(g '6'o-E oF Or C)C o)-o oao-c a Q) .N J aoF (n G) .E c G) C') .CEc Jol-L=taG LO(,)fo Eb_LGCo-o CCooo6 U)r-N-o gE OE 1- ito:-otr ='=(E;IdpE9 io '{= 6g_ OC =b&oE.so(EoE q,'Nt-- "gorL# aG:=6Nay(tr F -9.E.=(1)h> .Igob a -o rl-, (U e G)a -oooC (U a(r)c EC tL 0)}l 710-09- 17 tc work session 7 o\o F3qa 6 se $$BFEE EE$tgE = ooo+aElpho a.so* Eb ENSEEE{* bBE)rYtc3Foo -ol.c) ETBE(Jo !Da*= .0.1PHr a;e' E E3E oa 3=axtu C =,€Eil H O^!5ts E Ei/ -!Es g 69 E>; 9=- * E -C '.E G Y,+#:= > ='-o:9d b?r; FE B E(U L/ t.1(- E O 9 E.= O E BE bE = ,' .E u -o.E E 5EE B E 3,Ii:E -oo. ro oN .C o) -o O JE Q) L,, O-(- I- =O*'Eo(EE= sr86o-€cr!-LoE Ec)cbS-oO-o\ <oS(o \i o -o o)Eo.(f (E JE :=-lf, .C G o_aa.etoostrOE ^O+C 6^sa7>oP8\Jt.a a a a a a a a aaa E.o= qN€-cE cEoor .!l @6jo -od:>i6o6 €E LU o O o aoF rI I I I tI I I I I a I I I II ! 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E o.Co. o+,oE (Eclto:BXofittt c,iiztroi=Etr) IEo, trg a. oboo-cttEo rEi LZ9c l,lco L.} o 3 oZ ooE=to = IL cl!E o .9o -c,r\,o.J ^<b oz s ,atro ti oo cl!t (E .g g ax Ptro o CL.P.I )8 E(!Io.: co .It 1 o b0(E coC' o CL oIc(! 5ttr o(J E =E xo E o.-(,o CL ! oIE o lt E =E'o!,t =tr 10-09- 17 tcwork session aC (U o_ (U .9Ifo o C')s aa (U E =oC U) 1+-o C =/1 C' lE E lu o- oE' o (o 18 ! oG o 3oe EUQ loOo sl <-r> o'=tr.=roEtrc ooo oJ' <t> OoosN{r} Elrc OOo a!r-l l <.li OJtr -O=I,EE u.=:lx!(oOClCL LPoJ Q:, (LoE G' E o-.9 OJ *l-b9>E3d O\Pocrn :, qJ €P(J =E AJ'13 q) IrL(! >so lJ') o ,F c) =rcoE Lo +(o sorf) q,) _-oP(J =E G,E OJ 5(o sol.o qJ sP(J)E OJ! o (L G, \oo\o LN OJ EP(J)-o OJE L AJ.tr (o \oo\O lJ') oorn,Jl +o EEA =o-Xot(J Lq) rL rE >ROrn oorn{.r} + o, € OoJx'o L 0.J(L (E No LN qJ =I =I OJE 0.) (! so tJ) EoL OJ oU Poz ooo (-,t' <r> J_ E'= -O lJ-c oOO -i<fr. ooodrl <-r> !E ELL ooo ,ri1tt OJtr != (J .Lfx!ro(utr E' LPs_96TEE E Q..I'q., +b9>tr8d 9\pocco5 U OJ.: ro 3 OJ E PU =! OJ-o so co E OJ (o B c, €P(J U qJE >s C) oo 0.JLo o(J >Roorl OJ EP(J =! qJ E L OJ ll (o so @ qJ E,F U:f-o OJio L a.) $ .!so co qJ EP(J f E qJE L a) (o \o O @ C)oN{> + c,€ oorx-o Lo r+- (o so oo (E o-o(JooN<Jl I(u.:(o 3 .9 o €P(J f ! OJ:o so co so co rnNtn =Jro {.f}tso \-o)=looo(J O Fl{n :(o P OJLx rJ] o.i Z t Eo t.l_ooo (o <ft ru E :>'(] 5ooo cri{t oOO+Nv> E> .zE-O l! C ooo r.iel <J'l tJ1o'- -oE'|-=(Jtr !xO(oEE o!uOJPq- -rz qJ(oc)E -do-L s:-9eOE.:do\:O+rrnc5 OJ€ PUfEo L AJ 5 rosorn AJ€P(J =Io! Lo (E >sorn a)sF(J f I q., E qJ,t rosorn o€ PU:fE qJ L qJ q- rosorn qJ €P(J 5 OJ! L OJ !r-l- (E \oo\o LN (u € PU =Eo! L OJ (o No LN o EPL) =-o qJ-o Lo rL (E so LN o -o.,4 U5 OJ L c,.tr (o >Ro Lr) OJ€ Po:lT]o! OJ I (o sorn ooo c"i <t> E'= E rJ- C oo u') -i<r> oOo oi{.4 E> Eu-tr oorr)+lj> LA cJ LQgP5;EOEE'rf =occ oJJ'->oraU€E -P)X u;8d* eo CJ -o{=(J =! OJE L OJ I r!som o -o {=(J frooU Lo (+- (o so co E OJLo oU :Roori qJ €P L,))E OJU LoE(E so @ OJs PU o OJE LoPs(! \oo\o @ OJ€P(J 5 qJ ! Lo r+-r! No co q) E() fE qJ ! ouF ro >Ro @ OJ€P(J fE OJ 1f, L G] (o so co (U E (J)Eqr ! o '.1-(o \oo\o @ OJ F(J trE OJE Los ro Nom oO O) <t> o @ro.i 1t> o co(o -i{t I Nr\ @.i <t> .E.9 o(, Eo o (., oE' l! .E o. t ol., o IA=.glJo CLvl o (E(J o .= co o o. io uo IA c .g (E CL Jo oo .E (, (E lJ- (u CLvlo Eoo (,co bDLo Elrl t I q Io (!(, (,o E o.Eo- (u o 0c rJt! E r! o. 0,t, o o th- UJ UI I .Et,c =1I o atn + lJ.J ltJ I E'tr JII tl I(J +UIlrl I €tr Jl! El! vt =lL+ UJu, I .E' c Jt! th I .! o 3 oz o Eot oo.o. o.toL' J o 3 oz o fo c tE o. o. o o 3 oz = J o 3 ozg tttro vl o a. tr(ut ot, -Yl 59trO8N IE =c "jE]U -oEg> }Eoo -obs<c d o tr(!gttl LJ &, =:o bo ._c bo 9 G Ix tr .g .uqt C oo0 G cq,I o CL @Ic G 5IA 5J E5 Ex(E E o r.,o CL+oI og uf!oE'tJ 110-09- 17 tc work session l-o o o- E tU I tF' C JoO C =.= o€ L)f IoE L OJ rl-(! so co 19 o qI EL ErQ o3:+ErteO>Rb-- {,eIc) c! 4Ea- Ooo2.o; rrl .lo'\SO--3H NaJ.{/| o_\ crt oE-OC r.r"i -tA o'--ot,E= (Jc5.=EXo(!EE L,P!a(!(JE doLLi9Po=?d O r-,(c}c = OJ€P(J =T' OJE L 0.) q- (E \oo\olo OJ E PU5! AJ I L d) (l ao :Ro(^o OJ€ L) =E OJ-o !o (o \oo\o(o OJ .E (J = OJE OJ rcso(o OJE.F Uf,E CJ! L OJ h ro \oo\o(o o _-oPL) =! qJ E L qJ E(o \ao\O(o a q.) L 0., o(J Poz o Lr1 -c! '= .Ff,E OCooLnrjo!t ^oF? {-r} ooo_>d'-SEb>ooqr t'- 0J{n o-be.o-oOC rri - {.r} := ,-P =oroJE =6!.- PL L)= l)Etr0J .--oe qJt rl- p(o0) - _:z EEsioo(JJJ \O- Ou 00 roo-o(J Osf <r> (o o-o(Jorn<rt UoL OJ o(J soo Fl o F LJ Eo! L OJd rE >Ro co qJ sp(J =E OJE L qJ %(! :Ro co q) _oF(J =13oE L 0) r+ (o so 00 OJs U JEo! L q,) rD No @c OJ -cP j (o o-o(Jooc\<fi s ftor.-o Opoq35 tsEgOo, tnP <f> l!LooJ bo q--{(o (oti U(Joorl{> r+o \oo\rf) 0Jrr =otsc)f(c) -o</| o15 'o O6L U.)qJ lri : L ).Y orY,ts -!! o > .i-'(E6o-oO(J(Jorl Z ooO+<f> )-'rf '= '!f, u-sooO c,i <-rl oo Ot oo'.Lr} .zE-O lJ-c otnt+ro rp't oJ Lr)-s5;rLft!-cEE=occ L - LoJ -'= UEE >stst1ofvrnEjjoo-o o_ AJ E PU = OJE OJ ,ts rosOln o € PU5! OJE Lq, q- (o sorn qJ {=(J J!oro Lo (o sO LN o €P(J 5E OJ.lf, o (+- r! :Ro rJ') q., € P() E AJ-o 0.r r+ ro so LN OJ €P(J =rooE qJ ll roso LN (u L(u o(J Poz S> ELLco ^otso-rn cn: {.r} 4.tt 5_>E'F E rJ-co ^o;qs+@+{4{/} s: oJLotro-r ,-! ' LiDotr EE=h =.trYoX3EEStsqOf,SI^EEeO OJ {:U f U OJ L q., (! sOf.. o € P(.):)EoE q) (L (o soN EoL qJ oUsoorl q.) F(J E qJE Lou (E sor\ OJ EP(J =UoE L qJ rl- ro }RoN al -o {=(J)E OJ! OJ rL (o soN P OJ E .9 o -oE(J)!oE L qJ r! ir'oL OJ oU }Rol-- Euq-E iJL:o .99o QJ -O AEvf, \EE6orN(.) EurLEt! E.(/)9oro_oi;u3:s9 XE oorn {-r} ooo.i{> ..!= .9 o (E(,t|! .E o- vt v'l o (Jo CLt) o (!(J o co o o- (E Ix tr .o |! CL fo t,o E (oso- (! o E, I(u E o -go. oE' o G t! UJ I tc t! E UJ vt o-ttl +lrllrl I o0 .g!,c5l! o -9 CL E lrJ th =f I dJ lrJ I E') .=Etr Jl! o>'lot cLt fil <lU'I-l .EEc5lt o o CL EEI th TL, +lrl UJ I o0 .Y o 3 oz o #5 oo-q. 4toE* o =0,zs J o =oz o 3og (U o. oo.o. .g Eo o. g q@ qo 8N "6==;Gio; q= =(J-€!