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HomeMy WebLinkAboutR17-034 Lake Creek Village Apartments Residing Project Commissioner ALA(44-- ed adoption of the following resolution: BOARD OF COMMISSIONERS EAGLE COUNTY HOUSING AND DEVELOPMENPA UTHORITY RESOLUTION NO.2017-V-5Y RESOLUTION APPROVING DOCUMENTS ASSOCIATED WITHTTHE;;LAKE CREEK VILLAGE APARTMENTS RESIDING PROJECT AND AUTHORIZING StGNATtJRE THEREOF BY THE EAGLE COUNTY HOUSING AND DEVELOPMENT CORPORATION AS MANAGER OF LAKE CREEK VILLAGE LLC WHEREAS,Lake Creek Village LLC("Lake Creek Village"), whose sole member is the Eagle County Housing and Development Authority("ECHDA"),owns and operates Lake Creek Village Apartments,located at 4923 Lake Creek Village Drive,Edwards,Colorado(the"Property");and WHEREAS,Lake Creek Village is managed by the Eagle County Housing and Development Corporation("ECHDC"), whose board of directors is appointed by the ECHDA;and WHEREAS,on December 21,2012 Lake Creek Village obtained a loan from Wells Fargo Bank, National Association("Wells")to acquire the Property,and said loan is insured by the United States Department of Housing and Urban Development;and WHEREAS,Lake Creek Village has deemed that it is in the best interest of the Property to obtain an addition loan from Wells(in an amount not to exceed Seven Million Nine Hundred Thousand Dollars ($7,900,000),which will also be insured by the United States Department of Housing and Urban Development,and will be used to complete a renovation of the Property including new siding,windows, and insulation;and WHEREAS,in anticipation of the closing,the Board of Commissioners of ECHDA("Board") desires to grant ECHDC,as Manager of Lake Creek Village LLC the authority to execute all documents necessary for closing on the additional financing associated with the Project. NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY: THAT,the Board hereby finds that the Project substantially supports ECHDA's mission to serve those individuals and families of low income as well as the elderly and disabled in Eagle County,Colorado; and THAT,in connection with the Property's renovation,the Board hereby authorizes and approves the additional loan from Wells in the original principal amount not to exceed Seven Million Nine Hundred Thousand and No/100 Dollars($7,900,000);and THAT,the Board hereby authorizes and approves the ECHDC,as Manager of Lake Creek Village LLC to execute and deliver any documents required for closing of the Project's additional loan as approved by the Eagle County Attorney's Office. THAT,this Resolution is necessary for the health,safety and welfare of the people of Eagle County, Colorado. MOVED, READ AND ADOPTED by the Board of Commissioners of the Eagle County Housing and Development Authority,at its regular meeting held this 27th day of June,2017. EAGLE COUNTY HOUSING AND DEVELOPMENT di .'c AUTHORITY, 17. ei By and Through Its BOARD OF C r 'IONERS AT1EST: .41111 l.i&d'■.)la U 117 _ ro oRACP BY: _di Clerk to the Boa C� ill' H. R 107•-1*- Lam° Div air Kathy Chandl. Henry 41 missi r ry) J nne McQueeney( co i mmissioner t Commissioner V"—t— QU 6.—t seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Ryan ' Commissioner Chandler-Henry _ 4—t " Commissioner McQueeney 4—�" This resolution passed by 5/0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado