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HomeMy WebLinkAboutR21-011 Authorizing Eagle County Housing and Development Authority to Refinance Riverview Apartments DocuSign Envelope ID:D5039EFF-90C0-4793-A6FD-149D72772BFC Commissioner Chandler-Henry moved adoption of the following Resolutions EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY EAGLE COUNTY, STATE OF COLORADO RESOLUTION NO.2021- 011 RESOLUTION AUTHORIZING EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY,ACTING IN ITS CAPACITY AS THE SOLE MEMBER OF RIVERVIEW APARTMENTS PRESERVATION LLC,WHICH IS THE GENERAL PARTNER OF RIVERVIEW APARTMENTS PRESERVATION LP TO REFINANCE THE RIVERVIEW APARTMENTS WITH A LOAN FROM GERSHMAN INVESTMENT CORPORATION TO BE INSURED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; AND AUTHORIZING ANY OF ITS COMMISSIONERS OR THE EXECUTIVE DIRECTOR,EACH ACTING INDIVIDUALLY,TO EXECUTE ALL DOCUMENTS NECESSARY TO EFFECTUATE AND DOCUMENT ITS ROLE AS THE SOLE MEMBER OF THE GENERAL PARTNER OF THE BORROWER AND TO EFFECTUATE AND DOCUMENT THE REFINANCING WHEREAS, the Eagle County Housing and Development Authority (the "Authority") is the sole member of the Riverview Apartments Preservation LLC (the "General Partner"), and the General Partner is the general partner of the Riverview Apartments Preservation LP(the"Borrower");and WHEREAS, the Borrower desires to obtain a loan from Gershman Investment Corporation ("Lender") in the maximum principal amount of up to $8,490,100 (the "Loan")to refinance an apartment project known as Riverview Apartments and located at 39169 US-6,Avon, Colorado (the "Property"); and WHEREAS, the Loan will be insured by the Federal Housing Administration, an organizational unit of the United States Department of Housing and Urban Development ("HUD")under Section 207 pursuant to Section 223(f); and WHEREAS, the Borrower exists as a result of various partnerships detailed in a partnership agreement (the "Partnership Agreement") and HUD requires that such agreement contain certain provisions for the benefit of HUD (the "HUD Required Provisions"),and the Borrower desires to amend the Partnership Agreement through a First Amendment to Agreement of Limited Partnership to incorporate the HUD Required Provisions into such agreement which will be executed at time of Loan closing; and DocuSign Envelope ID:D5039EFF-90C0-4793-A6FD-149D72772BFC WHEREAS,in anticipation of the closing of the Loan,the Authority will authorize any of the commissioners or Kim Bell Williams, as Executive Director of the Authority,to execute any documents associated with finalizing such Loan for the Property. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY: THAT, the Authority, for itself, and in its capacity as the sole member of the General Partner, for itself and in its capacity as the general partner of the Borrower, shall cause the Borrower to obtain the Loan from the Lender. THAT, that the Authority, General Partner and Borrower be and hereby are authorized, empowered, and directed to negotiate, enter into, and deliver a loan commitment(the"HUD Loan Commitment"),and to negotiate,enter into,execute,deliver and perform any action required therein and to furnish to Lender and/or HUD all due diligence materials which may be requested by Lender and/or HUD in connection with the Loan, including,without limitation,the Operating Agreement and its Amendment. THAT, that the Authority, General Partner and Borrower be and hereby are authorized, empowered, and directed to negotiate, enter into, execute, perform any action required therein and deliver any and all documents contemplated in and by the HUD Loan Commitment, or otherwise requested by HUD in connection with the HUD Loan Commitment,as the same may be modified and supplemented by HUD, including,without limitation,the following documents: I. Promissory Note; 2. Security Instrument; 3. Regulatory Agreement; and 4. Operating Agreement and its Amendment. together with such other certificates and documents as may be required (said documents and certificates being hereinafter collectively referred to as the "Loan Documents"). All Loan Documents shall be approved by Authority counsel prior to execution. THAT, that the Authority, the General Partner and the Borrower, be and hereby are authorized, empowered, and directed to execute, perform any actions required in connection with the Loan, under the HUD Loan Commitment or the Loan Documents and deliver such additional documents, and to do such further acts as may be necessary or required, either now or hereafter, to consummate the Loan, to comply with the terms and provisions the HUD Loan Commitment and the Loan Documents and to carry out the intents and purposes of the foregoing resolutions. THAT, and that any previous actions by the Authority, the General Partner or the Borrower in connection with the HUD Loan Commitment and/or the Loan, including, without limitation,the execution and delivery or furnishing of documents and materials by the Borrower or the Manager, as defined in the Partnership Agreement as Amended, be and the same are hereby approved,ratified and confirmed.; and 2 DocuSign Envelope ID:D5039EFF-90C0-4793-A6FD-149D72772BFC THAT, the Authority authorizes any of the commissioners or Kim Bell Williams as Executive Director, each acting individually, to execute on its behalf any and all necessary documents, deeds, instruments, closing documents, papers or other forms necessary to close the Loan on the Property as long as Loan Documents have been approved by Authority counsel. THAT, that the Authority finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED,READ AND ADOPTED by the Board of Commissioners of the Eagle County Housing and Development Authority, at its meeting held this 16th day of February, 2021. oF mite W�� ATTEST: N a EAGLE COUNTY HOUSING AND I DEVELOPMENT AUTHORITY DocuSigned by: V 10R ADO ,-DocuSigned by: LklitAA, 0 !°cit,t, Cltil-vetward of Commissioners By: AltAif SdkUr Name`iv1 ti TEREIT. Title: Chairman Lirigned by: /II �� By: 04.ain,d�.�l r'—tc.1n,h' Nam@41dler-Henry Title: Commissioner p DocuSigned by: By: Cf*""" get-2'9 Name1f fi 8Met ueeney Title: Commissioner Commissioner McQueeney seconded adoption of the foregoing resolution. The roll having been called,the vote was as follows: Commissioner Scherr Aye Commissioner Chandler-Henry Aye Aye Commissioner McQueeney The resolution passed by 3,'O vote of the Board of Eagle County Housing and Development Authority, State of Colorado. 3