HomeMy WebLinkAboutordinance.council.033-18 ORDINANCE NO. 33
Series of 2018
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN
CONCERNING THE PARK CIRCLE APARTMENTS PROJECT AND
APPROVING AND AUTHORIZING THE EXECUTION OF A GROUND
LEASE AND A LOAN AGREEMENT AND THE EXECUTION OF
RELATED DOCUMENTS.
WHEREAS the provision of affordable housing is important to allow people who work in
the City of Aspen (the "City") and Pitkin County to live near where they work and to be part of
the community; and
WHEREAS,the Park Circle Apartments(the "Project") is a proposed 11-unit multifamily
housing rental project, including any subordinate or related facilities, located in the City on
property owned by the City at 517 Park Circle,Aspen, Colorado ("Property"); and
WHEREAS, in order to support the development of the Project, the City is willing to
lease the Property to the Borrower pursuant to a Ground Lease (as defined below) and make
certain loans to 517 Park Circle, LLC, a Colorado limited liability company ("Borrower")
(collectively,the"Load'); and
WHEREAS, the City Clerk has on file the proposed forms of the following documents
(the"Documents"):
(a) Ground Lease("Ground Lease")between the City and Borrower; and
(b) Construction Loan Agreement (the "Loan Agreement") between the City
and the Borrower; and
(a) Assignment of Rents and Other Rights between Borrower and City
concerning any and all leases relating to the Property and all security deposits collected or
owed with relation thereto ("Assignment of Rents"); and
(b) Assignment of Architects' and Engineers' Agreements, Construction
Contract, Plans and Specifications by Borrower for the benefit of City; and
(c) Environmental Indemnity executed by Borrower for the benefit of City;
and
(d) Deed Restriction Agreement between the City and the Aspen/Pitkin
County Housing Authority; and
(e) Purchase Option and Right of First Refusal Agreement by and among the
City and the Borrower; and
(f) All other documents executed by the City in connection with the Loan
Agreement.
WHEREAS, the City is willing to approve and authorize the execution and delivery of the
Documents.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ASPEN:
1. The Council hereby determines that the provision of affordable housing such as
the Project and, in connection therewith, the authorization and approval of the Documents serves
an important public purpose.
2. The lease of the Property to the Borrower and the financing of all or a portion of
the costs of the Project through the City's making of the Loan is hereby authorized and approved.
3. The Documents, in substantially the forms on file with the City Clerk, are hereby
approved, their execution thereof to constitute conclusive evidence of their approval of any and
all changes or revisions therein from the forms thereof hereby approved. The Mayor, the City
Manager and the Director of Finance, as required, are hereby authorized to execute such
Documents and the City Clerk or the Deputy City Clerk is hereby authorized to affix the seal of
the City thereto and to attest the same, as required.
4. The officers of the City are hereby authorized, empowered and directed to execute
and deliver all such additional certificates, instruments, agreements and documents, pay all such
fees, charges and expenses and to do all such further acts and things as may be necessary, or in
the reasonable discretion of the person acting, desirable and proper to effect the purposes of this
Ordinance and to cause compliance by the City with all the terms, covenants and provisions of
the Documents binding upon the City.
5. No provision of this Ordinance or of any of the Documents shall be construed or
interpreted (i)to directly or indirectly obligate the City to make any payment in any fiscal year in
excess of amounts appropriated for such fiscal year, (ii) as creating a debt or multiple fiscal year
direct or indirect debt or other financial obligation whatsoever of the City within the meaning of
the City Charter or Article X, Section 20 of the Colorado Constitution or any other constitutional
or statutory limitation or provision. No provision of this Agreement or of any of the Documents
shall be construed to pledge or to create a lien on any class or source of moneys of the City, nor
shall any provision of this Agreement or of any of the Documents restrict the future issuance of
any obligations of the City,payable from any class or source of moneys of the City.
6. All ordinance, resolutions, or parts thereof, inconsistent herewith are hereby
repealed to the extent only of the inconsistency.
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INTRODUCED AND APPROVED ON FIRST READING by the City Council of the
City of Aspen on the 22"d day of October, 2018.
Stev n Skadron,Mayor
Attest:
nda Manning, City Clerk
ADOPTED AND APPROVED ON SECOND READING by the City Council of the City of
Aspen on the 12th day of November, 2018.
i
Ste en Skadron, Mayor
Attest•
inda Manning, City C1e
1, Linda Manning, the duly appointed and acting City Clerk do certify that the foregoing is
a true and accurate copy of that ordinance adopted by the City Council of the City of Aspen,
Colorado,at a meeting held,November 12, 2018.
Lolx—:�--
Linda Manning,5K
Clerk
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