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Home My WebLink AboutC09-106 Local Employee Residency ProgINTERGOVERNMENTAL AGREEMENT RE MANAGEMENT OF TOWN OF EAGLE LOCAL EMPLOYEE RESIDENCY PROGRAM This Intergovernmental Agreement Re Management Of Town Of Eagle Local Employee Reside cy Program (the "Agreement") is made and entered into as of ~~~(,~ 2009, by and between the Town of Eagle, Colorado, a body corporate and politic (the "Town"), and Eagle County Housing and Development Authority ("ECHDA"), a body corporate and politic. Recitals WHEREAS the Town passed the Local Employee Residency Program ("LERP") and currently has for-sale properties in its LERP program subject to deed restrictions, the form of which is currently titled Master Declaration of Covenants and Restrictions Concerning the Occupancy and Resale of Property Designated by the Town of Eagle as Local Employee Residence (the "Master Declaration") in favor of the Town (each, a "Property" and collectively, "Properties"); WHEREAS, the median price of free-market housing in the Town of Eagle exceeds what residents earning the area median income can afford, creating a lack of housing affordable for the local workforce of the Town; WHEREAS, the Urban Land Institute recommended forming a regional housing body to address the lack of affordable housing with participation from public and private sectors throughout Eagle County; WHEREAS, the ECHDA, in a multi jurisdictional effort, has opened centralized affordable housing clearinghouse known as The Valley Home Store, in order to provide one physical and electronic location in Eagle County to purchase housing stock affordable to Eagle County's workforce and its senior population throughout Eagle County; and WHEREAS, the Town has requested that the ECHDA administer its LERP program, drawing upon existing ECHDA staff and resources. NOW, THEREFORE, IT IS AGREED BY THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY AND THE TOWN OF EAGLE (THE "AGREEMENT") AS FOLLOWS: That the ECHDA shall assume administration of the Town's LERP program as an independent contractor, as provided for below. 2. Pursuant to this assumption, The ECHDA shall perform the following services: a. Administer sales of all Properties according to the LERP program's requirements; without limiting the generality of the foregoing, ECHDA shall: -1- i. Compute and verify the maximum sales price for any Property whose owner desires to sell; and ii. Notify the Town of the receipt of notice of an option to purchase any Property and coordinate determination of whether or not to exercise such option with the Town. b. ECHDA will make its usual and customary brokerage services available to any selling owner. If a selling owner engages ECHDA to list and market a Property, then ECHDA shall do so through staff at The Valley Home Store in compliance with the terms set forth in the applicable Master Declaration; c. Notify the Town in the event that foreclosure has been filed, or if ECHDA learns that foreclosure may be imminent, against any Property, and thereafter perform those actions that the Town and ECHDA agree are advisable to prevent Properties from being lost to foreclosure, which may include the repurchase of such Properties using available funds; d. Provide technical assistance and support, including but not limited to, advice regarding updates to the form Master Declaration to reflect standards and practices in the mortgage lending industry and replacing the Master Declaration with its most current form at the time of resale; e. Administer applicable Master Declaration and LERP program requirements; Keep and provide to the Town accurate and complete record of listing, marketing and contact activities for related properties and an accounting of all funds received and expended by the ECHDA in performance of this Agreement, which records ECHDA will make available to the Town upon request and which ECHDA shall present to the Town quarterly; g. Provide timely, equal and non-discriminatory sales and marketing diligence and effort toward all available locals housing products administered by The Valley Home Store; and h. In general, cooperate in good faith with the Town to manage and implement the LERP program in accordance with the terms of the governing documents, all applicable Master Declarations, and any and all other documents governing the LERP program. 3. The ECHDA shall be compensated for its provision of services as follows: a. The ECHDA shall collect aone-half of one percent (0.5%) of the sales price as administration fee for all Properties consistent with the terms of the applicable Master Declaration of the sold Property; the ECHDA shall collect this fee at the -2- IIV WITNESS WHEREOF, the parties have executed this Agreement as of the date first indicated above. EAGLE COUNTY HOUSING AND DEVLOPMENT AUTHORITY, a body corporate and politic, by and through its BOA OF DIRECTORS: Sara J. Fisher, airman Clerk to the Board of County TOWN OF EAGLE, COLORADO, a body corporate and politic, by and through its TOWN TRUSTEES: Edward Woodland, Mayor ATTEST "'~ ~- ~G~' l~// Marilene Miller Town Clerk -5- time the Property is listed for sale, .unless this fee is waived or deferred by ECHDA in its sole and exclusive discretion; b. The ECHDA shall collect, at the time of closing, an additional one and one-half percent (1.5°Io) of the sales price as a marketing fee for all Properties the ECHDA markets for sale at the request of the seller in a manner consistent with the terms of the applicable Master Declaration; and c. These amounts shall be added to the purchase price of the Property, except when prohibited by the applicable Master Declaration. 4. ECHDA shall perform the following services pursuant to this Agreement, Town governing documents, and the LERP program's requirements as set forth in the applicable Master Declaration for each Property: a. Provide ECHDA and the Valley Home Store staff timely response for down payment assistance, buy-down, re-purchase and other similar requests; and b. Refer all inquiries from selling owners to the Valley Home Store. 5. The Agreement may be terminated upon 60-days notice by either party without cause. If the Town terminates the Agreement, ECHDA shall be entitled to recover from the Town any fees due with respect to any pending listing agreements existing at the time of termination as provided for herein. Fees paid at the time of closing shall be paid to ECHDA regardless whether closing occurs after contract termination, but only if the Property actually closes. 6. Miscellaneous Provisions. a. The invalidity or unenforceability of any provision of the Agreement shall not affect the other provisions hereof, and the Agreement shall be construed as if such invalid or unenforceable provision was omitted. b. Nothing in the 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. c. Adoption of the Agreement in no way waives any immunity at law, including immunity granted under the Colorado Governmental Immunities Act. d. The Agreement is contingent upon all funds necessary for the performance of the Agreement being budgeted, appropriated, and otherwise made available. Any financial obligations that may arise hereunder, whether direct or contingent, shall only extend to payment of monies duly and lawfully appropriated by the governing bodies of the adoptive entities hereto. Nothing in this Agreement shall constitute an obligation by either party to enter into amulti-year fiscal obligation. To Town of Eagle Town Planner Town Hall 200 Broadway PO Box 609 Eagle CO 81631 -3- 970-328-9619 To Eaale County Housing and Development Authority: Eagle County Department of Housing and Development Managing Director 500 Broadway Post Office Box 850 Eagle, CO 81631-0850 echousin~@eaglecountv.us With a copy to: Eagle County Attorney Eagle County Attorney's Office Post Office Box 850 Eagle, CO 81631 attorney @ eaglecounty.u s e. The Agreement has been drafted equally by all parties hereto. All parties hereto have read, reviewed, and understand the Agreement. The parties hereto have each received legal advice from their respective counsel regarding this Agreement. f. The Agreement constitutes a valid and binding agreement of the parties, enforceable against each in accordance with its terms. The persons executing this document on such party's behalf have actual power and authority to bind their respective entities and to execute and deliver this Agreement. g. The Agreement contains the entire agreement between the parties, and no agreement shall be effective to change, modify, or terminate in whole or in part unless such agreement is in writing and duly signed by the party against whom enforcement of such. change, modification or termination is sought. h. The Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any and all prior agreements, proposals, negotiations, and representations pertaining to the obligations to be performed hereunder. i. The Agreement shall be governed by the laws of the State of Colorado. Jurisdiction and venue of any suit, right, or cause of action arising under, or in connection with, the Agreement shall be exclusively Eagle County, Colorado. -4-