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HomeMy WebLinkAboutR11-005 Short Term Loan to ECHDA Commissioner TA skip-- moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2011 - OO RESOLUTION AUTHORIZING A SHORT -TERM INTERFUND LOAN TO THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY IN AN AMOUNT UP TO FIVE HUNDRED THOUSAND ($500,000) AND PROVIDING FOR REPAYMENT OF SAID LOAN WHEREAS, Eagle County Housing and Development Authority ( "ECHDA ") is a body corporate and politic, authorized pursuant to C.R.S. 29 -4 -501, whose purpose is the development of housing for the residents of Eagle County; and WHEREAS, ECHDA is serving as the developer of the substantial rehabilitation of Riverview Apartments, using over fifteen million dollars ($15,000,000) from various funding sources including low income tax - credit equity, a loan from the U.S. Department of Housing and Urban Development, and a grant from the Colorado Department of Local Affairs; and WHEREAS, the majority of the tax- credit equity will not be paid into the transaction until late 2011; and WHEREAS, a short-term loan in the amount of five hundred thousand dollars was authorized by Resolution No. 2010 -89 dated August 3, 2010; and WHEREAS, notwithstanding the short-term loan authorized by Resolution No. 2010 -89 it is anticipated that additional funds up to five hundred thousand dollars ($500,000), in the form of a short-term loan from Eagle County, is required to effectuate the Riverview Apartments substantial rehabilitation to bridge this timing gap created by the pay -in timing of the tax - credit equity; and WHEREAS, the Eagle County General Fund has sufficient funds to make said loan pursuant to the terms set forth in this resolution. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Eagle County Finance Director is hereby authorized and directed to make an Inter -fund loan from the General Fund to the Eagle County Housing and Development Authority up to five hundred thousand dollars ($500,000) to provide interim financing for the Riverview Apartments substantial rehabilitation to be repaid on or before December 31, 2011. ECHDA may draw upon an amount up to $500,000 through December 31, 2011, and may make multiple requests to draw upon said amount as required. Any amount loaned pursuant to this Resolution Page 1 of 2 • shall bear interest at the rate of 3 percent per annum. Any or all of this loan may be repaid at any time with no prepayment penalty. 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. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 1 Q day of ?4,d-AVO-10-`-t , 2010: 2-cill COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS ATTEST: BY AS 11, IP BY: e . e.a . Simontir ` * Jon Stavney, / Clerk to the Board of i %REM ° County Commissioners B ;, vT, Peter F. Runyon, Corner BY: aro . 1 1( YLt t_.. Sara J. Fisher, ommissioner Commissioner `'( u■-. seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Jon Stavney I1. j Commissioner Peter F. Runyon Commissioner Sara J. Fisher 444 M 2 This Resolution passed by 0 vote of the Board of County Commissioner of the County of Eagle, State of Colorado. Page 2 of 2