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TC Minutes 06-21-1979t 1 • MINUTES OF THE SPECIAL ME*G OF THE TOWN COUNCILMEMBERS OF THE TOWN OF AVON HELD JUNE 21, 1979 2:00 P.M. The Special Meeting of the Town Councilmembers of the Town of Avon, Colorado was held in the Town Office, second floor, Benchmark Center, Avon, Colorado. The meeting was called to order by Mayor Angelo Alpi at 2:20 P.M. A roll call vote was taken with all Councilmembers present, except Bill Doyle and Allan Nottingham. A continuation of the second reading of Ordinance No. 79-9, Subdivision Regulations was the first agenda item undertaken by the Council. Council review of the Ordinance began on page 21 (d). Primary changes to the Ordinance involved the rewriting of certain definitions. Council then completed technical review of Ordinance No. 79-9 in its entirety, through page 38. The second reading on the Ordinance was scheduled for Tuesday, June 26, following a retyping to include the definition changes. The next agenda items were two real estate transfer tax exemption letters presented to the Council by Benchmark Companies, Inc. After discussion, Carol Richards moved authorization for Mayor Alpi to sign the two letters, and further authorized him to sign the formal applications for said letters without Council approval. Richard Casserley seconded the motion, Jim Wells abstained and it was unanimously carried. (A COPY OF THESE'. LETTERS-ARE"ATTACHED.'TO' THE MINUTES.) Resolution No. 79-10, amending Resolution No. 79-5 was presented to the Council. After discusssion, Carol Richards moved that the Resolution be approved. Richard Casserley seconded the motion, Jim Wells abstained and it was unanimously carried. (A COPY OF RESOLUTION NO. 79-10 IS ATTACHED TO THESE MINUTES.) At approximately 5:00 P.M. Mayor Alpi asked permission to turn the meeting over to Mayor Pro tempore Carol Richards as he had another engagement to attend. In other business, Richard Casserley moved authorization for Mayor Alpi to sign certain documents e.g., on sewage, water line extensions, bridge construction and water storage tank. Steve Erickson seconded the motion, Jim Wells abstained and it was unanimously carried. In final business, Jim Wells moved authorization for Carol Richards to sign the maintenance agreement on the postage machine. Richard Casserley seconded the motion and it was unanimously carried. There being no further business before the Council, Steve Erickson moved that the meeting be adjourned, Richard Casserley seconded the motion and the meeting was adjourned by the Mayor Pro tempore at 5:40 P.M. Respectfully submitted I a .:i'.:G ;!tP;•;iu:J,C~C•S'iY'r~d;,l~Qce ~L~!.;^° 'd a '-.fS~X41 `.D~. ~!J AM~g4~TA~ S~ttiiP4, ►fQ?QI ,.R i e o ESOLUTION NO. 79-10 SERIES OF 1979 TOWN OF AVON WHEREFORE, IT IS-HEREBY RESOLVED by the Town Council of the Town of Avon, Colorado, that: Resolution No. 79-5 is amended to read, The transfer of 71 living units proposed by Benchmark at Beaver Creek, a limited partnership, from lots 9 through 14, Block 3, Benchmark at Beaver Creek Subdivision, to lots 73 and 74, respectively, Block 2, whereby 25 units are assigned to Lot 73 and 46 units are assigned to Lot 74, be and is hereby approved. INTRODUCED, READ AND ADOPTED THIS 21st DAY OF JUNE , 1979. TOWN OF AVON, COLORADO ATTEST:' Mayor, Pro-tem Carol S. Richards Tonie Koonce, Town Clerk June 19, 1979 Mayor Angelo V. Alpi Town of Avon Drawer D Avon, CO 81620 Re: Town Land Transfer Tax Exemption Dear Mayor Alpi: Benchmark Companies respectfully requests confirmation from the Town of Avon that the following proposed transaction would be exempt from the Town of Avon Real Estate Transfer Tax pursuant to Ordinance No. 8, Series of 1978. Benchmark proposes to transfer Section 36, T4S, R82W, 6th P.M,, to another business organization in which it will have a controlling interest. It is our opinion that the proposed transaction is a reorganization' and would, therefore, be exempt from the land transfer tax pursuant to Section 5e. of said Ordinance. The purpose of this letter is to confirm in advance the exempt status of the proposed transfer of Section 36 mentioned above prior