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. 1 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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// 2 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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: tukul CD..DCD09DCBA4C0.. By: CA4AC198FAAA47A Becky Close Jeanne McQueeney Clerk and Recorder County Commissioners Chair Signed by: LTf)9995F4RF5F44R Tom Boyd Commissioner cASiggnneed bby': A : daxr Al F7R9f171RE0471 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/, m, V 1AV`+N 7646B35E8E3C419.. Beth Oliver Eagle County Attorney 3 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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 4 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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. 5 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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 6 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 a https://www.housingeaglecounty.com Empowering Eagle County with Housing Programs for Homebuyers.Renters,and Homeowners! +�,‘wi we . ( k The Eare Coumy HaWrg and Development Authority,also sawn as Housig Eagle Cary,n atmcaea m elevating Me through mentorshipang housig solutions.We fulfil ties worriment by anNelyapge%with Ole commonly,farming strategic PCPs well can to public and whew sectors,ad implemental a lade rage W programteared m meet me reeds Anareeryers,reacts,and homeowners We recognize the unique challenges Owed by residents and are cammldedlo opening Mors and bringing sweaty and apparoadq m as community.Thin demcaan ts demonstrated through spearheading baaeaaae horsing protects, We management waffordable rental property prioritizing deed-restricted female nadag,mlmg rental and don payment assistance programs,add leading with aspirit wtgeerosay. We believe that by"Housing Eagle County,"we will build a stronger,healthier,more productive,and more resilient community that benefits everyone! TEFRA Hearing Notice:ECHDA-March 6,2025,at 1.30 PM 6 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 TEFRA Notice-ECHDA-Eagle Villas 2025 03 06 tr i 0 m File Edit View Tools Help rat 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 7 59827028.2 Docusign Envelope ID:3AOFB5A6-2582-49AC-8AA9-64D953566CA7 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) 8 59827028.2