TC Ord. No. 1981-126 r
ORDINANCE NO.# 81-12
Series of 1981
AN ORDINANCE PERTAINING TO REVENUE AND
AMENDING ORDINANCE NO. 80-6, SERIES OF
19809 TO CLARIFY THE RELATION OF THE
REAL ESTATE TRANSFER TAX TO TRANSFER
OF DENSITY UNITS
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
AS FOLLOWS:
Section 1. Amendment. Paragraph A., Section 5 of
Ordinance No. 80-6, Series of 1980, is amended to read as follows:
"A. "Consideration" means and includes the
actual cash paid and/or value of the property delivered,
or contracted to be paid or delivered, in return for the
transfer of ownership or title to, or any other possessory
interest in, real property and shall include the amount of
any lien, mortgage, contract indebtedness or other encum-
brance, either given to secure the purchase price, or any
part thereof, or remaining unpaid on the property at the
time of sale. The term does not include the amount of any
outstanding lien or encumbrance in favor of the United
States, the State of Colorado or of a municipal or quasi-
governmental agency, corporation or district for taxes,
special benefits or improvements. In the event that the
transaction or transfer is by lease agreement not specifi-
cally exempted in Section 7, the consideration shall be
computed based upon the capitalization or the current
annual rental for ten years, plus any additional consider-
ation, paid or to be paid. When it is not possible to
determine the annual rental, the tax shall be based upon
the appraised value of the property covered by the lease,
and this decision, that the annual rental cannot be
determined, shall be solely at the discretion of the Town
Manager. "Consideration" further includes any part of
cash paid or value of property delivered attributable to
density units transfered as part of the sale or other transfe
of the property, whether such transfer of density units is
accomplished by the same or a separate document."
Any transfer of density units shall be deemed to be related
to the cash paid or value of property_delivered and shall
be taxable under•rhe provision of this Ordinance.
Section 2. Severability. If any provision, clause,
phrase or section (~f this Ordinance-or the application thereo
to any person or circumstances is held invalid, such invalidi
shall not affect other provisions, clauses, phrases or sectio:
or applications of the Ordinance which can be given effect
without the invalid provisions or applications and--to this en
the provisions or applications of this Ordinance are declared
to be severable.
INTRODUCED, PASSED ON FIRST READING, APPROVED, AND
ORDERED. POSTED once in full, this day of ,1981
he
and public hearing on this Ordinance shall be held An,
regular meeting of th Town Co cil of the Town of Colorado, on the day of 1981, at 7:30'P.M.
in the Municipal offices of the own.
TOWN OF AVON
BY y ~
ge V. Alpi, M or
1981.
TOWN OF AVON
BY'
o V. pi, Ma or
-2-
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL
OF THE TOWN. ,OF 'AVON, .COLORADO, AT 7:30 P.M. ON THE 9TH, DAY OF
JUNE, 1981 AT THE-TOWN HALL FOR THE PURPOSE OF-CONSIDERING THE ADOPTION
OF ORDINANCE NO.#81-12, SERIES OF 1981:--
AN ORDINANCE PERTAINING TO REVENUE AND AMENDING ORDINANCE NOS#80-6;'.
SERIES OF 1980,-T0-CLARIFY THE RELATION OF THE REAL'ESTATE TRANSFER TAX-
TO TRANSFER OF DENISTY UNITS.
'A copy of said Ordinance is attached hereto and is also on file at the
Office of the Town Clerk and may be inspected during regular business
hours.
Following this hearing, the Council may consider final passage of this
Ordinance.
This. notice given and published by order of the Town Council'of the
Town of Avon, Colorado.
Dated this 27th day of May., 1981.
TOWN OF AVON
BY
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE-TOWN OF AVON ON
MAY 29, 1981:
NORTHEAST SIDE OF THE BENCHMARK SHOPPING CENTER, AVON POST OFFICE,
THE MAIN ENTRANCE OF CITY MARKET,
THE PESTER GAS STATION;- AND
THE TOWN OFFICE, SECOND FLOOR, BENCHMARK SHOPPING CENTER.