Some Vail Town Council members are uncomfortable with the way the town has been spending its real estate transfer tax fund.
Town staff went to the Town Council Tuesday asking whether the use of RETT funds for the main Vail round-about pavement apron, the guest enhancements project planning and design, and public restroom facilities proposed for Ford Park and the Main Vail Fire Station would be appropriate uses of the money based on town laws.
Council members agreed the money needs to strictly follow the guidelines for how it was intended to be spent, but realized there are several ways the fund has been used that might not follow those intentions.
The 1 percent real estate transfer tax was passed in 1980, and the state of Colorado has since prohibited the enactment of such a tax. The town’s original purpose was to use the proceeds to purchase real property, open space and recreational or park purposes.
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