>3goo c*oY{o o (E(J Uco bo o Eltt oo =I(!t! l! .E CLth 0 io P t tr .g (! CL oo0l! colJ o CL o(J tr(u f IA .g J) EJ Exl! E o Io CLcoI -glt (,3T'o!,t Jtr 210-09- 17 tc work session m l-o -9o- E tU ICoo- @ tlo .= J o 3 ozg titro l o o. c lgo. (!(, E ( 20 :5 od, o B o-tru qoorn+<ft ootJ).i{t ooodFIltooo oo'{.4 t_L=t :OJq- )-(o=.= -=xEsEEI o- tr AnoJVtv .- v'-C) !7:s=eoE +ro o.r *E(J qJ E L)51f 0.,rE Lo (L roso(o qJ F(J f,-o (u Lo i+ (E so(o OJ EP(J =.Tf, o1f, L OJ r+- (E :Roro o EP L,, =E OJ! L OJ+(u so(o oL qJ o L) :RO(o Eq) L (U o(J so(o a.)s P Qf OJU AJ 5(o :so(o E qJ Lo o(J Poz oo r.r)+<.rt oorn.i <-+ ooo oo'tt> oood{> le #B=ft, := .=tEEa or0J-t <-g a v1UEi - x€8.63t (ooo(Jost <r> rDaoUosl<tt .lC 0.) OJ o L)so co :oo 0., o(J bRom E qJ L OJ o(J \ao\om Io o o(J sO@ (o a-o(Jor+ {t (g o-o(J o(o {.r} osl<t> or! <-D :=(o P qJ E, xN ooo critf> oooj <tt ooo rriFi <t> ootr} r-'{.4 t_gEtg6=q-_F(l;.3EsEt L-0J 0J .. tr O HEs5qocl.-€b OJ€ (J) IoE L OJs(o so(o OJ {:(J)E 0)-o Lo q- ro \oo\o(o OJ E PUfE 0.)E o (o \oo\o(o OJ€P(J =-o oE L 0., (! so(o EoLo o(J so(o qJ o o(J sO(0 OJ€P(J:, U AJE L 0., i+ (D >Ro(o !qJ L OJ o(J Poz ooo cria{> Oooj {.rt oornri{tornl'. cri\r> -tE#d= cEH-gJf,CO LoJotr:=5 vtUET - \of,oHood6-g* (E o-o L) LN cn <-r> (o a-o(J tf) co{.4 U qJ L qJ oU \oo\o @ E OJLo oUso co IoLo o(J som U OJL OJ o(J so co (o o-oU [n co<tt (o o-oUoto <t> o${/} o(\ 1t> =(D Pod.xr\ oo@ rl {.r} oo 'o<^ ooo+rl{> ooo ra{.rl t-rtsLgd= re E'= !2Lopg-E9 Q o- trA-a0JtnU ffEx5qoE*'3t qJ € (J =-o OJU Lo q- rosOro o€P(J 5-o q)E L OJ (L o :Ro€ OJs U =! OJU L OJ r.,|- (o \oo\or.o OJ€P(J f,E G)E o q- ro \oo\o(o ! OJLo o(J :Ro(o -o OJL OJ o(J so(o al€P(J fa, c,E L OJ lL (o :so(o OJL 0) oL' Poz oo co -i<-D Oo(o <-D oOoN <t> oorn .ri{.r} ,.9LP-oJ=c.PO= o: hP.:-ocxqJf,rEpErEg?-Ap L U.-4,(J fi-V\o X t-l H5FEb roo-o(J O co<tl (! o-o L)o co{t OJ o o(J soorl EoLo oUso @ U qJ Lo o L) ;Ro 00 OJL(u o(J >so @ !o o oU >so@ 0.Js (J =E OJ! OJq- (o so co (o o-o L,)o cn{/} roo-o(J o(o tf,t o$ltt oN4r> : rg P OJ E.xr! ..!= .9 o (!Ur(! .E o- t IA (! (Jo CLta rog vl tr .g (U CL Jo oo =(,(!l! E.{i CLvto Eoo utro 00 o Elrl t (, .E Io G(J trq, o0 :) I(! E (! -tro. lg (u c, (J (! 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Those requirements are primarily governed by 1) Chapter 17 of the Municipal Code and 2) the Permanent Moderate Housing Regulations. Both of those documents are attached for review. It should be noted that $50,000 was included in the proposed 2018 budget to help with enforcement issues and to update the code and regulations. 10-09- 17 tcwork session 31 31 SNOWMASS VILLAGE Permanent Moderate Housing Regulations 17.1 17.2 17.3 17.4 17.5 17.6 17.7 17.8 17.9 Purpose. Application Procedure. Qualified Applicants. Resale Procedure. Lottery Procedure. Contract and Sale Procedure Housing Unit Rental. Biennial Requalifi cation. Appeal. 17.1 Purpose. These rules and regulations effectuate the provisions of Chapter 17, Article lof the Municipal Code and shall beenforceableas if enacted asa partthereof. 17 .2 Application Procedure. 17.2.1 Application. On forms specified by the Housing Manager, an appticant shall provide information concerning employment, income, net worth, unit size, dependants and such other information deemed reasonably necessary to determine whether the applicant can be deemed a qualified applicant. All information provided by an applicant shall be considered confidential for use by the Housing Manager. 17.2.2 Procedures. Applications are available at the Housing Department office. C-ompleted applications must be submitted with an application fee of Twenty Dollars($20-00). An application is active fortwelve (12) consecutive months. To apply foranother housing unit, only a Confirmation Affidavit should be completed, witii'updated information, and a reapplication fee Twenty Dollars ($20.00). lncomplete applicationswill not be accepted. 10-09- 17 tc work session 32 Page-1-of13 32 17.2.3 Verification of Application lnformation. The Housing Manager will verify all information contained in an application. lf the Housing Manager determines that any information or statement in an application is not true and accurate, then the applicant may be permanently precluded from applying for the purchase of any housing unit or for the applying to rent any Town apartment. 1 7.3 Qualified Applicant 17.3.1 Employee Qualifications. To apply for a housing unit an adult employee must have been actively employed by an employer licensed pursuant to Section 4.2 of the Snowmass Village Municipal Code with a principal place of business in the Snowmass Village for the minimum of three (3) years. A minimum of one thousand four hundred (1400) hours during a minimum period of eight (8) months per calend at yeat constitutes a year of active employment. The following lottery procedures were approved by the Town of Snowmass Village Town Council on July 27,2009. After applicants are qualified theywill be entered into a lottery tier using the priorities listed below. Lottery Tiers Priorities 1st ln-Com meets lnc assets and uirements 2nd Snowmass Vill full-time with 3 or more iremrSmeets occu 3rd Snowmass Villa full-time em entwithl-3 rS treme 4th Snowmass Vi full-time em ent with 3 or more for a 3-bedroom unit2ea 5th Snowmass Vil e full-time entwithl-3 for a 3-bedroom unit2 6th Pitkin Cou full-time em with 3 or more reme 10-09- 17 tcwork session Page-2-of13 33 33 17 .3.2 Maximum lncome and Net Worth. The purchase price of a housing unit limits the income and net worth of an applicant to a maximum income and net worth. The maximum income and net worth applicable to a specific purchase price is as follows: 2016 Maximum lncome and Maximum Net Worth Home Price 2016 CPt 0.4 2016 Home Price 2016 CPt 0.4 2016 CPt 0.4 Adj. to 0.4 Adj. to 0.4 Adj. to.04 Adj. to 0.4 Maximum lncome Max Networth Maximum lncome Max NetWorth $ 70,000.00 $80,288.42 $54,699.17 $ 400,000,00 $204,646.08 $312,566.70$ 80,000.00 $84,057.71 $62,513.34 $ 410,000.00 $208,414.96 $320,380.87$ 90,000.00 $87,827.00 $70,327.51 $ 420,000.00 $212,'lg3.g4 $328,195.04 $ 100,000.00 $91,596.29 $78,141.68 $ 430,000.00 $215,952.72 $336,009.20 $ 110,000.00 $95,364.23 $85,955.84 $ 440,000.00 $219,721.60 $343,823.37 $ 120,000.00 $99,133.52 $93,770.01 $ 450,000.00 $223,490.48 $35'1,637.54 $ 130,000.00 $102,902.81 $101,584.18 $ 460,000.00 $227,258.02 $359,451.71 $ 140,000.00 $106,672.10 $109,398.35 $ 470,000,00 $229,070.37 $367,265.87 $ 150,000.00 $1 10,441.39 $117,212.5',1 $ 480,000.00 $229,070.37 $375,080.04 $ 160,000.00 $114,210.68 $125,026.68 $ 490,000,00 $229,070.37 $382,894.21 $ 170,000.00 $117,979.97 $132,840.85 $ 500,000.00 $229,070.37 $390,708.38 $ 180,000.00 $121,747.91 $140,655.02 $ s10,000.00 $229,070.37 $398,522.54 $ 190,000.00 $125,517.20 $148,469.18 $ s20,000,00 $229,070.37 $406,336.71 $ 200,000.00 $129,286.49 $156,283.35 $ 530,000.00 $229,070.37 $414,150.88 $ 210,000.00 $133,055.78 $164,097.52 $ 540,000.00 $229,070.37 $421,965.05 $ 220,000.00 $136,825.07 $171,911.69 $ 550,000.00 $229,070.37 $429,779.2',1 $ 230,000.00 $140,594.36 $179,725.85 $ s60,000.00 $229,070.37 $437,593.38 $ 240,000.00 $144,363.65 $187,540.02 $ 570,000.00 $229,070.37 $445,407.55 $ 250,000.00 $148,131.59 $195,354.19 $ 580,000.00 $229,070.37 $453,221.72 $ 260,000.00 $151,900.88 $203,168.36 $ 590,000.00 $229,070.37 $461,035.88 $ 270,000.00 $155,670.17 $210,982.52 $ 600,000.00 $229,070.37 $468,850.05 $ 280,000,00 $159,439.46 $218,796.69 $ 610,000.00 $229,070.37 $476,664.22 $ 290,000.00 $163,208.7s $226,610.86 $ 620,000.00 $229,070.37 $484,478.39 $ 300,000.00 $166,978.04 $234,425.03 $ 630,000.00 $229,070.37 $492,292.55 $ 310,000.00 $170,747.32 $242,239.',19 $ 640,000.00 $229,070.37 $500,106.72 $ 320,000.00 $174,515.27 $250,053.36 $ 650,000.00 $229,070.37 $507,920.89 $ 330,000.00 $178,284.56 $257,867.53 $ 660,000.00 $229,070.37 $515,735.06 $ 340,000.00 $182,053.84 $255,681.70 $ 670,000.00 $229,070.37 $523,549.22 $ 350,000.00 $185,823.13 $273,495.86 $ 680,000.00 $229,070.37 $531,363.39 $ 360,000.00 $189,592.42 $281 ,310.03 $ 690,000.00 $229,070.37 $539,177.56 $ 170,000.00 $193,361.71 $289,124.20 $ 700,000.00 $229,070.37 $546,991.73 $ 380,000,00 $197,131.00 $296,938.37 $0.00 $0.00 $ 390,000.00 $200,804.61 $304,752.53 $0.00 $0.00 10-09- 17 tc work session 34 Page-3-of13 34 Assets and liabilities are those defined as generally accepted accounting standards for individuals, including all business equity for self-employed persons and business owners. Tax deferred retirement funds and contingent liabilities are not included. lncome is calculated by averaging the adjusted gross income shown on the last three (3) filed Federal Income Tax returns. Eighty percent (80%) of the applicant's income must be income earned within Snowmass Vlllage and verifiable by tax return or W-2 form. lncome and Net worth levels for joint applicants will be combined. 1l',laximum net rlorth is sixty percent (60%) of the purchase prrce. 2Maximum income is limited to an amount not greater S40.000.00 plus an amount that is catculated as the annual amount necessary to amortize eighty percent (80%) of the purchase price over thirty (30) years at seven and one-hatf percent (7.5%) divided by 24%1oa maximum of S170,000 00. 17.3.3 Unit Size. To maximize the occupancy of housing units an applicant can only apply to purchase a housing unit to accommodate the number of persons that will be residing with the applicant. The number of persons will include a dependant as defined in the lnternal Revenue Code, or a minor child who resides on a part time basis of not less than one hundred twenty one (121) days per calendar year as a result of an order of a court. A first priority applicant can only apply to purchase a housing unit with the number of bedrooms as follows: First Prio Occu nc Table #1 *One person is not eligible to purchase a single family home. After the first priority qualified applicants have been selected the Second priority Occupancy Table will be used. This table will only be used for qualified SnowmassVillage employee applicants in the 4th and sth lottery tier from the 17.3.1 lotteryprocedures table. Note: All Pitkin County employees in the 6th lottery tier must meet the requirementslisted in the First Priority Occupancy Table #1. Total Persons I bedroom 2 bedrooms 3 bedrooms 4 or more bedrooms 1 X X 2 X X 3 X X 4 X X X 4+X X 10-09- 17 tc work session 35 Page-4-of13 35 Second Priori Occu n Table #2 17.3.4 Applicant Priorities. Upon qualifying to purchase a housing unit, an applicant may qualify for a further priority. 17.3.4.1 Disabled Employee Prioritization. A qualified applicant who personally or who resides with a dependant who has a physical impairment that substantially limits the major life activity of walking and substantially limits the ability of the person to climb stairs as documented in writing by a medical doctor licensed in the State of Colorado shall be deemed the first priority qualified purchaser for the purchase of a disabled housing unit, Daly Permanent Moderate Housing Townhomes Units 5, 8 and 10, without regard to prioritization criteria. ln the event that two or more qualified applicants desire to purchase the housing unit, then employment prioritization shall be utilized to determine the first priority qualified purchaser. 