The URL can be used to link to this page

Home My WebLink AboutC11-061 ECHDA IGA Down Payment Assistant Program INTERGOVERNMENTAL AGREEMENT BETWEEN EAGLE COUNTY, COLORADO AND EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY CONCERNING ADMINISTRATION OF DOWN PAYMENT ASSISTANCE PROGRAM THIS AGREEMENT is entered into the day of _ _____ 2011 by and between Eagle County, Colorado ( "County ") and Eagle County Housing an. Development Authority ( "Authority "). RECITALS WHEREAS, County is a body corporate and politic with all of the powers granted to statutory counties pursuant to the Colorado revised statutes; and WHEREAS, the Authority is an enterprise as defined in Article X, Section 20(2) (d) of the Colorado Constitution; and WHEREAS, the Down Payment Assistance Program provides loans to eligible first time homebuyers (hereinafter the "Down Payment Assistance Program "); and WHEREAS, the Down Payment Assistance Program commenced in 1998 and was administered through the Eagle County Housing Department; and WHEREAS, all down payment assistance loans closing on or after June 29, 2009 were made by the Authority; and WHEREAS, commencing January 1, 2011 all down payment assistance loans will be made and administered by the Authority or its authorized agents, designees, successors or assigns; and WHEREAS, the parties desire to clarify their relationship with respect to the Down Payment Assistance Program. AGREEMENT NOW THEREFORE, for good and valuable consideration and as more fully set forth herein, the parties agree as follows: 1. Commencing January 1, 2011, Eagle County Housing and Development Authority shall be responsible for the administration of the Down Payment Assistance Program including, but not limited to, making and funding new loans, servicing all existing loans (either directly or through a contract with a third party servicing agent) managing any U-01,61 collection or enforcement efforts and such other matters which may arise during the day to day administration of the Down Payment Assistance Program. 2. For all Down Payment Assistance Program loans made by County, repayment shall continue to be made by borrowers to County in accordance with their loan terms and such loans shall remain an asset of Eagle County, Colorado until paid. 3. County shall pay the Authority a monthly fee for its administrative work. Such fee shall be in the amount that Eagle County receives each month from borrowers as repayment for loans as set forth in paragraph 2 hereof. 4. Notwithstanding anything to the contrary contained in this Agreement, no charges shall be made to the County nor shall any payment be made to the Authority in excess of the amount for any work done in respect of any period after December 31 of the calendar year of the Term of this Agreement, without the written approval in accordance with a budget adopted by the Board of County Commissioners in compliance with the provisions of Article 25, Title 30 of the Colorado Revised Statutes, the Local Government Budget Law (C.R.S. 29 -1 -101 et. seq.) and the TABOR Amendment (Colorado Constitution, Article X, Sec. 20). 5. At all times the Authority must maintain its enterprise status. The parties agree that the monthly fee for administrative work represents fair market value for such administrative services. If at any time the Authority's enterprise status is jeopardized, then such amounts paid by Eagle County to the Authority shall be deemed to be a loan and shall be repaid by the Authority to Eagle County upon such terms and conditions as are mutually agreed between the parties. 6. The Authority hereby represents that it has the expertise to properly perform the administrative services identified herein. 7. This Agreement shall be effective as of January 1, 2011 and shall continue in full force and effect until December 31, 2011. This Agreement shall automatically renew for successive one year terms unless earlier terminated by the parties. 8. This Agreement contains the entire Agreement between the parties related to its subject matter. It supersedes all prior proposals, agreements and understandings, either verbal or written. • 9. This Agreement does not and shall not be deemed to confer or grant to any third party any right enforceable at law or equity arising out of any term, covenant, or condition herein or breach hereof. 10. The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed as if such invalid or unenforceable provision was omitted. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first written above. COUNTY OF EAGLE, STATE OF COLORADO By and through its Board of County Commissioners ----j /lzi".7 By: Jam, Chairman ,: ' ATTEST: - / o i Teak Simonton, Clerk to the Board \s EAGLE COUNTY HOUSING AND DEVELOPME AUT`• ITY By: i 42_ / i Jo Lewis, Commissioner