Mello Roos Revision Approved by Board December 13, 2013
In 1999 the District formed a Mello Roos Community Facilities District to fund improvements to the Wastewater Treatment Plant. This bond issuance encompassed all of the undeveloped lots at the time including major portions of the ski hill. It does not include any of the condominium units built before 1999, or the Kirkwood Meadows Association, or the East Meadows Association.
In 2012, Kirkwood Capital Partners approached the District to revise the Mello Roos to move from an acreage based assessment to a developable lot basis and thereby removing the ski hill acreage that will never be developed into residential units. In agreeing to the proposed revision, the Board stipulated that none of the existing Mello Roos parcels, besides those owned by Kirkwood Capital Partners or Vail Resorts, would have any financial impact from this change. Other stipulations were that the District would be financially secure with this change and have adequate indemnification.
At a meeting held on December 13th the District’s Board approved the revision which included provisions to protect the existing Mello Roos members and the District. The Mello Roos now only includes developable units within the valley as originally intended.