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HomeMy WebLinkAboutR15-034 Housing and Development Authority Approving Solar Interest Purchase Agreement EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY RESOLUTION NO. 2015 - V RESOLUTION APPROVING THE SOLAR INTEREST PURCHASE AGREEMENT BETWEEN EAGLE COUNTY, COLORADO AND GCASA II, LLC AND AUTHORIZING THE EXPENDITURE OF FUNDS TOWARD THE PURCHASE WHEREAS, the Eagle County Housing and Development Authority("Authority") is the sole member of Lake Creek Village LLC a Colorado limited liability company("LCV"); and WHEREAS, LCV has been duly organized for the purpose of financing and operating the Lake Creek Village Apartments located in Edwards, Eagle County, Colorado; and WHEREAS, Eagle County has or will enter into a solar interest purchase agreement with GCASA II, LLC ("Company") in substantially the form attached hereto as Exhibit A (the "Agreement"); and WHEREAS, Company has constructed the Sunnyside Ranch Community Solar Array (the "Array") in Carbondale, Colorado and either directly or through its affiliates has established necessary arrangements and processes that enable its customers to sell generated electricity to Holy Cross Energy in exchange for bill credits on its customers' monthly utility bills; and WHEREAS, as part of the Agreement, Eagle County will purchase an interest in the form of Production Capability as defined in the Agreement in selected solar panels within the Array; and WHEREAS, as part of the Agreement, Eagle County and/or LCV has an option to purchase its selected solar panels after five (5) years; and WHEREAS, the purchase price for all of the Production Capability as set forth in the Agreement is three million five thousand one hundred nineteen dollars and ten cents ($3,005,119.10) (the "Purchase Price"); and WHEREAS, LCV desires to contribute two hundred twenty-five thousand nine hundred seventy-seven dollars ($225,977.00) representing two hundred seventy-two (272) panels or a system size of 82.960 KW toward the Purchase Price in exchange for bill credits on its Holy Cross Energy bill consistent with the number of panels and system size set forth herein; and WHEREAS, on April 20, 2015, LCV received approval from its lender, Wells Fargo Bank NA and on February 6, 2015 from the US Department of Housing and Urban Development to invest its Surplus Cash in this manner. NOW, THEREFORE, BE IT RESOLVED BY THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY AS SOLE MEMBER OF LAKE CREEK VILLAGE LLC: THAT, the Authority, as sole member of LCV hereby authorizes and approves the Agreement as approved by the Eagle County Attorney's Office and substantially in the attached as Exhibit A. THAT, the Authority as sole member of LCV hereby authorizes and approves a contribution in the amount of two hundred twenty-five thousand nine hundred seventy-seven dollars ($225,977) representing two hundred seventy-two (272)panels or a system size of 82.960 KW in exchange for bill credits on its Holy Cross Energy bills and the option to purchase the panels as set forth in the Agreement. MOVED, READ AND ADOPTED by the Eagle County Housing and Development Authority as sole member of Lake Creek Village, LLC on this 74 day of Alp- , 2015. ATTEST: � ti l s EAGLE COUNTY HOUSING A■ D a * ' DEVEL •MENT •� THOR hi *„oaP°o / / / Clerk to the Kathy Chand Fr-Henry, Chair bold-42-0 OF- CUUv.-1T 1/4-A �''✓`-, CCUV4.. S '-1 S,own oar ui c