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Home My WebLink AboutR10-090 Funding of Riverview Apartments Substantial RehabilitationCommissioner moved adoption oft a foll ing resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2010 RESOLUTION REGARDING CERTAIN ACTIONS IN CONNECTION WITH THE TRANSFER OF RIVERVIEW APARTMENTS FROM EAGLE COUNTY GOVERNMENT TO EAGLE RIVERVIEW AFFORDABLE HOUSING CORPORATION AND FUNDING THE RIVERVIEW APARTMENTS SUBSTANTIAL REHABILITATION WHEREAS, Eagle Riverview Affordable Housing Corporation (the "Corporation ") issued its Multifamily Housing Project Revenue Bonds, Series 1999A and its Multifamily Housing Project Subordinate Revenue Bonds, Series 1999B and Series 1999C (collectively, the "Series 1999 Bonds ") pursuant to a Trust Indenture dated as of July 1, 1999 (the "Indenture ") to finance the costs of acquisition and rehabilitation of real and personal property, buildings and improvements, to provide dwelling accommodations at rentals within the means of individuals or families of low or moderate income, known as the Riverview Apartments (the "Property ") located in Eagle County (the "County "); and WHEREAS, the County and the Corporation entered into a Project Agreement dated as of July 1, 1999 (the "Project Agreement "), under the terms of which the Corporation is responsible to operate the Property, and title to the Property shall vest in the County upon defeasance of the Series 1999 Bonds pursuant to the terms of the indenture and the Project Agreement; and WHEREAS, the Series 1999 Bonds have now been defeased as part of the substantial rehabilitation of the Property, in part with money the Corporation borrowed from Wells. Fargo for this purpose, the Indenture and the Project agreement have now been released, and the County has now taken title to the Property from the Corporation; and WHEREAS, the County wishes to transfer the Property, including all leases, agreements, contracts, and tangible property associated with the Property to the Corporation by warranty deed for purposes of effectuating the substantial rehabilitation of the Property; and WHEREAS, the Board of County Commissioners of the County of Eagle, State of Colorado (the "BOCC ") deems it appropriate and in the best interests of the County that the County so transfer to the Property to the Corporation in order to effect the substantial rehabilitation of the Property in a manner consistent with the foregoing; and WHEREAS, there have been presented to the BoCC the substantially final forms of the Reconveyance Agreement and Special Warranty Deed and other necessary documents needed to effect the transfer of the Property from the County to Corporation (collectively the "Transfer Documents "); and WHEREAS, Eagle County has been awarded $432,000 in federal grant funding as administered by the Colorado Department of Local Affairs/Division of Housing, which the County intends to transfer to the Eagle County Housing and Development Authority for the substantial rehabilitation of Riverview Apartments (the "Riverview DOLA Grant "); and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, all actions taken by or on behalf of the County to defease the Series 1999 Bonds and effect the conveyance of the Property to the County from the Corporation are hereby in all respects approved, ratified, and confirmed. THAT, and Peter F. Runyon, Sara J. Fisher, and Jon Stavney, are each, severally, authorized and directed to execute and deliver such documents and to take all actions necessary or reasonably required to effect transfer of the Property from the County to Corporation under the terms set forth in the Transfer Documents. Peter F. Runyon, Sara J. Fisher are hereby further authorized to take such other action and execute such other documents as may be necessary to carry out the purposes and intent of this Resolution. No further consent or authorization of the BoCC shall be required for the County to undertake the foregoing actions. THAT, Peter F. Runyon, Sara J. Fisher, and Jon Stavney, are each, severally, authorized and directed to execute and deliver such documents and to take all actions necessary to effect both the Riverview DOLA grant and subsequently transfer of said grant to the Eagle County Housing and Development Authority on such terms as deemed appropriate by the BoCC, including but not limited to execution of all contracts and grant and loan documents, as well as all corresponding documents, including any required land -use restriction agreement associated with said agreements and all payment requests, quarterly financial status reports, quarterly project performance reports, and monitoring documents. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the County of Eagle, State of Colorado. [The remainder of this page is left intentionally blank.] MOVED, READ AND ADOPTED by the Board of County Commissioners of the W f Eagle, State of Colorado, at its regular meeting held the _� day of 2010 ATTEST: Clerk of the Board ` of County VP Commissioners COUNTY OF EAGLE STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: do k, I � Sara J. Fish r, Chairman Peter F. unyon, Commissio r Jon Stavney, Commissioner Commissioner seconded the adoption of the forgoing resolution. The roll having been called, the vote was as follows: Commissioner Fisher Commissioner Runyon Commissioner Stavney This resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado.