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Town Council Resolution 24 1983TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 24 SERIES OF 1983 A RESOLUTION AMENDING RESOLUTION NO. 77, SERIES OF 1982, RELATING TO THE SNOWMASS RESORT ASSOCIATION'S PLEDGE OF ASSESSMENT CAPABILITIES FOR THE PAYMENT OF RENT IN CONNECTION WITH THE LEASING OF A CONVENTION FACILITY. WHEREAS, the Town Council, subject to the terms and conditions of Resolu- tion No. 77, Series of 1982, agreed to issue Town of Snowmass Village, Colorado, convention center and sales tax revenue bonds to finance a convention facility to be leased to and operated by the Snowmass Resort Association (SRA); and WHEREAS, SRA has requested that the Town Council agree in principle to a limitation on the annual assessment which can be levied against commercial cost center owners for the purpose of paying rent pursuant to the terms of the anticipated lease/management agreement more particularly described in Section Two of Resolution No. 77, Series of 1982; and WHEREAS, the Town Council has determined that such limitation is acceptable subject to the provisions contained herein. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado: Section One. The provisions of Resolution No. 77, Series of 1982, not- withstanding, the Town Council acknowledges that SRA's pledge of assessment capabilities in order to pay rent and operating expenses for the Conference Center pursuant to the provisions of the lease/management agreement des- cribed in said Resolution will be limited to SRA members who are subject to commercial common cost center assessments and further that any increase in commercial common assessments arising from the leasing, marketing and operation of the Conference facility shall not exceed $400.00 per assessable unit per assessment year (over and above the assessment that will exist if a Conference Center does not exist). In the event that that SRA is unable to generate sufficient revenue from user fees, room commissions and commercial cost center assessments to pay the annual rent and operating expenses, the shortfall payable to the Town shall be carried over to the next succeeding year, with interest, and paid from revenues available for such purposes prior to the payment of that year's annual rent. INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado on the 14th day of February , 1983 by a vote of 6 to O Councilmember Pete Bedford abstained on the basis of a conflict of interest as a member of the Board of Governors of the Snowmass Resort Assoc. ATTEST: TOWN OF SNOWMASS VILLAGE, COLORADO t Susan S. Hansen, Town Clerk Jefferson ippett, Mayor