HomeMy WebLinkAboutR10-107 Interfund Loan ECHDA $432,000 Commissioner moved adoption
of the following R lution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2010 -
RESOLUTION AUTHORIZING A LONG -TERM INTERFUND LOAN TO THE EAGLE
COUNTY HOUSING AND DEVELOPMENT AUTHORITY IN THE AMOUNT OF
FOUR - HUNDRED THIRTY -TWO THOUSAND DOLLARS ($432,000) IN THE
AMOUNT OF AUGUST 2010 GRANT FROM THE DEPARTMENT OF LOCAL
AFFAIRS FOR THE SUBSTANTIAL REHABILITATION OF RIVERVIEW
APARTMENTS AND PROVIDING FOR REPAYMENT OF SAID LOAN
WHEREAS, Eagle County Housing and Development Authority (ECHDA) is a body
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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, in August 2010 Eagle County Government, a body corporate and politic
( "Eagle County ") received a four - hundred thirty -two thousand dollar ($432,000) grant for the
substantial rehabilitation of Riverview Apartments from the Department of Local Affairs; and
WHEREAS, Eagle County wishes to loan said grant proceeds to ECHDA to effectuate
said substantial rehabilitation of Riverview Apartments.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Eagle County Finance Director is hereby authorized and directed to make an
interfund loan from the Housing and Development Operations Fund to the Eagle County
Housing and Development Authority of four - hundred thirty -two thousand dollar ($432,000) 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 no interest. 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 Commis ioners of the County of
Eagle, State of Colorado, at its regular meeting held the day of , 2010.
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COUNTY OF EAGLE, STATE OF COLORADO, By and
Through Its BOARD OF COUNTY COMMISSIONERS
ATTEST:
BY r i 41 4: BY
Teak J. Simonton * * ara J. Fishe air
Clerk to the Board of � '.
County Commissioners BY: ��--
Jon . tavne Co : io `
Peter F. Runyon, Co missioner
Commissioner seconded adoption of the foregoing resolution. The roll having been called,
the vote was as follo .
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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