HomeMy WebLinkAboutR24-03 ECHDA Authorizing any Commissioner to Sign Docs Associated with Eagle Villas Apartments DocuSign Envelope ID:9351616C-AA74-40A8-BC74-1EFEF3510BF6
Commissioner McQueeney moved adoption
of the following Resolution:
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
RESOLUTION NO. 2024- 03
RESOLUTION AUTHORIZING ANY COMMISSIONER TO SIGN DOCUMENTS
ASSOCIATED WITH EAGLE COUNTY HOUSING AND DEVELOPMENT
AUTHORITY'S ROLE IN THE ACQUISITION AND RESYINDICATION OF THE
EAGLE VILLAS APARTMENTS
WHEREAS,the Eagle County Housing and Development Authority(the "ECHDA")
entered into a Conditional Funding Commitment Letter with Ulysses Development Group LLC
("UDG"), dated February 27, 2024, to provide $6.5 million in subordinate debt, of which $3.5
million will be repaid to ECHDA at resyndication, to allow for ECHDA's participation in the
project as a special limited partner to effectuate property, sales, and use tax exemption, and to
commit ECDA to applying for Private Activity Bond Capacity from the Statewide Balance, all of
which is necessary for UDG to acquire and resyndicate the Eagle Villas Apartments. Eagle
Villas Apartments is a 120-unit apartment complex with rental rates affordable to households
earning between 45-60% of the area median income located in Eagle, Colorado (the "Property");
and
WHEREAS, ECHDA has negotiated the terms and conditions by which it will enter into
loan agreements and partnership agreements (the "Term Sheet"); and
WHEREAS, ECHDA desires to authorize any Commissioner of the ECHDA Board to
execute documents that may be required at closing of the acquisition of the Property, including,
but not limited to, a limited partnership agreement, mortgage note, loan documents and any other
documents required for closing of the acquisition of the Property, all in substantial conformance
with the Term Sheet, subject to prior review by the Eagle County Attorney's Office and subject
to availability of budgeted and appropriated funds; and
WHEREAS, agreements and documents executed by a Commissioner of the ECHDA
shall be identified on the next available agenda for the ECHDA Board of Commissioners.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE EAGLE
COUNTY HOUSING AND DEVELOPMENT AUTHORITY:
DocuSign Envelope ID:9351616C-AA74-40A8-BC74-1 EFEF3510BF6
THAT the ECHDA Board hereby authorizes any Commissioner of the ECHDA Board to
execute on its behalf all documents, instruments and other forms that may be necessary to assist
UDG in the acquisition of the Property, including but not limited to, a limited partnership
agreement, mortgage note, loan documents, and any other documents required for closing of the
acquisition of the Property, all in substantial conformance with the Term Sheet, subject to prior
review by the Eagle County Attorney's Office, and subject to availability of budgeted and
appropriated funds.
THAT,the Board of County Commissioners finds, determines and declares that this
Resolution is necessary for the public health, safety and welfare of the citizens of Eagle County,
State of Colorado.
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DocuSign Envelope ID:9351616C-AA74-40A8-BC74-1 EFEF3510BF6
MOVED, READ AND ADOPTED by the Eagle County Housing and Development Authority,
at its regular meeting held this 16th day of April, 2024.
r — DocuSigned by:
ar( Ila EAGLE COUNTY HOUSING AND
DEVELOPMENT AUTHORITY
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ATTEST: DocuSigned by: DocuSigned by:
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Secretary to ECHDA Matt Scherr
President, ECHDA
DocuSigned by:
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Jeanne McQueeney
Commissioners
Kathy Chandler-Henry
Commissioner
Commissioner scherr seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Scherr Aye
Commissioner McQueeney Aye
Commissioner Chandler-Henry Absent
This resolution passed by 2/0 vote of the Board of County Commissioners of the
County of Eagle, State of Colorado
