HomeMy WebLinkAboutR25-024 Issuance of Multifamily Housing Revenue Bonds - Eagle Villas Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7
Commissioner scherr moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2025- 024
A RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS BY THE EAGLE COUNTY HOUSING
AND DEVELOPMENT AUTHORITY FOR THE SOLE PURPOSE OF
QUALIFYING THE INTEREST PAYABLE ON THE BONDS FOR
EXCLUSION FROM THE GROSS INCOME OF THE OWNER OR
OWNERS OF THE BONDS FOR FEDERAL INCOME TAX PURPOSES
UNDER THE APPLICABLE PROVISIONS OF THE INTERNAL
REVENUE CODE OF 1986; AND RELATED MATTERS
WHEREAS, the Board of County Commissioners for the County of Eagle, Colorado (the
"Board of County Commissioners") has been advised by the Eagle County Housing and
Development Authority (the "Authority") that the Authority proposes to issue its Multifamily
Housing Revenue Bonds (Eagle Villas Project) in the principal amount of not to exceed
$35,000,000 (the "Bonds"), and to loan the proceeds therefrom to Eagle Villas Owner LP, a
Colorado limited partnership, or an affiliate thereof(the "Borrower"), to provide funds to finance
a portion of the cost of the acquisition, rehabilitation, renovation, construction and equipping by
the Borrower of an approximately 120-unit multifamily affordable rental housing project known
as Eagle Villas, located at 405 Nogal Road, in Eagle, Colorado, of which the expected legal
owner and principal user will be the Borrower, all in accordance with the Authority's powers as
set forth in Part 2, Article 4, Title 29 of Colorado Revised Statutes, and contingent upon the
adoption of this Resolution; and
WHEREAS, it is the intent of the Authority that interest on the Bonds qualify for
exclusion from the gross income of the owners thereof for federal income tax purposes pursuant
to the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Tax
Code"); and
WHEREAS, under the provisions of Section 147(f) of the Tax Code, interest on the
Bonds would not be so excludable unless the issue is approved by the Board of County
Commissioners after a public hearing to consider the issuance of the Bonds following reasonable
public notice; and
WHEREAS, the Board of County Commissioners has been advised that a public hearing
was held by the Authority on March 6, 2025, after reasonable public notice; and
WHEREAS, the Authority's Report of the Public Hearing is attached to this resolution
as Exhibit A and attached as Exhibit B is the affidavit of publication for the March 6, 2025
hearing.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS FOR THE COUNTY OF EAGLE,AS FOLLOWS:
Section 1. The Board of County Commissioners, for the sole purpose of
qualifying the interest payable on the Bonds for exclusion from the gross income of the owners
thereof for federal income tax purposes pursuant to the applicable provisions of the Tax Code,
does hereby approve the issuance by the Authority of the Bonds, provided that: (i) the aggregate
principal amount of the Bonds shall not exceed $35,000,000, subject to insubstantial deviation as
permitted by Treas. Reg. § 1.147(f)-1, and (ii) in no event shall the County of Eagle or any other
political subdivision of the State of Colorado (other than the Authority solely from the limited
sources set forth in the Bond documents) be liable for the Bonds nor shall the Bonds constitute a
debt of the State of Colorado, the County of Eagle or any other political subdivision of the State
of Colorado.
Section 2. All resolutions, orders or parts thereof in conflict with the
provisions of this Resolution are, to the extent of such conflict, hereby superseded.
Section 3. This Resolution shall be in full force and effect from and after its
passage and approval, in accordance with law.
//Signature Page to Follow//
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MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of
Eagle, State of Colorado, at its regular meeting held the 11th day of March, 2025.
Signed by:
i, COUNTY OF EAGLE, STATE OF ill
COLORADO, By and Through Its
`°`os, BOARD OF COUNTY COMMISSIONERS
ATTEST: Signed by: DocuSigned by:
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CD..DCD09DCBA4C0.. By: CA4AC198FAAA47A
Becky Close Jeanne McQueeney
Clerk and Recorder County Commissioners Chair
Signed by:
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Tom Boyd
Commissioner
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Matt Scherr
Commissioner
Commissioner Boyd seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner McQueeney Aye
Commissioner Boyd Aye
Commissioner Scherr Aye
This resolution passed by 3/0 vote of the Board of County Commissioners of the
County of Eagle, State of Colorado
Approved as to form:
cSigned byy/�7�.f''`I, f/,
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7646B35E8E3C419..
