HomeMy WebLinkAboutbocc.ord.023.2017 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN
COUNTY,COLORADO,AUTHORIZING THE COUNTY MANAGER AND
COUNTY ATTORNEY TO EXECUTE THE INSTRUMENTS NECESSARY TO
COMMIT APPROPRIATED FUNDING IN ORDER TO ADD TO THE PITKIN
COUNTY EMPLOYEE DEED RESTRICTED HOUSING PROGRAM INVENTORY.
ORDINANCE NO. V} 3 -2017
RECITALS:
I. Pursuant to 30-35-301 C.R.S.,the Board of County Commissioners("80CC")of
Home Rule Counties is authorized to make and publish ordinances for carrying into
effect or discharging the powers and duties conferred upon such counties by law and
as seems necessary.
2. Pursuant to Section 2.8.1 of the Home Rule Charter("HRC"),the BOCC is authorized
to take official action by Ordinance for certain matters where action is prescribed
pursuant to the Colorado Revised Statues as amended.
3 On May 25,2005,the BOCC adopted Ordinance No.023-2005 adopting a revised
employee housing impact fee in which all proceeds shall be used for the construction
or acquisition of capital assets with a life span of five(5)or more years
4. After codification in 2006 into the new land use code,the BOCC on November 14,
2007,adopted Ordinance No.027-2007 amending section 8-30 of the Pitkin County
Land Use Code revising the employee housing impact fee for commercial and
tounst/loddge accommodation development and land use
5. On September 23,2009,the BOCC adopted Ordinance No.023-2009 amending the
road impact fee schedule and annual adjustment along with impact fees for small
established commercial business and change of use.
6. In 2017,the BOCC approved a budget that contains$1,000,000 of housing funds
along with$1,000,000 of funding derived from fees associated with the operations of
the Aspen/Pitkin County Airport in order to implement the Employee Home
Ownership Deed Restricted Affordable Housing Program for general Pitkin County
employees and those working directly for the airport. Future finding towards this
program will be appropriated through BOCC actions during the annual budgeting
process.
7. The BOCC is in a position to acquire real property in the form of a deed restriction
known as the Occupancy and Resale Deed Restriction,Agreement and Covenant
(Exhibit A).
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8. The purpose of these acquisitions is to enable housing for employees under the
County's Deed Restricted Housing Program.
9. The approval of property under the Deed Restncted Housing Program must adhere to
the Pitkin County Deed Restricted Housing Guidelines.
10. The BOCC recognizes that it is the best interest of the employees of Pitkin County to
adopt this ordinance.
NOW,THEREFORE,BE IT ORDAINED by the Board of County Commissioners of Pitkin
County,Colorado that it hereby adopts an Ordinance authorizing the County Manager and
County Attorney to execute the instruments necessary to commit appropriated funding in
order to add to the Pitlun County employee deed restricted housing program inventory and
authonzes the chair or the chair's designee to sign the Ordinance and upon the satisfaction of
the County Attorney as to form,execute any other associated documents necessary to
complete this matter.
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INTRODUCED AND FIRST READ ON THE'9.7 DAY OF Aby / ,2017 AND
SE FOR READING AND PUBLIC HEARING ON THE /PI- DAY OF
2017
NOTICE OF PUBLIC HEARING AND TITLE AND SHORT SUMMARY OF THE
RE LUTION PUBLISHED IN THE ASPEN TIMES WEEKLY ON THE3/a DAY OF
-V Ute,2017.
NOTICE OF PUBLIC HEARING AND THE FULL TEXT OF THE RESOLUTION POSTED
ON T�NE OFFICIAL f�T7'KIN COUNTY WEBSITE(www.mtkincounlv.com)ON THE
31 DAY OF 01-✓y,5 f 2017.
Vid
ADOFED AFTER FINAL READING AND PUBLIC HEARING ON THE /.3 DAY
OFc 1LptiJmkt 2017.
PUBLISHED BY TITLE AND SHORT SUMMAR AFTER ADOPTION,IN THE ASPEN
TIMES WEEKLY ON THE 9(8t DAY OF 7 ,2017.
POSTED BY TITLE AND SHORT SUMMARY ON THE OFFICIO L�OUNTY
WEBSITE(www.pitkincounty.com)ON THE 25-0 'DAY OF 1
kgEST ., BOARD OF COUNTY COMMISSIONERS
B, / ./ -AI act By: I Wc.u. - fti (f"'
1 .pie Jones George Newman,Chair
De. ty County Clerk;
Date la - I L- Dol
APPROVED AS TO FORM: MANAGER APPROVAL
•
John Ely icy on P .Cock, 'nty Manager
3
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PITKIN COUNTY
OCCUPANCY AND RESALE DEED RESTRICTION,
AGREEMENT, AND COVENANT
THIS OCCUPANCY AND RESALE DEED RESTRICTION,AGREEMEN'I', AND
COVENANT(the "Agreement") is made and imposed this _. day of
20_,by _("Owner"), for the benefit of and enforcement
by the BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY ("PITKIN
COUNTY"), for and in consideration of the conveyance of the subject property to Owner
W ITN ES ETH:
WHEREAS, Owner has purchased and owns as a result of that certain warranty deed
executed on the date hereof, a residential dwelling (`Dwelling")located on the real property
more specifically described in Exhibit "A" attached hereto and incorporated herein. For
purposes of this Agreement, the dwelling, the real property and ail appurtenances,improvements
and fixtures associated therewith shall hereinafter be referred to as the 'Property', and
WHEREAS,Owner agrees to restrict the acquisition of the Property to Pitkin County or
its designees. In addition, the Owner agrees that this Agreement shalt constitute a resale
agreement setting forth the maximum sale price for which the Property may be sold ("Maximum
Sale Price"), the amount of appreciation and the terms and provisions controlling the resale of
the Property should Owner desire to sell the Property at any time after the date of this
Agreement.
WHEREAS,the Board of County Commissioners of Pitkin County pursuant to
Ordinance 023-2017 recorded as Reception agrees to acquire this Occupancy
and Resale Deed Restriction, Agreement,and Covenant for the price of$ burdening the
real property described in Exhibit A also known as (physical address)
for the benefit of Pitkin County.
NOW THEREFORE,for value received as described above, the receipt and sufficiency
of which is hereby acknowledged, Owner hereby represents, restricts,covenants and agrees as
follows:
OWNERSHIP,OCCUPANCY AND RESALE RESTRICTION, AGREEMENT AND
COVENANT
I. One of the parties constituting Owner is a full-time employee of Pitkin
County and understands that the acquisition of the Property as expressly
contingent on the continued status of employment with Pitkin County.
Owner agrees to only sell, transact,convey or otherwise dispose of its
interest in the Property to Pitkin County or its designee and only in
accordance with this Agreement.
2. Owner shall remain current with all payment obligations relating to the
Property. Such obligations include but are not limited to: promissory
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notes,deeds of trust,assessments, property taxes,charges for work,
materials and services benefiting the Property or any other obligation that
might cause a lien to attach to the Property or the initiation of foreclosure
or other proceedings that would affect title to the Propeny. In addition to
the above mentioned obligations, Owner shall maintain hazard and flood
insurance,if the Property is located within designated 100-year floodplain,
on the Property and the improvements on the Property sufficient to afford
replacement of the improvements on the Property in the event of any
accident or loss. It shall be a breach of this Agreement for Owner to
default in payments or other obligations related to the Property or to fail to
maintain replacement value hazard insurance for the Property. Owner
hereby agrees to notify Pitkin County, in writing,of any notification
received from any lender or other creditor of past due payments or
obligations or any alleged default in payment or other obligations due to
any party related to the Property. Owner shall also notify Pitkin County of
all loans and loan applications affecting or use of the Property as
collateral Pitkin County must approve the terms of the loan terms prior
to the disbursal of any such loan funds.
Upon such notification from Owner, Pitkin County may offer loan
counseling and distressed loan services to Owner, if any of these services
are available,or may require Owner to sell the Properly to Pitkin County
to avoid the commencement of any foreclosure or other proceeding against
the Property. If demanded by Pitkin County,Owner shall immediately
execute and deliver a general warranty deed in a form acceptable to Pitkin
County conveying the Property to Pitkin County,or its designee, in
exchange for the payment to Owner of the purchase price computed under
the formula set forth in this agreement.