17.3.4.2!n complex Priority. A qualified applicant (meets employment, income, assets and occupancy requirements) who is an employee owner of greater than one (1) year of a housing unit in the project where a housing unit is offered for sate shall be deemed the first priority qualified purchaser for the purchase of the housing unit without regard to prioritization criteria. ln the event that two or more such qualified applicant employee owners desire to purchase the housing unit, then employment prioritization shall be utilized to determine the first priority qualified purchaser. lf more then one applicant is in the same employment tier then a lottery will be held to select the qualified in complex purchaser. (Council approved this revised regulation on August 1 , 2011) 17.4 Resale Procedure. 17 4 1 Housing Unit lnspection. As a condition precedent to filing a notice to sell ahousing unit, the owner shall obtain an approved pre-sale inspectiJn from an inspectorapproved by the Housing Manager. Upon successful compteiion of the inspection, anapproved inspection report shall be issued and all cost of such report will bg paid by theowner. 17'4'1'1 Standards. The inspection will disclose the physical condition of the housingunit' The housing unit must meet a minimum standard of maintenance and cleanliness.The apprwed inspector will grade the housing unit on a standard approved by theHousing Manager. page-5_of13 Total Persons 1 bedroom 2 bedrooms 3 bedrooms 4 or more bedrooms 2 X X X 10-09- 17 tc work session 36 36 17.4.1.2 Repairs. lf the pre-sale inspection discloses deficiencies, then the owner shall correct all deficiencies. The housing unit shall be reinspected to confirm that all such deficiencies have been properly corrected. 17 .4.2 Notice to sell. After receipt of the approved inspection report and the notice of intent to sell, the Housing Manager shall calculate the maximum resale price. The Housing Manager shall then collect a resale fee equal to one percent (1%) of the maximum resale price of a condominium housing unit to a maximum of One Thousand Dollars ($1,000.00), and one-half of one percent (.5"/") of the maximum resale price of a house to a maximum of One Thousand Five Hundred Dotlars ($1,500.00). Upon good cause shown, the Housing Manager may authorize alternate arrangements for the payment of the resale fee. 17.4.3 Maximum resale price calculation. The Housing Manager shall calculate the maximum resale price based upon the date the owner acquired the housing unit and upon the owner's purchase price. 17.4.3.1 Energy Efficiency & Water Conservation Gapital lmprovements An energy efficiency and water conservation capital improvements allowance of up to 1Oo/o of the current resale price will be established for each new owner of a single family home or a condominium unit. Only improvements that clearly demonstrate energy efflciency and water conservation will be considered for this allowance. The utilization of sustainable green building materials may also be included in the 10% improvement allowance. All capital improvements will be depreciated on the depreciation schedule from the Marshall Swift Residential Handbook. This improvement allowance does not include the replacement or maintenance of existing fixtures, appliances, decorative items, or improvements necessary to maintain existing fixtures from the original construction. Only new replacement items which are recognized to provide a substantial amount ofenergy or water conservation greater then the original construction will be considered. An owner shall submit a complete improvement cost proposal listing the improvement items and documentation identifying the energy savings or water conservation benefits to the Housing Director prior to beginning the improvement work. The director will thenmake a determination if the requested improvements may be added to the resale price.After receiving Housing Director approval, to substantlate the Energy and WaterConservation Capital lmprovement allowance amount, an owner shill provide theHousing Director an affidavit of owner setting forth the amounts expended forimprovements with receipts to show actual expenses attached theieto, and inec-ertificate of completion issued by the Building Official for the improvements, if required.lf a certificate of completion is noi required, thin a written statement from the Buildingofficial identifying that the improvements installed did not require a building permit or acertificate of completion. Energy and Water Conservation Capital trpror"i.,"nts thathave not received preapprovaiirom the Housing Directorwill not be considered forinclusion upon resale of the unit. (Council approved this regutation on April 22, 2013) page-6_of13 10-09- 17 tcwork session 37 37 17.4.3.2 Condominium Housing Units Acquired before July 22,1991. For housing units located in the Creekside Condominiums and Country Club Townhomes that have been continuously owned by the same owner on and after July 22, 1991, the maximum resale price is computed as follows: a. the purchase price paid by the owner, plus an amount equal to: 1 2 The purchase price paid by the owner; Multiplied by the consumer price index, all items, urban wage earners and clerlcal workers (revised) published by the United States Department of Labor, Bureau of Labor Statistics, commonly known as the CPI-W, last published prior to the date of notice of intent to sell; Divided by the CPI-W last published prior to the time of purchase by owner; 3 plus, the depreciated cost of improvements to the condominium unit which have been paid for by the owner and approved by the Town Council. plus, the depreciated value of rosv approved energy efficient or water conservation capital improvements installed and paid by the owner not to exceed 10% of the current resale price, plus, the actual cost of capital improvements performed by the condominium association of the project in which the housing unit is located, paid for by the owner from the time of installation of the capital improvement to the date of resale approved by the Town, not to exceed ten percent (10%) of the current resale priie. 