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HomeMy WebLinkAboutR07-078 Fox Hollow PUD Tract A Commissioner .~~~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2007- (J::rzJ A RESOLUTION EXEMPTING TRACT A FROM THE FOX HOLLOW PUD TRANSFER PROHIBITION PENDING SUBDIVISION IMPROVEMENTS PREAMBLE On May 15,2007, Eagle County, by and through its Board of County Commissioners, granted Habitat for Humanity of Eagle and Lake Counties, Inc., a Colorado nonprofit corporation ("Habitat"), $500,000 for the purchase of Tract A of the Final Plat of the Fox Hollow PUD recorded on April 28, 2006 at Reception No. 200610925 ("Tract A"). In so doing, Eagle County recognized that Habitat was relying on the funds provided by this grant to satisfy Habitat's contractual obligations pursuant to the Purchase Agreement between Habitat and Fox Hollow, LLC ("Fox Hollow"), dated March 11, 2006, for the purchase of Tract A (the "Tract A Contract"). Habitat intends to purchase Tract A for the sole and exclusive purpose of developing eight duplex lots for a total of sixteen for-sale, "very-low-income" affordable duplex-type housing units consistent with Habitat's mission, articles, by-laws, the Tract A Contract, and the Fox Hollow PUD, File No. PDP-00030, as amended from time to time by Eagle County. Tract A, among other parcels in the Fox Hollow PUD, was originally subject to a plat note requiring that Fox Hollow complete certain public improvements before selling its land unless Fox Hollow provided sufficient collateral to ensure that public improvements could be completed regardless of Fox Hollow's solvency. Pursuant to this resolution, the Board of County Commissioners of Eagle County exempts Tract A from the Fox Hollow PUD's collateralization requirement. This exemption allows Habitat to continue with its purchase of Tract A from Fox Hollow in order to construct the sixteen affordable housing units. #1230426 vI RECIT ALS A. Whereas, the Fox Hollow PUD, Eagle County File No. PDF-00094 at General Notes 12, a copy of which is attached hereto as Exhibit "A," provides that certain infrastructure must be completed, collateralized, or contain the sales restriction below prior to sale of or construction on Tract A as follows: LOT 3, TRACT A AND TRACT B SHALL NOT BE SOLD, TRANSFERRED, OR OTHERWISE CONVEYED NOR SHALL ANY BUILDING PERMIT BE ISSUED BY EAGLE COUNTY FOR THESE LOTS AND TRACTS UNTIL ALL OF THE IMPROVEMENTS REQUIRED UNDER THE SUBDIVISION IMPROVEMENTS AGREEMENT RECOVERED AT RECEPTION No. 200610909 ARE EITHER (a) IN PLACE AND APPROVED BY EAGLE COUNTY, OR (b) COLLATERALIZED IN THE FORM AS DESIRED IN THE SUBDIVISION AND OFF-SITE IMPROVEMENTS AGREEMENT AND LAND USE REGULATIONS AND ACCEPTABLE TO EAGLE COUNTY TO SECURE THE PERFORMANCE OF THE OBLIGATIONS AS DESCRIBED IN THE AGREEMENT. THIS PLAT NOTE SHALL ONL Y BE RELEASED IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN EAGLE COUNTY RESOLUTION No. 95-35. ANY DOCUMENT A TION DENOTING THE RELEASE OF THIS PLAT NOTE SHALL BE RECORDED IN THE EAGLE COUNTY CLERK AND RECORDER'S OFFICE; and B. Whereas, In May 2007, Eagle County granted Habitat $500,000 for the purchase of Tract A from Fox Hollow in order to construct affordable housing on that site; a copy of that grant is attached hereto as Exhibit "B" and to permit the future conveyance of the affordable housing units to residents; and C. Whereas, Fox Hollow, LLC has neither completed all improvements required by the Fox Hollow PUD nor has Fox Hollow provided Eagle County with the above-referenced collateral; and D. Whereas, The Board of County Commissioners desires to facilitate transfer of Tract A from Fox Hollow to Habitat for the exclusive purpose of creating affordable housing for low-income Eagle County residents; and ~ 2 E. Whereas, without amendment to General Notes 12 of the Fox Hollow PUD, Habitat would not be able to take possession of Tract A until all improvements were completed or until sufficient collateral was deposited, effectively prohibiting Habitat from beginning construction of affordable housing on Tract A. NOW, THEREFORE, UPON MOTION DULY MADE AND SECONDED, AND AFTER FULL DISCUSSION, THE BOARD OF COMMISSIONERS OF EAGLE COUNTY, COLORADO, FINDS AND RESOLVES AS FOLLOWS: A. Resolved, that the Board of County Commissioners for Eagle County finds that transfer of ownership from Fox Hollow to Habitat furthers the creation of affordable housing for Eagle County residents; and B. Resolved, that exemption of Tract A from General Notes 12 on the Fox Hollow PUD is required for Habitat to take possession and to begin construction of affordable housing units on that Tract A; and C. Resolved, that the Board of County Commissioners for Eagle County hereby exempt Tract A of the Fox Hollow PUD from the collateral requirement described above and that General Note 12 of the Fox Hollow PUD shall be revised as follows: LOT 3, TRi\.CT ,^.. AND TRACT B SHALL NOT BE SOLD, TRANSFERRED, OR OTHERWISE CONVEYED NOR SHALL ANY BUILDING PERMIT BE ISSUED BY EAGLE COUNTY FOR THESE LOTS AND TRACTS UNTIL ALL OF THE IMPROVEMENTS REQUIRED UNDER THE SUBDIVISION IMPROVEMENTS AGREEMENT RECORDED AT RECEPTION No. 200610909 ARE EITHER (a) IN PLACE AND APPROVED BY EAGLE COUNTY, OR (b ) COLLATERALIZED IN THE FORM AS DESIRED IN THE SUBDIVISION AND OFF-SITE IMPROVEMENTS AGREEMENT AND LAND USE REGULATIONS AND ACCEPT ABLE TO EAGLE COUNTY TO SECURE THE PERFORMANCE OF THE OBLIGATIONS AS DESCRIBED IN THE AGREEMENT. THIS PLAT NOTE SHALL ONLY BE RELEASED IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN EAGLE COUNTY RESOLUTION No. 95-35. ANY DOCUMENTATION DENOTING THE RELEASE OF THIS PLAT NOTE SHALL BE RECORDED IN THE EAGLE COUNTY CLERK AND RECORDER'S OFFICE. 3 This Resolution was introduced, read, passed, and adopted by the Board of Commissioners of Eagle County by a vote of :7/1) on July~2007. ATTEST: C/~\~ ,/ Clerk to the Board of County Commissioners Commissioner (2:.t//.fV),~.-) seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Menconi Commissioner Fisher Commissioner Runyon G~(y O~v oy {/ This Resolution passed by '::7/ Q of the County of Eagle, State of Colorado. vote of the Board of County Commissioners G:\Alex Potente\Fox Hollow\Collateral exception.doc 4