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HomeMy WebLinkAboutR15-016 Authorizing Expenditure of Additional $500,000 for Castle Peak Commissioner 1M & .L.L+ `1 moved adoption of the following Resolution: EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO.2015- O( l.o RESOLUTION AUTHORIZING THE EXPENDITURE OF AN ADDITIONAL FIVE HUNDRED THOUSAND DOLLARS FOR CASTLE PEAK SENIOR CARE COMMUNITY WHEREAS, Eagle County Housing and Development Authority("ECHDA") is a statutory housing authority established pursuant to C.R.S. 29-4-501 et. seq.; and WHEREAS,ECHDA has all of the powers identified in C.R.S. 29-4-505 and those granted to a city housing authority in C.R.S. 29-4-201 et. seq.; and WHEREAS, by Resolution No. 2013-01 ECHDA authorized the expenditure of up to six million dollars which included acquisition of land and expenditure of funds for development and construction of the Project (defined below) subject to contingencies and provisions for repayment as subordinated debt as determined to be in the best interests of ECHDA; and WHEREAS, ECHDA has been participating in the predevelopment of the proposed 64- bed senior care community known as Castle Peak Senior Care Community (the "Project") to be located in the Town of Eagle, Eagle County, Colorado; and WHEREAS, the development and construction of the Project has received necessary approvals from the Town of Eagle and will serve the needs of populations who, by virtue of age or disability, have special housing needs or requirements that cannot reasonably be met by existing housing available within the boundaries of the ECHDA; and WHEREAS, the commercially available sources of funds to developt and construct the Project are not sufficient to fund the costs of the Project. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY: THAT, the ECHDA Board hereby authorizes an additional cash contribution of $500,000 to be used for development and construction of the Project. Such expenditure shall include such contingencies and provisions for repayment as subordinated debt as may be determined to be in the best interest of ECHDA by staff and legal counsel; and THAT, the ECHDA Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED AND ADOPTED by the Board of Commissioners of the Eagle County Housing and Development Authority, at its meeting held this Li day of i , 2015. EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY, By and Through Its BOARD OF COMMISSIONERS ATTEST: IV-A-tt,j. St 64—A 7 u u C.42444/4114° By: A 1111. .. 4 iLi 9 . l •�IJ� Clerk to the Board of Kathy C ndler-Henry County Commissioners Chairman V7%-r . Demur�.. 9anne McQueeney Commis ••ner r Ji11i ' H. Ryan missioner Commissioner 12—'—lp-L..--t seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Chandler-Henry 4 Commissioner McQueeney 44-14 +i Commissioner Ryan 0 This resolution passed by vote of the Board of Commissioners of the Eagle County Housing and Development Authority