17.4.3.3 condominium Housing units Acquired after July 22,199L Themaximum resale price shall be computed as the lesser of: a. the original price plus a three-percent annual increase in thepurchase price, prorated from the date of the originar purchase, or b c d 10-09- 17 tc work session 38 Page-7-of13 38 the purchase price paid by the owner, plus an amount equal to: 1 . The purchase price of the current owner;2. Multiplied by the consumer price index, all items, urban wage earners and clericalworkers (revised) published by the United States Department of Labor, Bureau of Labor Statistics, commonly known as the Cpl-W, last published prior to the date of notice of intent to sell;3. Divided by the CPI-W last published prior to the time of purchase by owner plus, The depreciated value of TOSV approved energy efficient or water conservation capital improvements installed and paid by the owner not to exceed 1O% of the current resale price, plus, the depreciated cost of capital improvements performed by the condominium association of the project in which the housing unit is located, paid for by the owner from the time of installation of the capital improvement to the date of resale approved by the Town, not to exceed ten percent (10%) of the current resale price. 17.4.3.4 crossings Housing units. The maximum resale price shall be computed as the lesser of: a the base price as maintained in the records of the Housing Manager, plus the cost of the finishing of the basement from the date of completion in accordance with the description of the basement option not to exceed the cost of a standard basement option, plus a three-percent annual increase, or b b the purchase price paid by the owner, minus the cost of any house option which is installed after the issuance of the original certificate of occupancy plus the cost of the deck option, if it wis subtracted from the calculation of the house base piice, plus an amount equal to: The purchase price of the current owner; Multiplied by the consumer price index, ail items, urban wageearners and clericalworkers (revised) published by theUnited States Department of Labor, dureau of Labor 1 2 10-09- 17 tc work session 39 Page 8 of '13 39 3 Statistics, commonly known as the Cpl-W, Iast published prior to the date of notice of intent to sell; Divided by the CPI-W last published prior to the time of purchase by owner; plus, The cost of any house option, as approved by the Town council as an option to the basic house design (as set forth in Exhibit "A" to the Horse Ranch Employee Housing Development Agreement entered into by and between the Town and Foresite Capital Facilities Corporation on April 22,1994) plus, automatic sprinkler system, gutter and downspout, permanent landscaping and heat tapes) which was installed after the issuance of the original certificate of occupancy plus the cost of the deck option, if it was subtracted from the calculation of the house base price. From the issuance of the original certificate of occupancy for the housing unit, the maximum amount shall be limited to ten percent (10%) of the house base price which shall escalate as follows: 1 To five (5) years, five percent (5%) of the house base price; ? To six (6) years, six percent (6%) of the house base price;3. To seven (7) years, seven percent (7%) o,f the house base price; 4. To eight (8) years, eight percent (8%) of the house base price; 5. To nine (9) years, nine percent (g%) of the house base price; and6. To ten (10) years, ten percent (10%) of the house base price. plus, The depreciated value of rosV approved energy efflcient or water conservation capital improvements installed and paid for by the owner not to exceed l0% of the current resare price To substantiate such amount, an owner shall provide the Housing Manager an affidavi.t of owner setting forth the amounts expendedfor improvements with receipts attached thereto, and the certificateof completion issued by the Building official for the improvements, ifrequired, or if no certificate of completion is required, ih.n .statement from the Building official that the improvements installed 10-09- 17 tc work session 40 Page9of13 40 did not require a certificate of completion. lf such amount has not previously been substantiated to the satisfaction of the Housing Manager, it shall be provided with the notice of intent to sell. 17.4.3.5. Rodeo Place single Family Housing units. The maximum resale price shall be computed as the lesser of: a. the base price as maintained in the records of the Housing Manager, plus 1 . the one time actual cost of finishing the basement subject to a maximum allowance of $70.00 per square foot from the date of completion in accordance with the square feet allocated to each home basement,2. The depreciated value of TOSV approved energy efficient or water conservation capital improvements installed and paid by the owner not to exceed 10% of the current resale price, The purchase price of the current owner; Multiplied by the consumer price index, all items, urban wage earners and clericalworkers (revised) published by the United States Department of Labor, Bureau of Labor Statistics, commonly known as the CPI-W, last published prior to the date of notice of intent to sell; Divided by the CPI-W last published prior to the time of purchase by owner; 3 4 5 To substantiate the finished basement option amount, an owner shall provide