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HomeMy WebLinkAboutR17-084 Lake Creek Village Residing Project Commissioner D 'l-r-1'(.Ai — moved adoption of the following resolution: BOARD OF COMMISSIONERS EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY RESOLUTION NO.2017- O Ut RESOLUTION APPROVING AN INCREASE IN THE PROJECT COST AND ASSOCIATED FUNDING FOR THE LAKE CREEK VILLAGE APARTMENTS RESIDING PROJECT 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,on August 28,2017 Lake Creek Village obtained an additional loan from Wells Fargo Bank,National Association("Wells"),and said loan is insured by the United States Department of Housing and Urban Development,the proceeds of which were to be used to complete a renovation of the Property including new siding,windows,and insulation; and WHEREAS,Lake Creek Village has identified structural issues in the course of the demolition and installation of the siding at Lake Creek Village that need to be corrected and the correction of the identified structural issues is expected to increase the project costs by an amount not to exceed One Million One Hundred Thousand and No/100 Dollars ($1,100,000). 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 increasing the project cost by up to One Million One Hundred Thousand and No/100 Dollars($1,100,000); and THAT,the Board hereby authorizes Rick Ullom,Eagle County Facilities Director to execute any needed change orders to effectuate this increase in the project costs; and THAT,the Board hereby authorizes and approves this cost increase which will be funded by Lake Creek Village Operating Funds and Eagle County Housing Operating Funds;and 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 S_`"day of 2017. (III) EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY, By and Through Its BOARD OF COMMISSIONERS ATTEST: - hl 1, t le-4 u_.c_J By: 7 / Clerk to the'hoard Or Ryan Kat"y Chat ler-Henry I Commissi. -r _ Agr anne McQueeney ommissioner Commissioner VAL QU Lt_4L —4 seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Ryan Commissioner Chandler-Henry Commissioner McQueeney This resolution passed by I b vote of the Board of County Commissioners of the County of Eagle,State of Colorado