3. This Agreement, in its entirety,shall constitute covenants running with the
Property,as a burden thereon for the benefit of, and shall be specifically
enforceable by,the Owner and Pitkin County,and their respective
successors and assigns, as applicable,by any appropriate legal action
including but not limited to injunction, reversion,or eviction of non-
complying owners and/or occupants
RESALE PRICE
4. In the event that the Property is sold pursuant to this Agreement, the
Property shall be sold for no amount greater than the purchase price
$ of the current Owner:
Plus an increase of three percent (3%)of the Owner's purchase price per
year from the date of purchase prorated at the rate of.25% for each whole
month for any part of a year.
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Plus,the employee may receive a credit for the cost of Capital
Improvements applied to the property not to exceed ten percent(10%)of
Owners original purchase price. A credit shall only be provided under the
following conditions and definitions.
Capital Improvements means capital improvements made and paid
for by Owner pursuant to the requirements of any governmental
body,applicable building, fire and zoning codes,or Homeowner's
Association,and only if specifically approved in advance in
writing by Pitkin County through its County Manager or designee.
Eligible Capital Improvements are only those improvements
outlined in the Homeownership Capital Improvements Policy,
published on an annual basis by the County Manager.
To qualify for a Capital Improvement, the Owner must submit to
the County in advance a request for approval of any proposed
Capital Improvement,as outlined in the Homeownership Capital
Improvements Policy,and obtain that approval;
Less the cost of any repairs or replacements necessary to restore the
Property to a reasonably adequate level of repair and habitability. For
purposes of this section, repairs and replacement required by ordinary
wear and tear shall not be deducted from the sales price otherwise
computed hereunder.
5 All disputes between Owner and administrative staff of Pitkin County
shall be decided by the County Manager of Pitkin County,and any
decision of the County Manager may be appealed to the Board of County
Commissioners within ten(10)days of any decision by the County
Manager.
6 Owner shall be responsible for the payment of the Owner's customary
closing costs and prorations.
7. In the event that the Pitkin County employee shall predecease his or her
spouse,or partner in ownership of the property and to the extent any liens
filed against the Property are held in good standing,Owner's surviving
joint tenant shall,within one hundred eighty(180)days, unless a longer
period of time is permitted as set forth below,execute and deliver a
general warranty deed conveying the Property to Pitkin County or its
designee, in exchange for the payment to or for the benefit of the grantor
of a purchase price computed under the formula set forth in this
Agreement. The time period for executing and delivering a warranty
deed shall be extended by Pitkin County for a reasonable period of time
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upon a showing of hardship or until such time as the surviving joint tenant
is able to qualify for and procure substantially similar housing
accommodations.
PITKIN COUNTY EMPLOYMENT
8. Owner agrees that,in the event Owner,or any one individual owner,
ceases to be a full-time employee of Pitkin County for any reason,
including termination, death,disability,or other separation event,and to
the extent any liens filed against the Property are held in good standing,
Owner,or owner's legal representative,will within not more than one
hundred eighty (180)days of such event execute a general warranty deed
in a form acceptable to Pitkin County conveying the Property to Pitkin
County,or its designee, in exchange for the payment to the Owner of the
purchase price computed ander the formula set forth in this Agreement.
9. If at any time the Owner of the property also owns an interest in any other
developed residential property or dwelling unit(s) within Pitkin County,
Owner agrees to immediately list said other property or unit for sale at a
sales price comparable to like units or properties in the area in which the
property or dwelling unit(s)are located, until sold In the event said other
property of unit has not been sold by Owner within one hundred eighty
(180)days of its listing, and to the extent any liens filed against the
Property are held in good standing, then Owner will within not more than
one hundred eighty(180)days execute a general warranty deed conveying
the Property to Pitkin County,or its designee, in exchange for the payment
to the Owner of a purchase price computed under the formula set forth in
this Agreement.
BREACH
10. In the event that Pitkin County has reasonable cause to believe the Owner
is violating the provisions of this Agreement, Pitkin County by its
authorized representative, may inspect the Property between the hours of
8:00 a.m.and 5:00 p.m.,Monday through Friday, after providing the
Owner with no less than 24 hours'prior written or oral notice.