Beth Oliver
Eagle County Attorney
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EXHIBIT A
REPORT OF PUBLIC HEARING
REPORT ON PUBLIC HEARING WITH RESPECT TO PROPOSED ISSUANCE OF
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
MULTIFAMILY HOUSING REVENUE BONDS
(EAGLE VILLAS PROJECT)
March 6, 2025
TO: Board of County Commissioners, County of Eagle, Colorado
FROM: Housing Director, Eagle County Housing and Development Authority
Summary of proposed issuance of not to exceed $35,000,000 Eagle County Housing and
Development Authority, Colorado Multifamily Housing Revenue Bonds (Eagle Villas
Project) (the "Bonds")
Purpose: The Eagle County Housing and Development Authority, Colorado
(the "Authority") proposes to use the proceeds of the Bonds to
finance a portion of the cost of the acquisition, rehabilitation,
renovation, construction and equipping by the Borrower of an
approximately 120-unit multifamily affordable rental housing
project, together with any functionally related and subordinate
facilities, located at 405 Nogal Road, in Eagle, Colorado (the
"Project"). The expected legal owner and principal user of the
Project will be Eagle Villas Owner LP, a Colorado limited
partnership, or another affiliated entity of the Authority.
Bonds: The Bonds will be a special, limited obligation of the Authority.
The Bonds is not otherwise an obligation or liability of the State of
Colorado or any political subdivision thereof, including the County
of Eagle.
State Volume
Cap Allocation: The Authority anticipates using its 2024 carryforward volume cap
assigned to it from the Statewide Balance, County of Eagle and
County of Pitkin, and its 2025 volume cap assigned to it by the
County of Eagle with respect to the Bonds.
Principal Amount: Not to exceed $35,000,000
Bond Counsel: Taft Stettinius & Hollister LLP f/k/a Sherman & Howard L.L.C.,
Denver, Colorado
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Underwriter: Stifel Nicolaus & Co Inc.
II. Report on Public Hearing
The public hearing was convened by an authorized hearing officer of the Authority, at
1:30 p.m., March 6, 2025 via a toll-free teleconference call accessible to the public
pursuant to Rev. Proc. 2022-20. No persons appeared and no comments were received
with respect to the issuance of the Bonds or the financing of the Project. The hearing was
closed at approximately 1:50 p.m.
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EXHIBIT B
PROOF OF PUBLICATION
EAGLE COUNTY Home Government Departments&Services Community Business How Do t
Development:Fostering New Affordable Housing Opportunities
We believe that housing is the foundation of a thriving community.By providing stable,affordable housing options,we're helping to create a
stronger workforce,healthier families,and a more resilient Eagle County.Our work is guided by collaboration,Innovation,and a commitment to
the people who call this community home.
To learn more about development,partnerships,projects,and progress,visit
•Eagle County Hsu g.g Development Authority
• Eagle County Resiliency Department
•7 Hermits at Haymeadow
•CMC Edwards Housing
• West Eagle Housing
BuBding a Better Future for Eagle County
We believe that housing is the foundation of a thriving community.By providing stable,affordable housing options,we're helping to create a
stronger workforce,healthier families,and a more resilient Eagle County.Our work is guided by collaboration,Innovation,and a commitment to
the people who call this community home.
To learn more about our Strategic Plan,housing goals,and progress,visit:
• Eagle County Strategic Plan-Housing
•Eagle County Strategic Plan-Development
Contact Us
Have questions or need assistance?We're here to help!
{a 1970)328-8770
G3 housing@.uaglecounty
-02
TEFRA Hearing Notice:ECHOA-March 6,_2025,at 1:30 PM
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a https://www.housingeaglecounty.com
Empowering Eagle County with Housing Programs for
Homebuyers.Renters,and Homeowners!
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We believe that by"Housing Eagle County,"we will build a
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community that benefits everyone!