to the consummation of said transfer. Benchmark intends to file a formal application of "Exemption from Land Transfer Tax" on or before the proposed transfer. BENChMARk Box S. Avon. Colorado 81620 Phone 13031 949_5743 • Mayor Alpi - 2 - June 19, 1979 If the Town agrees with our conclusion that the above mentioned transfer is exempt under the Land Transfer Tax Ordinance, please indicate your acknowledgment and concurrence with said conclusion by signing in the space provided below and returning a copy of same to me. Thank you in advance for your prompt attention to this matter. GRS :lch ACKNOWLEDGMENT AND CONCURRENCE: Very itruly you~rs,- Gary R.k[tevens Vice President, Finance The Town of Avon hereby acknowledges and concurs with the above conclusion that the proposed transfer of Section 36 would be exempt under Ordinance No. 8, Series of 1978. ge o . Alpi, Mayo ~ '`b • ~ + (-,yam/ Mayor Angelo V. Alpi Town of Avon Drawer D Avon, CO 81620 Dear Mayor Alpi: June 19, 1979 Re: Town Land Transfer Tax Exemption Benchmark Companies respectfully requests confirmation from the-Town of Avon that the following proposed reconveyances as set forth below would be exempt from the Town of Avon Real Estate Transfer Tax pursuant to ordinance No. 8, Series of 1978. Benchmark proposes to sell a substantial amount of its property*to a corporation or corporations. Benchmark would pay the transfer tax on this transaction at the closing of sale. However, said purchaser in turn wishes to reconvey the subject properties to several related corporations (i.e. 5 or 6) in return for stock of said corporations. It is our opinion that the above referred to reconveyance of subject properties to several corporations is a-reorganization and exempt from the transfer tax pursuant to Section 5e. of said Ordinance. Furthermore, since the capital stock of said corporations immediately prior to the reconveyances would have no value, it is our opinion that said reconveyances would be exempt from the Real Estate Transfer Tax pursuant to Section 4a. of said Ordinance. The purpose of this letter is to confirm in advance the exempt status of the reconveyances mentioned above prior to. the consummation of the- initial sale by Benchmark. The purchaser intends to file a formal application of "Exemption from Land Transfer Tax" on or before the proposed reconveyances. `See attached Exhibit 'All, incorporated herein by this reference. BENChMARk RnY S_ Ovnn rnlnrndn Ria2n Dl.....e I4n7i oAn C"Pw-2 Mayor Alpi - 2 - June 19, 1979 If the Town agrees with our conclusions that the reconveyances to several corporations mentioned above are exempt under the Land Transfer Tax Ordinance, please indicate your acknowledgment and concurrence with said conclusions by signing in the space provided below and returning a copy of same to me. Thank you in advance for your prompt attention to this matter. Ve y. truly you i I ) fa- Gary R./.~l/ Stevens Vice President, Finance GRS:lch ACKNOWLEDGMENT AND CONCURRENCE: The Town of Avon hereby acknowledges and concurs with the above conclusions that the proposed reconveyances to several corporations in exchange for capital stock would be exempt under Ordinance No. 8, Series of 1978. Angelo V. pi, Mayof- EX1ilBIT "A" PROPERTY DESCRIPTION Lots 5, 6, 7, 9, 52, 53, and 54, Block 1; and Lots 12, 47, 48, 49, 50, 51, 52, 53, 54, 60, 61, 64, 73, and 74, Block 2; and Lots 1, 2, 3, 4, 5, 6, and 7, Block 3, as per the Official Plat - Town of Avon- Eagle County, Colorado, and Final Subdivision Plat - Amendment Number 4, Benchmark at Beaver Creek, Eagle County, Colorado, recorded on September 5, 1978, in Book 274 at Page 701, Lots 11, 38, 39, 40, and 41, Block 1, as per the Official Plat - Town of Avon - Amendment Nunber 3, Eagle County, Colorado and Final Subdivision Plat - Amendment Number 7, Benchmark at Beaver Creek, Eagle County, Colorado, recorded on May 31 , 1979, in Book 286 at Page 126 . Lot 70, Block 2, as per the Official Plat - Town of Avon - Amendment Number 2, Eagle County, Colorado, and Final Subdivision Plat - Amendment Number 6, Benchmark at Beaver Creek, Eagle County, Colorado, recorded on February 20 1979, in Book 282 at Page 111 .