HomeMy WebLinkAboutR03-026 Private Activity Bond Allocation Town of Vail for Middle Creek Village Projecta ~
Commissioner ~ moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
Resolution No. 2003- ~~~
ASSIGNMENT OF EAGLE COUNTY PRIVATE ACTIVITY
BOND ALLOCATION TO THE TOWN OF VAIL FOR THE
MIDDLE CREEK VILLAGE PROJECT
WHEREAS, Eagle County, Colorado (the "County") has received an allocation of
Private Activity Bonds for 2003 in the amount of $1,631,138 pursuant to Colorado State
Statute 24-32-1701 et seq; and
WHEREAS, the Town of Vail is seeking to develop an apartment project to be
known as Middle Creek Village; and
WHEREAS, an assignment of the County's allocation would facilitate the
financing of the Middle Creek Village project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLLOWS:
THAT, it commits and reserves the County's allocation of $1,631,138 from the
State Ceiling to the Town of Vail for the Middle Creek Village project.
THAT, the County has been provided a copy of the opinion of bond counsel
provided to the State of Colorado, Department of Local Affairs, Division of Housing, that
the bonds to be issued for the Middle Creek Village project constitute "private activity
bonds" as defined in Section 141 of the Internal Revenue Code and that the Town of Vail
is authorized under Colorado laws and its Constitution to issue the bonds.
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THAT, if the Middle Creek Village project should not receive enough funding or
authorization to continue development by Sept. 15, 2003 ,the County may either allow
the $1,631,138 allocation to remain assigned to the Middle Creek Village project as its
sponsors continue to seek other means of financing or authorization to continue the
project, or alternatively, the County may recall this allocation, with such decision to recall
the allocation and nullify the assignment being entirely at the discretion of the County.
THAT, it authorizes its chairman to execute an agreement to effect this
assignment, upon review of the agreement by the County Attorney's Office.
THAT, all action (not inconsistent with the provisions of this Resolution)
heretofore taken by members of the Eagle County Board of County Commissioners or
staff toward making this assignment shall be, and the same hereby is, ratified, approved
and confirmed.
THAT, if any provision of this Resolution shall be judicially determined to be
invalid or unenforceable, such determination shall not affect the remaining provisions
hereof, the intention being that the provisions hereof are severable.
THAT, this Resolution is necessary for the public health, safety, and welfare of the
County of Eagle, State of Colorado.
THAT, this Resolution shall take effect immediately upon its adoption.
THAT, this Resolution shall be recorded in the records of the Eagle County Clerk
and Recorder.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
o ty of Eagle, State of Colorado, at its regular meeting held the ~~_~ day of
2003.
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ATTEST:
By:
Clerk to the Board of
County Commissioners
•
Y OF EAGLE, STATE OF
ADO, By and Through Its
OF CQI~JNTY fI~MMISSI
Chairman
Tom .Stone
.~ Commissioner
. Menconi
Commissioner
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Commissioner : `~ ~ - ~ seconded adoption of the foregoing
resolution. The r having been called, the vote was as follows:
Commissioner Michael L. Gallagher
Commissioner Tom C. Stone ~~~_~
Commissioner Arn M. Menconi
This resolution passed by ~~ ~~2.~~ vote of the Board of County
Commissioner of the County of Eagle, State of Colorado.
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ASSIGNMENT OF ALLOCATION
THIS ASSIGNMENT (the "Assignment") dated this ~~ay 003, is
between Eagle County, Colorado, a body corporate and politic (the "Assignor"), the Town
of Vail, Colorado, a body corporate and politic (the "Assignee'.
REf;TTALS
A. Middle Creek Village, L.L.C., a Colorado limited liability
company, (the "Company") has requested the Assignee, to finance a multifamily
rental housing project within the boundaries of the Assignee (the "Project's and
has represented to the Assignor and the Assignee that the Project will be
designed to qualify as a "project" within the meaning of the County and
Municipality Development Revenue Bond Act, constituting part 1 of article 3 of
title 29, Colorado Revised Statutes, as amended (the "Act").
B. The Company has requested that the Assignor assign to the
Assignee the Assignor's 2003 allocation ender the bond ceiling for the State of
Colorado and its issuing authorities (the "State Ceiling's competed ender
Section 146(d) of the Internal Revenue Code of 1986 (the "Code's as provided
for the Assignor as a "designated. local issuing authority" under part 17 of
article 32 of title 24, Colorado Revised Statutes (the "Allocation Act's, for use in
connection with the financing of the Project:
C. The Company has provided to the Assignor a copy of the opinion
of bond counsel provided to the State of Colorado, Department of Local Affairs,
Division of Housing, that the Bonds constitute "private activity bonds" as
defined in Section 141 of the Code and that the Assignee is authorized under
Colorado laws and its Constitution to issue the Bonds.
D. Parsnant to Resolation No. 2003 - ~~~ of the Board of County
Commissioners of the Assignor ("County Resolution's adopted on i ~= ~ ~ d ~
2003, the Assignor has committed and reserved its allocation from the State
Ceiling as a "designated local issuing authority" pursaant to the Allocation Act
for use in connection with the financing of the Project
E. Sabject to the terms and conditions set forth herein, the Assignor
desires to assign to the Assignee, and the Assignee desires to accept, the
Assignor's 2003 allocation from the State Ceiling, which allocation the Assignor
has committed and reserved for the Project
21356.2
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(a) Accepts the assignment of the portion of the Assignor's
allocation from the State Ceiling described above; and
ASSIGNMENT
In exchange for the agreements set forth hc;rein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. The Assignor hereby assigns and transfers to the Assignee, the Assignor's 2003
allocation from the State Ceiling for private activity bonds in an amount equal to $1,631,138
for the purpose of issuing the Bonds to finance the Project
2. The Assignor represents that it has received no monetary consideration for the
assignment set forth above.
3. The Assignee hereby:
(b) Agrees to abide by each of the terms and conditions of this
Assignment in connection with the use of such allocation.
IN WITNESS WHEREOF, the Assignor and the Assignee have caused this instrument
to be executed to be effective as of the date and year first written above.
(SEAL)
ATTEST:
Its:
ATTEST:
Its:
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COUNTY,COLORADO,
By: `' ~l'~~`~-~
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21356.2
~ ®F ~~ TOWN OF VAIZ, COLORADO,
®~~ as Assignee
OFFICE OF THE ~ `` ~ Eagle County Building
COUNTY ATTORNEY 7 P.O. Box 850
(970) 328-8685 ,; ~ _ 500 Broadway
FAX (970) 328-8699 ~ - Eagle, Colorado 81631-0850
P .r
EAGLE COllNII; COLORADO
February 25, 2003
Nina Timm
Community Development
Town of Vail
75 South Frontage Road
Vail, CO 81657
Re: Assignment of Bond Allocation for Middle Creek Project
Dear Nina:
Enclosed aze two (2) original Resolutions regazding the Assignment along with four (4) originals
of the Assignment of Allocation. Please have the four (4) Assignment of Allocation originals
signed and attested. Keep one original of the Resolution and Assignment for your file and send
one of each to Mike Coughlin. Please return two Assignment for Allocation originals to the
County Attorney Office to my attention.
Please call if you have any questions. Thanks.
Sincerely,
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Lucy Grewe
Administrative Assistant
Enc.
cc: Diane Mauriello, County Attorney
David Carter, Housing
