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TC Ord. No. 2000-13 Amending Chapter 3.12 of the Town Code Concerning the Town Real Estate Transfer TaxORDINANCE NO. 00 -13 SERIES OF 2000 AN ORDINANCE AMENDING CHAPTER 3.12 OF THE TOWN CODE CONCERNING THE TOWN REAL ESTATE TRANSFER TAX; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Definitions. Terms used in this Ordinance shall have the meanings specified in Chapter 3.12 of the Town Code or in this section for all purposes of this Ordinance and of any ordinance amendatory hereof, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Annexation Agreement: the Annexation and Development Agreement entered into October 13, 1998, among the Town, EMD Limited Liability Company, PVRT NOTT I LLC, PVRT NOTT II LLC, and PVRT NOTT III LLC. Improvement Company: the Public Improvement Company described in the Annexation Agreement or its successors. Property: the real property described in Exhibit A to the Annexation Agreement. Real Estate Transfer Fee: the Real Estate Transfer Fee assessed by the Improvement Company as described in Section 4.5 of the Annexation Agreement. Code. Tax: the Real Property Transfer Tax imposed by § 3.12.030 of the Avon Municipal Section 2. Recitals. A. The Town is a municipal corporation duly organized and existing under the Town's Charter adopted pursuant to Article XX of the Constitution of the State of Colorado. to the Town. B. The Town has entered into the Annexation Agreement to annex the Property C. Pursuant to the Annexation Agreement, the Improvement Company is authorized to impose the Real Estate Transfer Fee. D. Pursuant to the Annexation Agreement, the Town desires to provide a tax credit against the obligation to pay the Tax to the Town for persons who pay the Real Estate Transfer Fee. Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town in connection with the imposition and collection of the Tax, and the Annexation Agreement are ratified, approved and confirmed. Section 4. Tax Credit. Chapter 3.12 of the Town Code is amended by the addition of the following: Notwithstanding any other provisions of this chapter, there shall be granted to each person owing the tax a temporary tax credit against collection of the tax equal to the amount of the Real Estate Transfer Fee paid or collected by such person. The amount of the credit shall not exceed the amount of the tax. This credit shall terminate when the collection of the Real Estate Transfer Fee terminates pursuant to the Annexation Agreement. The Town Council hereby determines that the creation or termination of this credit does not constitute a tax increase, the imposition of a new tax, or a tax policy change. Section 5. Re ep aler. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. Section 6. Effective Date. This ordinance shall be in full force and effect seven days after public notice following final passage. INTRODUCED, APPROVED ON FIRST READING, AND ORDERED PUBLISHED IN FULL AND POSTED, this 14 day of November , 2000, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council of the Town of Avon, Colorado on the 9,q day of fir, 2000, at 5 - 3 p-.m. in the Municipal Building of the Town of Avon, Colorado. TOWN OF AVON, COLORADO M or INTRODUCED, APPROVED ON SECOND READING, AND ORDERED PUBLISHED AND POSTED this ?gday of November , 2000. APPROVED AS TO FORM: Town Attorney B14 TOWN OF AVON, COLORADO ayor 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 5:30 P.M. ON THE 28th DAY OF NOVEMBER, 2000, AT THE TOWN OF AVON MUNICIPAL BUILDING FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 00-13, SERIES OF 2000: An Ordinance Amending Chapter 3.12 of the Town Code Concerning the Town Real Estate Transfer Tax; Ratifying Action Previously Taken and Appertaining Thereto; and Repealing All Ordinances in Conflict Herewith 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 is given and posted by order of the Town Council of the Town of Avon, Colorado Dated this 15th day of October, 2000. TOV f N PF(´┐ŻAVON, COLORADO Ir s Nash Town Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON NOVEMBER 17,2000: AVON MUNICIPAL BUILDING IN THE MAIN LOBBY AVON BEAVER CREEK TRANSIT BUS STOP AT AVON CENTER AVON RECREATION CENTER CITY MARKET IN THE MAIN LOBBY