Compliance with the terms of this Agreement is recognized as a condition
of continued employment with Pitkin County
11 Pitkin County, in the event a violation is discovered,shall send a notice of
violation to the Owner detailing the nature of the violation and allowing
the Owner fifteen (15)days to cure. Said notice shall state that the
Owner may request a hearing within fifteen (15)days to determine the
merits of the allegation
REMEDIES
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12. There is hereby reserved to the parties hereto any and all remedies
provided by law or equity for breach of this Agreement or any of its terms.
In the event the parties resort to litigation with respect to any or all
provisions of this Agreement,the substantially prevailing party shall be
entitled to recover damages and costs, including reasonable attorney's fees
13. In the event the Property is sold and/or conveyed without compliance
herewith,such sale and/or conveyance shall be wholly null and void and
shall convey no title whatsoever upon the purported buyer. Each and
every conveyance of the Property,for all purposes, shall be deemed to
include and incorporate by this reference, the covenants herein contained,
even without reference therein to this Agreement.
14 In the event that the Owner fails to cure any breach, Pitkin County may
resort to any and all available legal action, including,but not limited to,
specific performance of this Agreement or a mandatory injunction
requiring sale of the Property by Owner. The costs of such sale shall be
taxed against the proceeds of the sale with the balance being paid to the
Owner.
15 In the event of a breach of any of the terms or conditions contained herein
by Owner, his heirs,successors or assigns, the original purchase price of
the property as set forth in Section 6(a)of this Agreement shall, upon the
date of such breach, automatically cease to increase as set out in paragraph
6 of this Agreement, and shall remain fixed until the date of cure of said
breach.
GENERAL PROVISIONS
16. Notices. Any notice required or permitted under this Agreement shall be
in writing and shall be provided by electronic delivery to the e-mail
addresses set forth below and by one of the following methods I)hand-
delivery or 2) registered or certified mail,postage pre-paid to the mailing
addresses set forth below. Each party by notice sent under this paragraph
may change the address to which future notices should be sent.Electronic
delivery of notices shall be considered delivered upon receipt of
confirmation of delivery on the part of the sender. Nothing contained
herein shall be construed to preclude personal service of any notice in the
manner prescribed for personal service of a summons or other legal
process.
To Owner:
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To PItkin County managerfa nitkincounts corn
Pitkin County Manager
123 Emma Road,Suite 106
Basalt,CO 81621
Copy to• attomev@pitkincountv.com
Pitkin County Attorney
I 23 Emma Road,Suite 204
Basalt,CO 81621
17. Exhibits. All exhibits attached hereto, if any,are incorporated herein and
by this reference made a part hereof.
18. Severability. Whenever possible,each provision of this Agreement and
any other related document shall be interpreted in such manner as to be
valid under applicable law; but, if any provision of any of the foregoing
shall be invalid or prohibited under said applicable law,such provisions
shall be ineffective to the extent of such invalidity or prohibition without
invalidating the remaining provisions of such document.
19. Attorney Fees. In the event that legal action is necessary to enforce any of
the provisions of this Agreement,the substantially prevailing party,
whether by Final judgment or out of court settlement,shall recover from
the other party all costs and expenses of such action or suit including
reasonable attorney's fees.
20. Assignability.This agreement is not assignable by either party.
21 Choice of Law and Venue. This Agreement shall be construed according
to the laws of the State of Colorado, and venue for any action shall be in
the District Court in and for Pitkin County,Colorado.
22 Successors The provisions and covenants contained herein shall inure to
and be binding upon the heirs,successors and assigns of the parties
23. Section Headings. Any paragraph or section heading within this
Agreement is inserted solely for convenience of reference, and is not
intended to,and shall not, govern, limit or aid in the constriction of any
terms or provisions contained herein
24. Waiver. No claim of waiver,consent or acquiescence with respect to any
provision of this Agreement shall be valid against any party hereto except
on the basis of a written instrument executed by the panics to this
Agreement However,the party for whose benefit a condition is inserted
herein shall have the unilateral right to waive such condition.
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25. Gender and Number Whenever the context so requires herein,the neuter
gender shall include any or all genders and vice versa and the use of the
singular shall include the plural and vice versa
26. Personal Liability. Owner agrees that he shall be personally liable for any
of the transactions contemplated herein.
