(A) Creation; purpose. All funds received by the town pursuant to this chapter shall be deposited in the Real Estate Transfer Tax Fund, which fund is hereby created. The fund shall be subject to appropriation for only the following purposes within the town or within one mile of the boundaries of the town. However, it is the express intention of the town of Vail that in any annual budget cycle the Town Council shall ensure that the fund can adequately satisfy the purposes set forth in subsections (A)(1) through (A)(4) of this section, and that the purposes described in subsections (A)(1) through (A)(4) of this section are in fact satisfied, prior to the Town Council’s appropriation of any amount from the fund to be used for the purposes listed in subsection (A)(5) of this section:
(1) Acquiring, improving, maintaining and repairing real property for parks, recreation, open space and similar purposes;
(2) The construction, maintenance and repair of buildings which are incidental to park, recreation, and open space land;
(3) Landscaping parks and open space;
(4) The construction, maintenance, repair and landscaping of recreation paths set forth in the Town of Vail recreation trails plan as it may be amended by the Town Council from time to time;
(5) Supporting sustainable environmental practices as determined necessary for the environmental health and welfare of the Town of Vail, its inhabitants and its environs in the discretion of the Town Council; and
(6) Paying incidental costs and principal of and interest on any funds borrowed for the purposes set forth in this subsection.
(B) Building defined. For the purposes of this chapter, BUILDING shall mean any structure having a roof supported by columns or walls, or any other enclosed structure for the housing of persons, animals or property.
(Ord. 26(1979) § 9; Ord. 5(1980) § 9; Ord. 8(1987) § 2; Ord. 10(1992) § 2; 1997 Code; Ord. 31(2006) §1)