the Housing Manager an affidavit of owner setting forth the amounts expended for improvements with receipts attached thereto, and the certificate of completion issued by the Building official for the improvements, if required, or if no certificate of completion is required, then a statement from the Building official that the improvements installed did not require a certificate of completion. The finishing of the basement improvements will be aone time adjustment to the home base price irom the certificate of completion date. lf such amount has not previously been substantiated to the satisfaction of the Housing Manager, it shall beprovided with the notice of intent to sell. 10-09- 17 tc work session 41 Page 10 of 13 41 17.4.3.6 Publication. The Housing Manager shall cause a notice of the availability of the housing unit purchase shall be published in the Snowmass village Sun once a week for the four (4) consecutlve weeks. 17.5 Lottery Procedure. At the end of the thirty (30) day Snowmass village employee priority period, lottery chances will be assigned by the Housing Manager to qualified applicants as follows: Years Employed Lottery Chances 1 or greater but less than 3 1 3 or greater but less than 7 2 7 or greater but less than 11 4 1 1 or greater but less than 15 6 15 or greater 8 Following the assignment of lottery chances to qualified applicants, the Housing Manager shall schedule and conduct a lottery to determine the priority of qualified purchasers. The lottery will be scheduled by the Housing Manager. lf a chance of a qualified applicant is chosen more than one (1) time, all subsequent chances will be disregarded. 17.6 Contract and sale procedure. 17.6.1The first priority qualifled purchaser shall have seven (7) days to enter into a contract with the owner for purchase of the housing unit. ln the event that a contract is not timely entered into then the next priority qualified purchaser shall have seven (7) days to enter into a contract with the owner for purchase of the housing unit, and so onuntil a sale occurs. The owner may not reject an offer from a qualified-purchaser that isfor the maximum resale price or the current resale price, as the case may be, unlessother terms and conditions of the offer are unreasonable. Thereafter, if tie housing unithas not been sold, the owner may list it for sale with a real estate broker, or negotiate acontract for its sale provided that the owner shall notify all prospective furtnasers thatthey must be confirmed to be a qualified purchaser oi ftre Housing rrrrrnrg"r. 17 '6'2 Advertise housing unit for sale. The owner shall advertise the housing unit forsale by the placement of a "for sale" sign meeting the requirements of Chapter 16A ofthe snowmass village Municipal codelt, cons[i.uous iocation. page 11 of 13 10-09- 17 tc work session 42 42 17 .6.3 Confirmation of qualification. At the closing of the sale, the Housing Manager shall confirm: 17.6.3.1 The status of the qualified purchaserto purchase the housing unit; 17.6.3.2 That the purchase price does not exceed the maximum resale price; and 17.6.3.3 All monies owing to the Town have been fully paid. 17.7 Housing Unit Rental. 17.7.1 For good cause shown and with the approval of the Housing Manager, an owner may rent the entire housing unit for a maximum of four months. The rental rate shall not exceed the rent for a comparable rental apartment owned by the Town as determined by the Housing Manager. No short-term rentals will be allowed. 17.7.2 With written notice to the Housing Manager, the owner of a housing unit of not less than two (2) bedrooms may rent one (1) bedroom to a maximum of two (2) people, at least one (1) of whom is an employee. Provided, however, the owner must maintain residency in the housing unit, must occupy a bedroom in the housing unit and must receive prior approval for any such rental from the association in which the housing unit exists. 17.7.3 Where there exists a conflict between any limitation or requirement in this Code and any limitation or requirement contained in any applicable protective covenant, deed restriction, condominium declaration, homeowners or condominium association bylaws or rules and regulations, as the same may be adopted or amended from time to time, themore restrictive limitation or requirement shall prevail. 17.8 Biennial Requalification. Commencing July 1, 2003 all owners must requalify bi.ennially by completing and returning an affidavit within ninety (g0) days. The affidavitwill confirm that the following: 17.8.1' the owner has been in physical residence in the housing unit for a minimum ofeight (8) months each calendar year, is or is eligible to be a registered voter in the Town,possesses or is eligible to possess a valid Colorado drivers lic6nse; and files a Coloradoincome tax return; and 10-09- 17 tc work session 43 Page 12 of 13 43 17.8.2 the owner has been actively employed by an employer whose principal place of business is in Pitkin County for minimum of one thousand four hundred (1a00) hours during a minimum period of eight (8) months per calendar; or have attained the age of sixty two (62) after having been the owner of the housing unit for not less than ten (10) years. 17.8.3 The owner has not acquired a residential dwelling unit within the Roaring Fork River drainage situated in Eagle, Pitkin or Garfield Counties, or within the Coloiado River Drainage from and including the unincorporated No Name area to and including the City of Rifle, after the closing of the acquisition of a housing unit. 17.9 Appeals. Any applicant or owner who feels that the Housing Manager has misinterpreted or improperly applied the provisions of the Chapter 17 of the Municipal Code or these Regulations may inform the Town Manager in writing and request a review. Any such request must be delivered t the Town Manager within fourteen (14) days of the date of such purported misinterpretation or improper application. The Town Manager shall investigate and take such actions as are necessary and proper to alleviate any actual noncompliance. 