27. Further Actions. The parties to this Agreement agree to execute such
further documents and take such further actions as may be reasonably
required to carry out the provisions and intent of this Agreement or any
agreement or document relating hereto or entered into in connection
herewith.
28. Modifications. The parties to this Agreement agree that any modifications
of this Agreement shall be effective only when made by writings signed
by both parties and recorded with the Clerk and Recorder of Pitkin
County,Colorado.
IN WITNESS WHEREOF, the parties hereto have executed this instrument on the day
and year above first written
OWNER:
STATE OF COLORADO )
) ss.
COUNTY OF PITKLN
The foregoing instrument was acknowledged before me this day of
20_,by
WITNESS MY HAND AND OFFICIAL SEAL
My commission expires on
(SEAL]
Notary Public
ACCEPTED BY:
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ITKIN
Pitkin Count
OUNT4 Y
Employee Deed Restricted Program
GUIDELINES
Pitkin County is committed to retaining and recruiting dedicated and knowledgeable employees
to serve Pitkin County residents and visitors. Housing costs represent a significant challenge to
this goal. Pitkin County has created the Deed Restricted Program (DR) as a retention and
recruitment tool. The benefit involves the County partnering with an employee to take an
ownership interest in a property to make home ownership a possibility for employees that
qualify under the following conditions.
A. Eligibility for • Regular full time employees in good standing.
Benefit . Employee may only receive this benefit once during their employment with the
County.
0 The benefit is provided on a first come first served basis, and is subject to annual
budget appropriations.
0 The benefit is not offered based on job classification or other factors other than those
that follow. In the event two employees purchase a property together only one
benefit subject to the limitations in paragraph E shall be provided.
B. Property Eligibility • Primary residence only.
0 Property must be located within Pitkin, Eagle or Garfield Counties between Aspen and
Carbondale. Eligible homes must be real property and permanently attached to a
foundation and conform to all prevailing building code standards.
• Property must be free market(no deed restriction).
• Employee or their spouse may not own or have an ownership interest in other
developed residential property within the Aspen/Pitkin County Housing Authority
Ownership Exclusion Zone.
• The property shall not be sub-let or rented by the occupant.
• All purchases eligible for this benefit must have an appraised value at or above the
proposed purchase price at the time of purchase.
C. Maximum A maximum purchase price is not specified, but will be limited by paragraphs E, F,G and
Purchase Price H.
D. Income Threshold Based on paragraph G
E. Maximum Amount $300,000 or 40%of the property purchase price(whichever is less). County investment
of Benefit shall be at least 15%of the purchase price.
F. Compatible • Employee and co-borrower(s)must quality for a primary mortgage financing through
Financing a reputable lending institution.
• The Benefit will only be offered in conjunction with a fixed or variable mortgage with
a term of 30 years or less.
+ FHA,Subprime and other non-conforming products cannot be used in conjunction
with this benefit.
G. Debt Ratio • The maximum back-end total ratio for overall debt is 45%.
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t Employee Deed Restricted Program
• The estimated payments for the first mortgage, property insurance, HOA fees,
property taxes, and utilities(based on prior 12 month average)may not exceed front-
end housing 35%of the household income.
H. Ratio of benefit • The total value of the benefit and outstanding debt on the property may not exceed
and Loan to purchase price without approval from the County.
Property Value
I. Minimum • Employee must have a minimum direct investment of 10%of the purchase price from
Investment a source acceptable to the primary lender. In no case may the seller or premium
pricing of the mortgage interest rate satisfy this minimum requirement.
J. Use of Benefit • Benefit to be applied directly to the investment. Under no circumstances shall the
employee directly receive the funds.
• County contribution based on total transaction costs.
K. Right of First • A covenant and de minimus note shall be recorded with the deed giving Pitkin County
Refusal the first right of refusal to purchase the property in the event of default or the
employee's decision to sell the property.
L. Deed Restriction The County shall have a covenant recorded on the property that defines the occupant's
responsibilities to the County during occupancy and upon sale. The covenant shall
provide the County a first right of refusal to purchase in the event of default,separation
from county employment,or the employee's decision to sell the property. The covenant
shall also define the purchase price calculation for the County to purchase the employee's
share of the property. If an employee separates service from the County,the employee
shall have 90 days to sell the property to the County for an amount set forth in the Deed
Restriction. Events that trigger the County's first refusal option include:
• Separation from County employment
• Employee would like to sell the property
• Refinances the primary loan*
• Defaults on the primary loan
• Employee does not occupy the property as their primary residence
• Purchases other developed residential property within the Aspen/Pitkin County
Housing Authority Ownership Exclusion Zone.
