HomeMy WebLinkAboutR10-088 Repayment of ERAHC Series C DebtCommissioner oved adoption
of the followi Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2010 - D S g b
RESOLUTION AUTHORIZING A LONG -TERM INTERFUND LOAN TO THE EAGLE
COUNTY HOUSING AND DEVELOPMENT AUTHORITY IN THE AMOUNT OF SIX
HUNDRED THOUSAND ($600,000) AND PROVIDING FOR REPAYMENT OF SAID
LOAN
WHEREAS, Eagle County Housing and Development Authority ( ECHDA) is a body
corporate and politic, authorized pursuant to C.R.S. 29 -4 -501, whose purpose is the development
of housing for the residents of Eagle County; and
WHEREAS, ECHDA is serving as the developer of the substantial rehabilitation of
Riverview Apartments, using over fifteen million dollars ($15,000,000) from various funding
sources including tax - credit equity, a loan from the U.S. Department of Housing and Urban
Development ( "HUD "), and a grant from the Colorado Department of Local Affairs; and
WHEREAS, Eagle County Government, a body corporate and politic ( "Eagle County ")
received a six - hundred thousand dollar ($600,000) grant for the acquisition of Riverview
Apartments in 1999 from the Department of Local Affairs through the federal Community
Development Block Grant program; and
WHEREAS, Eagle County allocated said grant to Riverview Apartments by acquiring
"Series C" bond debt issued by the Eagle Riverview Affordable Housing Corporation in 1999;
and
WHEREAS, said "Series C" bond debt will be defeased and repaid as part of the
substantial rehabilitation of the Riverview Apartments and returned to the County's General
Fund, and new forty (40) year federal debt will be issued by the U.S. Department of Housing and
Development; and
WHEREAS, in order to effectuate the substantial rehabilitation of Riverview, HUD is, in
effect, requiring that said grant funds remain with the Riverview Apartments property as a
condition of HUD's financing of the substantial rehabilitation; and
WHEREAS, to satisfy said financial requirements Eagle County agrees to loan six -
hundred thousand dollar ($600,000) to the ECHDA to use in effectuating the substantial
rehabilitation of the Riverview Apartments; and .
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
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THAT, the Eagle County Finance Director is hereby authorized and directed to make a
loan from the General Fund to the Eagle County Housing and Development Authority of six
hundred thousand dollars ($600,000) for long -term financing for the Riverview Apartments
substantial rehabilitation. ECHDA shall be required to repay this debt on or before July 1, 2065.
This loan shall bear interest at a rate equal to the applicable federal rate (currently 3.94 percent
per annum). Any or all of this loan may be repaid at any time with no prepayment penalty.
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.
MOVED, READ AND ADOPTED by the Board of-County Commi Aioners oft e County of
Eagle, State of Colorado, at its regular meeting held the day of , 2010.
COUNTY OF EAGLE, STATE OF COLORADO, By and
Through Its BOARD OF COUNTY COMMISSIONERS
ATTEST:
BY:
�r
Teak J. Simon ion ���
Clerk to the Board of
County Commissioners
BY: _4� 1__&0L_A_ -
Sara J. Fisher, Clair
Jon Stavn�, ss'
B �,'��/
Y.
Peter F. Runyon, Commis ' ner
Commissioner seconded adoption of the foregoing resolution. The roll having been called,
the vote was as follows:
Commissioner Sara J. Fisher
Commissioner Jon Stavney
Commissioner Peter F. Runyon
This Resolution passed by vote of the Board of County Commissioner of the
County of Eagle, State of Colorado.
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