HomeMy WebLinkAboutR24-041 Golden Eagle Elderly Housing Corp - US Dept. Housing Program DocuSign Envelope ID:EE9DD3F0-8B16-41DD-AAAC-A54673035C83
Commissioner chandler-Henry moved
adoption of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2024- 041
CONCERNING DEDUCTIBLE IN EXCESS OF
THE CURRENT $10,000 LIMIT
IMPOSED BY THE UNITED STATES
DEPARTMENT OF AGRICULTURE RURAL
DEVELOPMENT HOUSING PROGRAM
WHEREAS, the Golden Eagle Elderly Housing Corporation ("Golden Eagle") is a
Colorado not-for-profit corporation established for the purpose of developing, maintaining, and
operating safe and sanitary housing for the handicapped and aged as more fully set forth in its
Amended and Restated Articles of Incorporation; and
WHEREAS, Golden Eagle is the owner of the Golden Eagle Senior Apartments property
located at 700 Broadway Street, Eagle, Colorado consisting of thirty-six (36) apartment units and
associated facilities ("Premises"); and
WHEREAS,the USDA Rural Housing Development program provides a subsidy to thirty-
one (31) of the units at the Premises under the USDA Rural Development RD-515 program (the
"Program"); and
WHEREAS, as a requirement of the Program the USDA sets insurance requirements for
Golden Eagle, including property insurance. Property insurance protects the physical asset against
loss due to damage. The USDA requires if there is a deductible for property insurance and it is
over$10,000, the deductible must be held within a reserve account; and
WHEREAS,Eagle County has property insurance for the Premises wherein the deductible
is set at $50,000 which is in excess of the USDA's requirements but is a reasonable deductible
given the current state of Eagle County's property market and overall size. Eagle County is a large
county in the mountainous regions of the state with over$265 million in insurable property values
including 80+facilities.Eagle County also maintains healthy reserves to support expected property
losses annually; and
WHEREAS, Colorado is viewed as a catastrophic property state due to our exposures of
wildfire and convective storms (wind & hail) which further limits Eagle County's property
insurance options. The property marketplace has seen tremendous volatility due to a historic surge
DocuSign Envelope ID:EE9DD3F0-8B16-41DD-AAAC-A54673035C83
of natural disasters across the globe. Eagle County utilizes an insurance broker (Arthur J.
Gallagher) that reviews Eagle County's program annually and works to find us the most
competitive program available.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, should there be a loss at any property, including the Premises, Eagle County
Government is prepared to cover any costs that fall below its deductible amount of $50,000,
through Eagle County's Property and Casualty Insurance Fund. This includes claims where a
deductible over$10,000 is required to be paid by Golden Eagle; and
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.
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DocuSign Envelope ID:EE9DD3F0-8B16-41DD-AAAC-A54673035C83
MOVED, READ, AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the end day of
July , 2024.
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(4, COLORADO,by and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
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Regina O'Brien Matt Scherr, Chair
Clerk to the Board
DocuSigned by:
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Jeanne McQueeney, Commissioner
DocuSigned by:
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Kathy Chandler-Henry, Commissioner
Commissioner McQueeney seconded adoption of the foregoing resolution. The roll having been
called, the vote was as follows:
Commissioner Scherr Aye
Commissioner McQueeney Aye
Commissioner Chandler-Henry Aye
This Resolution passed by 3/0 vote of the Board of County Commissioner of the County
of Eagle, State of Colorado.