Developers may profit at HOA owners’ expense in Snowmass
The following letter was sent to the Snowmass Village Town Council.
An amount ranging from $13,900 to $17,500 is what each residential owner stands to lose in Base Village Co. HOA assessments when 93,981 square feet is converted from residential to commercial property. With the five-year vesting extension added, BVC can lose as much as $10.9 million of income (450% of annual income) and Metro 2 can lose as much as $8.8 million of tax income due to the 45% to 60% slower than Phase 1/2 construction rates. These income losses cannot be recovered.
If approved as written, developers Aspen Skiing Co., KSL and EastWest see additional profits of $3.52 million from reduced BVCo HOA assessments for commercial property.
We’d appreciate the same consideration given when Snowmass Town Councilman Tom Goode recommended not approving the $5 parking rate increase for local residents.
Owners from eight condo buildings ask council amend Ordinance 10 to address these damaging impacts by simply requiring that any Base Village pillow property be responsible for all four BVC residential assessments and requiring the developer to pay any shortfall of safe harbor for BVC and Metro 2 after the first Phase 3 building is complete.
These two simple requests are consistent with: a) Viceroy Hotel that pays all four residential assessments; b) Phase 2 PUD residential property characterizations; c) Phase 3 Application characterization of Limelight Hotel as residential property; and d) the spirit of Councilman Bob Sirkus’ suggested solution.
In 2015 Councilman Bill Madsen was critical of Base Village residential owners for not understanding what we had purchased. We know more now and it is clear that Town Council is one vote away from changing what we purchased to our significant financial detriment. We ask Town Council to preserve our finances and not to take away what we purchased.
Base Village residential owners
Hayden, Capitol Peak, Lumin, Viceroy and One Snowmass