• The Deed Restricted Program is not a loan and the employee will not be obligated to a
monthly payment or repayment schedule beyond what is described above.
If the property is disposed of within the first five (5)years from the day of purchase,the
County will exercise its right to purchase the property.
*The County will not require sale of the property if the new loan does not exceed the principal balance of the existing
primary loan.
M. Resale Value If the County exercises its right to purchase the property,the property shall be sold for an
(County Purchases) amount equal to the lesser of:
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Employee Deed Restricted Program
• The Owner's purchase price plus an increase of three percent(3%)of the purchase
price per year from the date of purchase(prorated at the rate of.25%percent for
each whole month for any part of a year); or
• The property's appraised value at time of sale.
N. Employee Credit The employee may receive a credit for Capital Improvements applied to the property not
for Capital to exceed 10%of the original purchase price.A credit shall only be provided under the
Improvements following conditions and definitions:
• Capital Improvements are made and paid for by the employee pursuant to the
requirements of any governmental body,agency or Homeowner's Association,and
approved in writing by Pitkin County through its County Manager or designee.
• Eligible Capital Improvements are only those improvements outlined in the
Homeownership Capital Improvements Policy, published on an annual basis by the
County Manager.
• To qualify for a Capital Improvement,the Owner must submit to the County in
advance a request for approval of any proposed Capital Improvement, as outlined in
the Homeownership Capital Improvements Policy,and obtain that approval;
o Capital Improvements shall be validated by production of original receipts for
costs (actual cost)with no allocation for Owner's"sweat equity"; no Capital
Improvements shall be added to calculation without proof of receipts, affidavit as
to validity of receipts, and building permit from the applicable governing body's
Building Department.
• Less the cost of any repairs or replacements necessary to restore the Property,
defined as Excessive Damage, to a reasonably adequate level of repair and
habitability. For purposes of this section, repairs and replacement required by
ordinary wear and tear shall not be deducted from the sales price otherwise
computed hereunder.
O. Excessive Damage • The County shall have the right to inspect the Property to determine whether the
Assessment Owner has complied fully with the maintenance obligations set forth in S to confirm
that the Eligible Capital Improvements have been completed in a workmanlike
manner and the reasonable value thereof. If, after such an inspection,the County
determines in its judgment that the Owner has not fully complied with this obligation,
the County shall determine in its judgment the cost to complete such repairs,
replacements,and other work necessary to restore the Property to a good,safe and
habitable condition in all respects,and to bring it into full compliance with all
applicable laws,ordinances, rules and regulations of any governmental authority with
jurisdiction over matters concerning the condition of the Property.This amount shall
be called the Excessive Damage Assessment, and it shall be included in the calculation
of the Resale Price Limit.
P. Employee The Owner shall maintain the Property in good, safe,and habitable condition in all
Obligations respects, except for normal wear and tear, and in full compliance with all applicable
laws,ordinances, rules and regulations of any governmental authority with
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Pitkin County
Employee Deed Restricted Program
jurisdiction over matters concerning the condition of the Property. The Owner shall
suffer no mechanics' liens to be recorded against the Property.
• The benefit recipient shall be responsible for all costs associated with maintaining and
improving the property.
Q. Leave of Absence Owner who receive an approved Leave of Absence (per the Pitkin County Policy and
Procedure Manual)and remain in good standing may be eligible to rent or sub-let the
property during their absence.
• Employees must receive an approved Leave of Absence from the County Manager
prior to renting the property
• The owner may rent the property subject to HOA approval and shall be no more than
the time stated in the lease between the owner and tenant and shall not exceed the
owner's monthly expenses including mortgage payments, HOA dues, utilities,
insurance and property taxes
• The owner shall not receive appreciation on the sale price for any period exceeding
one year.
R. Exceptions • Exceptions to the guidelines governing eligibility or disposition of Pitkin County's Deed
Restricted Program may be considered by Pitkin County with County Manager
approval.
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