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HomeMy WebLinkAboutR02-006 assignment of bond allocation to Town of Vail for Middle Creek Village Projectci , Commissioner r / moved adoption o the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO Resolution No. 2002 - CONDITIONAL ASSIGNMENT OF EAGLE COUNTY PRIVATE ACTIVITY BOND ALLOCATION TO THE TOWN OF VAIL FOR THE MIDDLE CREEK VILLAGE PROJECT WHEREAS, Eagle County, Colorado (the "County ") has received an allocation of Private Activity Bonds for 2002 in the amount of $1,562,213 pursuant to Colorado State Statute 24 -32 -1707 (3); and WHEREAS, the Town of Vail is seeking to develop an apartment project to be known as Middle Creek Village; and WHEREAS, an assignment of the County's allocation would facilitate the financing of the Middle Creek Village project. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLLOWS: THAT, it conditionally commits and reserves the County's allocation of $1,562,213 from the State Ceiling to the Town of Vail for the Middle Creek Village project. THAT, this assignment is conditioned upon the following: (a) the Middle Creek Village project receiving enough additional allocation under the initial competition for the 2002 Colorado Statewide balance for the project to be vial with the State of Colorado to provide a decision in March 2002. _ (b) the County has been provided a copy of the opinion of bond counsel provided to the State of Colorado, Department of Local Affairs, Division of Housing, that the bonds to be issued for the Middle Creek Village project constitute "pri vate activity bonds" as defined in Section 141 of the Internal Revenue Code, stating the amount of the bonds rewiring an allocation from the State Ceiling, and that the Town of Vail is authorized under Colorado laws and its Constitution to issue the bonds. THAT, if the Middle Creek Village project should not receive enough additional allocation to be viable under the initial competition for the 2002 Colorado Statewide balance, that the County may either allow the $1,562,213 allocation to remain assigned to the Middle Creek Village project as its sponsors continue to seek other means of financing the project, or alternatively, the County may recall the allocation and nullify the assignment at any time subsequent to the State of Colorado making its allocation determination in March 2002, with such decision to recall the allocation and nullify the assignment after March 2002 being entirely at the discretion of the County. THAT, it authorizes its chairman to execute an agreement to effect this conditional assignment, upon review of the agreement by the County Attorney's Office. THAT, all action (not inconsistent with the provisions of this Resolution) heretofore taken by members of the Eagle County Board of County Commissioners or staff toward making this conditional assignment shall be, and the same hereby is, ratified, approved and confirmed. THAT, if any provision of this Resolution shall be judicially determined to be invalid or unenforceable, such determination shall not affect the remaining provisions hereof, the intention being that the provisions hereof are severable. THAT, this Resolution is necessary for the public health, safety, and welfare of the County of Eagle, State of Colorado. THAT, this Resolution shall take effect immediately upon its adoption, THAT, this Resolution shall be recorded in the records of the Eagle County Clerk and Recorder. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the > day of 't r )2002. ATTEST: Bye-p, Cl er to the Board of j County Commissioners C COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMlSSIOiIE.% W' . Michael L. Gallagher Chairman wf� ON � 7 a 1�i ' St Commissioner Am M: Menconi Commissioner 0 V C 11 G I _1 Commissioner " seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Michael L. Gallagher� c Commissioner Tom C. Stone t_ c 7 Commissioner Ain M. Menconi This resolution passed by , -`vote of the Board of County Commissioner of the County of Eagle, State of Colorado.