10-09- 17 tcwork session 44 Page 13 of 13 44 CHAPTER 17 - Employee Housing ARTICLE I - Permanent Moderate Housing Sec. '17-1. - Purpose To effectuate the orderly administration of housing units, the Town Council has determined that reasonable regulation is required. lt is the intention of the Town Councilto ensure that housing units shall be available for purchase and occupancy by qualified indivlduals at an affordable price, Public funds are being utilized to make the original purchase price of a housing unit affordable, and, therefore, restrictions on the escalation of the value of the unit are required to ensure that the purposes of creation of the housing unit are maintained. (Prior code Ch. XVll 517-1; Ord.22-2000 51; Ord. 2-200251) Sec. 17 -2. - Application. The provisions of this Chaptershallapplyto and restrictthe use, occupancyand sale of all housing units in the Town, including without limitation those units located in the following projects: Creekside Condominiums, Country Club Townhomes, Country Club Villas, Crossings at Horse Ranch, Daly Permanent Moderate Housing Townhomes and Mountain View Permanent Moderate Housing Condominiums. (Ord. 22-2000 51 ; Ord. 2-2002 E1) Sec. 17-3. - Definitions. As used in this Article and all regulations adopted, the followingwords shall be construed to have the meanings defined below: Disabled housing unir mea ns a housing u nit that co m plies with the a ccessibility provisions of th e America ns with Disability Act and Chapter '18 of the Municipal Code. Employee means an adult who is employed by an employer licensed: a. Pursuant to Section 4.2 of this Code with a principal place of business in Snowmass Village; or b' To do business in the City of Aspen or the County, and having a principal place of business within the County. Housing unif means a dwelling unit that is subject to the provisions of this Chapter, Maximum resale price means the maximum price for which a housing unit may be sold. The maximum resale price for housing units located in the Creekside Condominiums and Country Club Townhomes that have been continuously owned by the same owner on and afterJuly 22, 1gg1, shall be computed in accordance with resale price procedures established bythe Housing Manager referred to as the current resale price. Owner means the fee simple owner of a housing unit. 10-09- 17 tc work session 45 Municipal Code 45 Pre-sale inspection means an inspection of the housing unitto confirm thatthe housing unit has been kept and maintained in a clean and orderly condition, normal wear and tear excepted, in a manner determined by the Housing Manager, Qualified applicant means all adult applicants who collectively meet the qualifications for purchase of a housing unit as established from time to time bythe Housing Manager, taking into consideration employment, income, net worth, unit size, dependents and any other criteria established by the Housing Manager to determine eligibility for purchase. Resale fee means a fee collected upon the filing of a notice of intent to sell a housing unit as determined by the Housing Manager, Requalified owner is an owner who, following initial purchase of a housing unit, meets the qualifications for employment, income, net worth and residency established by the Housing Manager. Residential dwelling unif means any residential property within the Roaring Fork River drainage situated in Eagle, Pitkin or Garfield Counties, or within the Colorado River Drainage from and including the unincorporated No Name area to and including the City of Rifle. Unit size means a housing unit intended to be occupied by a minimum or maximum number of occupants as established by the Housing Manager. (Prior code Ch. XVll 517-2; Ord. 10-1995; Ord. 10-1997 S10; Ord. 9-1999 51; Ord. 22-Z0OO S1; Ord. 2-2002 51; Ord.8- 2003 54) Sec. 17-4. - Resale procedure (a) Housing Unit lnspection. As a condition precedent to filing a notice to sella housing unit, the owner shall obtain an approved pre-sale inspection which shall, among other things, confirm that the number of bedrooms in the housing unit has not decreased since the housing unit was purchased by the owner. (b) Notice to Sell and Resale Fee Deposit. The owner, after having received an approved inspection report, shall file a written notice of intent to sell with the Housing Manager and shall pay the resale fee. (c) Town Purchase Option. The Town reserves the right to purchase any housing unit. (d) Snowmass Village Employee Priority. For thirty (30) days from the date of filing of the notice of intent to sell, the Housing Managerwill receive applications forthe purchase of the housing unitfrom qualified applicants. At the end of the thirty-day period, the Housing Manager will proceed to determine if a super priority exists or if lottery chances will be assigned to all qualified applicants. (e) Super Priorities. lf a qualified applicant meets the criteria for a super priority as established by the Housing Manager for disabled employees and in-complex owners, a first priority qualified appllcant shall be designated and is authorized to enter into a contract for purchase of the housing unit in accordance with the provisions of Section 17-4 (g) of this Code. (0 Determination of Employment Priority and Lottery Chances. Lottery chances will be assigned by the Housing Manager to qualified applicants, Following the assignment of lottery chances to qualified applicants, the Housins Manaeer shall schedule and conduct a lotterv to determine the priority of qualified purchasers. 