HomeMy WebLinkAboutR22-080 Approving Waiver of Road Impact Fees for Colorado Mountain College Housing Project DocuSign Envelope ID:D841FCA5-9FA2-4B47-8771-59EC487E4F64
Commissioner Scherr
moved adoption of the following resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2022- 080
RESOLUTION APPROVING WAIVER OF ROAD IMPACT FEES FOR COLROADO
MOUNTAIN COLLEGE HOUSING PROJECT
WHEREAS, Colorado Mountain College("CMC") is developing a project consisting of
two buildings containing a total of 72 units of rental housing on approximately 1.3 acres of land
located adjacent to the CMC campus in Edwards, Colorado (the "Project"); and
("ECLUR") and the
pursuant to the Eagle CountyLand Use Regulations
WHEREAS, g
Road Impact Fee Schedule contained in ECLUR Section 4-710, the road impact fee for Multi-
Family Land Use is $3,034 per dwelling unit. The completed Project will consist of 72 units, or a
total road impact fee of$218,448 (72 x $3,034= $218,448); and
WHEREAS,pursuant to ECLUR Section 4-710.E.3, and C.R.S. 29-20-104.5(5), the
Board of County Commissioners (the"Board") may waive the applicable road impact fee on the
development of Low- or Moderate-Income Housing or Affordable Employee Housing as defined
by Eagle County in Section 4-710 of the ECLUR; and
WHEREAS, CMC requested a waiver of all road impact fees assessed by Eagle County
in connection with the Project; and
WHEREAS, the building to be constructed as part of phase I of the Project ("Building 1")
will be available for CMC students who are enrolled at the college. Building 1 will not be subject
to a deed restriction or other regulatory agreement to restrict rents to a particular AMI level.
However, Building 1 and the three other CMC student housing buildings being constructed on
other CMC campuses were financed utilizing Certificates of Purchases (COPs)that carry a 30
year term. The COPs require that no more than 10 percent of the proceeds (of the COPs) can be
used directly or indirectly in a trade or business carried on by any persons other than a
governmental unit in order to ensure that the interest of the COPs will remain excludable from
gross income for federal income tax purposes. Additionally, CMC offered that if CMC were to
sell or utilize Building 1 as anything other than affordable and student housing it will pay the road
impact fees assessed for Building 1; and
WHEREAS, the building constructed as part of phase II of the Project("Building 2") is
being funded by the Eagle County Housing and Development Authority. Building 2 will be
subject to a perpetual price capped rental deed restriction which will restrict rental rates at rates
affordable to those earning 100%AMI. Additionally, Eagle County employees, employees of
other public organizations within Eagle County and CMC students or employees studying or
DocuSign Envelope ID:D841FCA5-9FA2-4847-8771-59EC487E4F64
working for a minimum of 16 hours per week will be preferenced on any waitlist. If no standing
waitlist exists, the units must be rented to an Eligible Household, as defined in the Eagle County
Affordable Housing Guidelines; and
WHEREAS, ECLUR Section 4-710.D.1 defines "Affordable Employee Housing" as units
restricted for"Qualified Employees"meeting income, employment and net worth limitations and
the other criteria under"Low Income Housing", "Moderate Income Housing" and"Qualified
Employees"; and
WHEREAS, ECLUR Section 4-710.D.11 defines "Moderate Income Housing" as
Affordable Employee Housing Units provided for households who earn the equivalent of between
80% and 100% of the Area Median Income (AMI) for Eagle County, as determined annually by
the Department of Housing and Urban Development and that are initially offered at a purchase
price that provides for monthly housing payments and homeowner association/condominium dues
in an amount that does not exceed 30% of gross household income based on a 30-year mortgage
with 5% down payment. Once initially sold the affordability shall be maintained perpetuity by an
appreciation cap; and
WHEREAS, at its public hearing held on August 30, 2022, the Board considered CMC's
request for waiver of the road impact fees assessed in connection with the Project, heard
presentations from the Eagle County Engineering and Resiliency Departments, statements from
CMC's representative, and queried staff and the Applicant concerning CMC's request; and
WHEREAS,based on the evidence, testimony, exhibits, and study of the ECLUR, as well
as comments from the Eagle County Engineering and Resiliency Departments, and comments
from all interested parties,the Board finds as follows:
THAT, CMC's request for waiver of road impact fees meets the definitions of Affordable
Employee Housing and Moderate Income Housing as contained in ECLUR Section 4-710, and
the purpose and intent of the road impact fee waiver provisions found in ECLUR Section 4-
710.E.3 and state statute. For Building 1, based on the combination of the restrictions included in
the Building's financing, CMC's commitment to pay the road impact fees for Building 1 if
Building1 is ever sold or utilized as anything other than affordable student housing, and the
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statement provided by CMC staff to Eagle County staff that CMC has the full intention to charge
rental rates at rates that are affordable to those earning 100%AMI and below, staff has
determined these restrictions meet the definition contained in the ECLURs for Moderate Income
Housing and also meet the intent of the road impact fee waiver provisions contained in the
ECLUR and state statute. For Building 2, based on the perpetual price capped rental deed
restriction which will restrict rental rates at rates affordable to those earning 100%AMI, the
Board has determined that these restrictions meet the definitions included in the ECLURs for
Affordable Employee Housing and Moderate-Income Housing and also meet the intent of the
road impact fee waiver provisions in the ECLUR and state statute.
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DocuSign Envelope ID:D841FCA5-9FA2-4B47-8771-59EC487E4F64
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, subject to the conditions set forth below, and pursuant to ECLUR Section 4-
710.E.3, and C.R.S. 29-20-104.5(5), the Board hereby approves CMC's request for waiver of the
road impact fees assessed for the Project in the amount of$218,448.
THAT, this Resolution shall serve as an agreement binding Colorado Mountain College to
the following conditions:
1. Except as otherwise modified by this development permit, all material representations made
by the Applicant in this Application and in the public meeting shall be adhered to and
considered conditions of approval.
2. If in the future, CMC is to sell or utilize Building 1 as anything other than affordable and
student housing, CMC agrees that it shall pay to Eagle County the road impact fees assessed
for Building 1 in the amount of$109,224. CMC agrees to pay such road impact fee at the
closing of the sale of Building 1 or within 30 days of a determination by the County that the
building is no longer being used for affordable and student housing.
THAT, the Board directs the Engineering Department to provide a copy of this Resolution
to Applicant; and
THAT this Resolution is necessary for the health, safety and welfare of the people of
Eagle County, Colorado.
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DocuSign Envelope ID:D841FCA5-9FA2-4B47-8771-59EC487E4F64
MOVED, READ AND ADOPTED by the Board of County Commissioners of the County
of Eagle, State of Colorado, at its regular meeting held this 27th day of September, 2022, nunc pro
tunc to the 30th day of August 2022.
COUNTY OF EAGLE, STATE OF
DocuSigned WOLORADO, By and Through Its
��< BOARD OF COUNTY COMMISSIONERS
ATTEST: co...
,-DocuSigned by: DocuSigned by:
rt,titti a 0-'f°)V'iun, By: /744(4
Crleriex 613vardof J A' ' .0'i•- ney
County Commissioners Chair
DocuSigned by:
K e 1 er-Henry
Commissioner
:DocuSigned by:
Milt S.riu,w�MSetiermEo473..
Commissioner
Commissioner Chandl er-Henry seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner McQueeney Aye
Commissioner Chandler-Henry Aye
Commissioner Scherr Aye
This resolution passed by 3/0 vote of the Board of County Commissioners of
the County of Eagle, State of Colorado.
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