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HomeMy WebLinkAboutC07-380 Conditional Grant Aware for Purchase of Fox HollowOFFICE OFTHE BOARD OF COMMISSIONERS (970) 328-8605 FAX: (970) 328-8629 TDD (970) 328-8797 Email: eaglea4min@eaglecounty.us www.eaglecountyus VIA E-MAIL PDF , May 15, 2007 EAGLE COUNTY Mr. Thomas E. Healy Executive Director Habitat for Humanity of Eagle and Lakes Counties, Inc. Executive Director P.O. Box 4149 Avon, Colorado 81620 I ARN M. MENCONI. SARA J. FISHER f, PETER F. RUNYON I` E=' Re: Conditional 'Grant Award for Purchase of Tract A of the Final Plat of Fox Hollow Dear Mr. Healy: This agreement (the "Agreement's contains the terms and conditions of the land grant funding award ftom the County of Eagle, State of Colorado ("Eagle County") to Habitat for Humanity of Eagle and Lake Counties, Inc., a Colorado nonprofit corporation ("Habitat'). Please read this Agreement in its entirety, and sign and return it in order for Eagle County to release grant funds to Habitat. Eagle County, by and through its Board of County Commissioners, hereby grants Habitat $500,000 for the purchase of Tract A of the Final Plat of Fox Hollow recorded on April 28, 2006 at Reception No. 200610925 ("Tract A"). Eagle County recognizes that Habitat is relying on the grant funds provided by this Agreement to satisfy Habitat's contractual obligations pursuant to that certain Purchase Agreement between Habitat and Fox Hollow, LLC, dated March 11, 2006, for the purchase of Tract A (the "Tract A Contract"), Tract A is to be purchased by Habitat for the sole purpose of developing 8 duplex lots for a total of 16 for -sale, "very -low-income" affordable duplex -type housing units consistent with Habitat's mission,'articles, by-laws, the Tract.A Contract, and the Fox Hollow PUD, File No. PDP -0030, as amended from time to time by Eagle County. This grant is predicated on all of the conditions set forth immediately below. Eagle County, through its Board of County Commissioners and in its sole discretion, may waive any of the conditions listed below or extend the time in which they may be performed upon written request by Habitat. If any of these conditions are not met, Habitat shall be required within 60 days of the failure of any condition, at Habitat's sole Eagle County Building, 500 Broadway, P.O. Box 850, Eagle, Colorado 81631-0850 discretion, 1) to seek an extension of time from Eagle County to complete the units;' 2) to repay any non -reimbursed portion of the $500,000 grant to Eagle County, or 3) to deed any undeveloped portion of Tract A to Eagle County for the construction of affordable housing by Eagle County or its agents or assigns.2 Thereafter, this Agreement shall terminate, Eagle County shall have no further right to receive funds pursuant to paragraph 3 below, and the parties shall..have no furthenobligations hereunder. L Habitat will begin construction of the infrastructure (i.e., break ground) for the first duplex within 18 months from the date this grant is paid to Habitat. 2. Habitat will complete construction of all 16 duplexes within 84 months of the date this grant is paid to Habitat; this condition shall be alternatively satisfied if Fox Hollow, LLC has sold 40 of its housing credits pursuant to paragraph 3 below or if the $500,000 grant to Habitat has been repaid to Eagle County in its entirety: 3. Within 10 days of Habitat's receipt of any funds from the sale of Fox Hollow housing credits,3 Habitat will remit all such funds received to Eagle County at the address below by cashier's check. Once 40 Fox Hollow housing credits have been sold, and Habitat's right to receive finds from the sale of Fox Hollow housing credits has terminated (the "Termination Date"), Eagle County shall be entitled to no additional payments from Habitat. If, at the Termination Date, Habitat has recovered from Fox Hollow, LLC less than $500,000, the remaining amount.of this $500,000 grant shall be forgiven by Eagle County. , Habitat shall have the right, at any time in its sole discretion, to repay any portion of the $500,000 grant that has not been previously reimbursed pursuant to paragraph 3 above. Upon such repayment in full, this Agreement shall terminate, and the parties shall have no further obligations hereunder. Habitat and Eagle County further agree as follows: A. Nothing in this Agreement is intended to create or grant to any third party or person any right or claim for damages or the right to bring or maintain any action at law. B. Eagle County waives no immunity at law, including immunity granted under the Colorado Governmental Immunities Act. If Eagle County, though its Board of County Commissioners, declines to extend the time allowed for performance of any unperformed condition, Habitat shall be obligated, to exercise its options 2 or 3 above - 2) return any non -reimbursed grant money to Eagle County, or 3) deed any undeveloped land to Eagle County for the sole purpose of building of affordable housing. 2 Deeding land to Eagle County shall not absolve Habitat from remitting funds received from the sale of Fox Hollow housing credits to Eagle County. 3 Habitat is entitled to receive certain payments from Fox Hollow, LLC, upon sale of Fox Hollow housing credits pursuant to the teens and conditions of the Tract A Contract. C. Any notices or other communications required or permitted to be given hereunder shall be given in writing and delivered personally, by U.S. Mail, or by electronic mail to the attention of the individuals below, or to such other address as any of the Parties designate by written notice. Notice shall be deemed given on the date of personal delivery or electronic mailing, or five days from the date mailed by U.S. Mail. Eagle County: County Attorney Bryan Treu Box 850 Eagle, Colorado 81361 b yan_treu(,ea lecounty.us Telephone: (9.70) 328-8685 Fax: (970) 328-8699 Habitat: Habitat for Humanity of Eagle and Lakes Counties, Inc. Thomas E. Healy Executive Director P.O. Box 4149 Avon, Colorado 81620 Telephone: (970) 748-6718 Fax: (970) 748-6719 D. Habitat and Eagle County shall, in good faith, issue a joint. press release that acknowledges Eagle County's funding participation described herein. In all press correspondence Habitat shall acknowledge Eagle County's role in funding this project. Since1y, . Menconi, Chairman Board of County Commissioners County of Eagle State of Colorado HABITAT FOR HUMANITY OF EAGLE AND LAKE COUNTIES, INC., a Colorado nonprofit corporation Thomas E. Healy Executive Director