TEFRA Hearing Notice:ECHDA-March 6,2025,at 1.30 PM
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TEFRA Notice-ECHDA-Eagle Villas 2025 03 06 tr i 0 m
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NOTICE OF PUBLIC HEARING
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
MITTIFAMILY HOUSING REVENUE BONDS
(EAGLE VILLAS PROJECT)
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(t)of the
Internal Revenue Code of 1986,as amended(the'Tax Code')will be held by the Eagle County
Housing and Development Authority.dba Housing Eagle County(the"Authority'),for the
purpose of providing a reasonable opportunity for interested individuals to express their views,
either orally or in writing,on the proposed plan of financing providing for the issuance of one or
more separate issues of the above-captioned exempt facility bonds,notes,or other obligations,in
one or more series(the'Bonds'),for the qualified residential rental projects described below
pursuant to Section 142(d)of the Tax Code
The hearing wall commence on March 6,2025,at 1:30]p.m],Mountain Time,and
wi0 be held via teleconference accesssble to the pubic at the following toll-free telephone
number:1 800-225-6136,then tap the mamba-8,which will direct the caller to the hearing.
Written comments to be presented at the public hearing may be entailed to the Authority
prior to the hearing at the following email:tori.fraaks@eaglecounty its.
The Authority has been requested to make available proceeds of the Bonds,its a
maximum stated principal amount not exceeding 835,000.000 to(a)finance or reimburse a
portion of the costs of the acquisition,rehabthanon,renovation,construction and equipping of
an approximately 120-unit affordable multifamily rental housing project known as Eagle Villas,
together with any functionally related and subordinate fanhties(the"Project'),located at 405
Nogal Road m Eagle,Colorado 81631,(b)pay a portion of the costs of issuance of the Bonds,
and(c)fund certain reserves,if applicable.The expected initial legal owner and principal user of
the Project will be Eagle Villas Owner LP,a Colorado limited partnership,or another affiliated
entity of Ulysses Development Group LLC.
THE BONDS SHALL BE SPECIAL, LIMITED OBLIGATIONS OF THE
AUTHORITY. THE AUTHORITY WILL NOT BE OBLIGATED TO PAY THE BONDS OR
THE INTEREST THEREON,EXCEPT FROM THE ASSETS OR REVENUES PLFDCED
THEREFOR IN NO EVENT SHALL THE STATE OF COLORADO,EAGLE COUNTY,
COLORADO(THE"COUNTY').OR ANY OTHER POLITICAL SUBDIVISION THEREOF
(OTHER THAN THE AUTHORITY)BE LIABLE FOR THE BONDS,AND THE BONDS
SHALL NOT CONSTITUTE A DEBT OF THE STATE OF COLORADO,THE COUNTY,OR
ANY OTHER SUCH POLITICAL SUBDIVISION THEREOF. THE AUTHORITY DOES
NOT HAVE THE POWER TO PLEDGE THE GENERAL CREDIT OR TAXING POWER OF
THE STATE OR ANY POLITICAL SUBDIVISION THEREOF.THE AUTHORITY HAS NO
TAXING POWER
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STATE OF COLORADO )
) SS.
COUNTY OF EAGLE )
I, the undersigned duly appointed Clerk of the County of Eagle, Colorado, do hereby
certify that the foregoing pages 1 through 7, inclusive, are a true, correct and complete copy of
the record of proceedings of the Board of County Commissioners, insofar as such proceedings
relate to the resolution contained therein, had and taken at a lawful, public meeting of the Board
of County Commissioners held at the Eagle County Building, 500 Broadway in Eagle, Colorado,
on March 11, 2025, commencing at the hour of 10:00 a.m., as recorded in the regular official
book of the proceedings of the Board of County Commissioners kept in my office; that said
proceedings were duly had and taken as therein shown; that the meeting therein shown was duly
held and was open to the public at all times; and that the persons therein were present at said
meeting in person or by telephone as therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the County of
Eagle this March 11, 2025.
Signed by:
Signed by: ttddi ( „S`
.°° Oy CD5DC 83SC8n4C8...
Becky Close
oa.� Clerk, County of Eagle
(SEAL)
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