10-09- 17 lc work session 46 46 (g) Contract and Sale Procedure. The qualified purchaser, in priority, may negotiate a contract for the purchase of th housing unit from the owner and proceed to close the purchase. (h) Confirmation of Qualification. At the closing of the sale, the Housing Manager shall confirm the status of the qualified purchaser to purchase the housing unit and that the purchase price does not exceed the maximum resale price. (Prior code Ch. XVll 517-3; Ord. 10-1997 5i0; Ord. 4-1998 51; Ord. g-1ggg 52; Ord. 22-2OOO S1; Ord. 2-2OO2S1; Ord. 8-2003 S4) Sec, 17-5. - Mandatory resale. An owner shall immediately offer the housing unit for sale in accordance with the provisions of JeEUpnlJ-4 upon the happening of any of the following events: (1) lf a non-qualified purchaser takes title to a housing unit, or (2) the owner does not maintain residency at the housing unit; or (3) the owner has not sold a residentialdwelling unit within six (6) months of the closing of the acquisition of the housing unit, or such greater period of time as approved bythe Town Council upon good cause shown; or (4) the owner acquires a residential dwelling unit after the closing of the acquisition of a housing unit; and (5) the owner purchasesthe housing unitfora purchase pricegreaterthan the maximum purchase price;or (6) the owner fails to be a requalified owner. (Prior code Ch. XVll 517-4; Ord.22-2000 51; Ord. 2-200251) Sec. 17-6. - Rental. No owner may rent a housing unit without the prior approval of the Town Council by Resolution, upon good cause shown (Prior code Ch, XVll 517-6; Ord. 5-1 997; Ord.2Z-2OOO S1; Ord. 2-2002 51) Sec. 17-7. - Exempt transactions A one time transter by operation of law, by will or inheritance to a surviving spouse of an owner is exempt from the procedures setforth in Section 17-4. provided written notice shall be provided to the Housing Manager providing information to support that an exempt transaction has occurred. (Prior code Ch. XVll517-8; Ord. 9-1999 5'l; Ord.22-2000 S1; Ord. Z-2OO251) Sec. 1 7-8. - Release of restrictions To induce lending institutions to finance housing units, the Housing Manager is authorized to enter into agreements with lending institutions which allow for the release of a housing unit from the application of the provisions of this Chapter in the event of a foreclosure of a first priority deed of trust or mortgage securing a loan, 10-09- 17 lcwork session 47 47 Any such agreement shall provide that: (1) The Town shall have an option to purchase the housing unit for the price which would be paid by the redeeming owner in the foreclosure; (2) The option to purchase period shallcommence upon the end of the last redemption period of the foreclosure and shall continue for a period not less than ten (10)days; and (3) The release of the housing unit from the applicability of this Chapter shall occur only after the expiration of the option to purchase period. (Prior code Ch. XVll 517-9; Ord.22-2000 51; Ord. 2-200251) Sec. 17-9. - Remedies of the Town. The Town expressly reserves all remedies provided by law for breach of these restrictions. (1) Transfervoid. ln the event a housing unit is sold and conveyed without compliance herewith, such sale shall be wholly null and void and shall confer no title whatsoever upon the purported purchaser. Each and everyconveyance of the property, forall purposes, shall be deemed to include and incorporate by this reference the covenants herein contained, even without reference herein to this agreement. (2) Failure to cure breach. ln the event the owner fails to cure any breach, the Town may resort to legal action, including, but not limited to specific performance of these restrictions ora mandatory injunction requiring sale of the housing unit by the owner. (3) Housing unit price freeze. ln the event of a breach of any of the terms or conditions hereby of the owner orthe transfer of a housing unitto a nonqualified transferee, the original purchase price of the housing unit shall upon the date of such breach or transfer automatically cease to increase and shall remain fixed until the date of cure of said breach or disqualification. (4) Purchase of Housing Unit. The Town reserves the right to purchase a housing unit. (5) Town Attorney Fees, All costs incurred by the Town in enforcing the terms of this Article and regulations adopted pursuant thereto, including without limitation, costs of suit and reasonable attorneys' fees, even in the event that the Town secures redress without a completed judicial proceeding, shall be repaid upon demand by the person or persons against whom enforcement has been sought. (Prior code Ch.17-17; Ord.22-2000 51; Ord. 2-200291) No guaranty or warranty is made by the Town that an owner may be able to (1) Resell a housing unit without incurring a monetary loss; (2) Resell a housing unit at a maximum price; (3) Rent a housing unit; or (4) Rent a housing unit without incurring monetary loss. (Prior code Ch. XVll 517-7; Ord.22-2000 51; Ord. 2-200251) 10-09- 17 tcwork session 48 Sec. 17-10. - No guaranty or warranty. 48 Sec. 17-11. - Regulations. The Housing Manager shall establish rules and regulations to effectuate the provisions of this Article after conducting a public hearing and with the advice and consent of theTown Council. All rules and regulations so established shall be enforceable as if enacted in this Code. (Ord. 2-2002 51) Secs, i 7 -12-17 -30. - Reserved. 10-09- 17 tcwork session 49 49