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HomeMy WebLinkAboutresolution.council.113-25RESOLUTION NO. 113 (Series of 2025) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN AT THE NOVEMBER 4, 2025, COORDINATED ELECTION A CERTAIN QUESTION AUTHORIZING THE ISSUANCE OF DEBT FOR THE PURPOSES DESCRIBED IN THE BALLOT QUESTION. WHEREAS, the City Council desires to place before the electorate of the City of Aspen certain ballot questions; and, WHEREAS, the City Council is authorized pursuant to Section 5.7 of the Aspen City Charter to, on its own motion, submit questions to a vote of the electorate; and, WHEREAS, the members of the City Council of the City (the "Council") have been duly elected and qualified; and, WHEREAS, Article X, Section 20 of the Colorado Constitution ("TABOR") requires voter approval for any new tax, the creation of any debt and for spending certain moneys above limits established by TABOR; and, WHEREAS, TABOR requires the City to submit ballot issues (as defined in TABOR) to the City's electors on limited election days before action can be taken on such ballot issues; and, WHEREAS, November 4, 2025, is one of the dates at which ballot issues may be submitted to the eligible electors of the City pursuant to TABOR; and, WHEREAS, the Council hereby determines that it is necessary to submit to the electors of the City, at the coordinated election to be held on November 4, 2025 (the "Election"), the question of authorizing and issuing debt to finance the construction of the Lumberyard affordable housing project (the "ballot question"); and, WHEREAS, pursuant to Section 2.1 of the City Charter, all elections of the City are governed by the Colorado Municipal Election Code unless otherwise provided by ordinance; and, WHEREAS, Section 31-10-102, C.R.S., contained within the Municipal Election Code, permits any municipality to elect by resolution to utilize the requirements and procedures of the Uniform Election Code which will thereby permit the City to participate in the coordinated election being conducted by Pitkin County (the "County") on November 4, 2025; and, H WHEREAS, affordable housing, community infrastructure, and a clean and resilient environment are essential to maintaining a world -class, competitive, economically sustainable tourist economy; and, WHEREAS, the Aspen Area Community Plan. includes policies directing the City of Aspen to address affordable housing in the community; and, WIJEREAS, a functional residential housing sector is essential to sheltering Aspen's populations, supporting a stable economy, maintaining the health, peace and safety of the City of Aspen for its residents and visitors; and, WHEREAS, a tourist -based economy such as the City's requires a sufficient number of employees to provide the services required to serve such an economy. Without adequate workforce housing, a tourist -based economy cannot thrive; and, WHEREAS, to allow for a sufficient number of employees to be hired to provide the services necessary to sustain a tourist -based economy there must be an adequate supply of workforce housing; and, WHEREAS, the Council has approved the design and received the necessary land use entitlements to construct the Lumberyard affordable housing development ("the Project"), a large-scale multi -phase affordable housing complex, to be built on City owned property; and WHEREAS, the Council finds it necessary and in the public's interest to finance a portion of the costs of the Project through the issuance of municipal revenue bonds or other multiple fiscal year financial obligations; and WHEREAS, the Council finds that the issuance of debt for purposes of implementation of the Project is beneficial to the community because it ensures timely delivery of much needed affordable housing as compared to long-term construction phasing that may occur if the City cannot utilize debt as a funding source; and, WHEREAS, the Council hereby determines that the use of a responsible level of debt to facilitate implementation of the Project will best serve the community by minimizing long term financial exposure resulting from the cost escalation risks associated with long-term construction phasing; and, N WHEREAS,, the Council now determines it is necessary to submit to the electors of the City, at the Election which will be held as a coordinated election with the County on November 4, 2025, the election question set forth herein; and WHEREAS, it is necessary to set forth certain procedures concerning the conduct of the Election; and, WHEREAS, the Council finds that the adoption of this Resolution is necessary for the preservation of the public health, safety and welfare. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT: Section 1. All action heretofore taken (not inconsistent with the provisions of this resolution) by the City and the officers thereof, directed towards the Election and the objects and purposes herein stated, is hereby ratified, approved and confirmed. Section 2. Unless otherwise defined herein, all terms used herein shall have the meanings defined in the Uniform Election Code of 1992, Title 1, Articles I through 13, C.R.S., as amended (the "Uniform Election Code"). Section 3. Pursuant to TABOR and the Uniform Election Code, and all laws amendatory thereof and supplemental thereto, the City hereby determines that a special Election shall be held within the City on November 4, 2025, and that there shall be submitted to the eligible electors of the City the election question set forth herein. Because the Election will be held as part of the coordinated election, the County Clerk and Recorder (the "Clerk") shall conduct the election on behalf of the City and officers of the City are hereby authorized to enter into one or more intergovernmental agreements with the County for the conduct of the Election pursuant to Section 1-7-116, C.R.S. Any such intergovernmental agreement heretofore entered into in connection with the Election is hereby ratified, approved and confirmed. 3 Section 4. The Council hereby authorizes and directs the officers of the City to certify on or before September 5, 2025, the following election question in substantially the form hereinafter set forth to the Clerk, which such question shall be submitted to the eligible electors of the City at the Election: CITY OF • DEBT FOR LUMBERYARD AFFORDABLE HOUSINGPROJECI SHALL CITY OF ASPEN DEBT BE INCREASED BY AN AMOUNT NOT TO EXCEED $7000MK WITH A TOTAL REPAYMENT COST NOT TO EXCEED $152,550,000, FOR THE PURPOSE OF FINANCING THE LUMBERYARD AFFORDABLE HOUSING DEVELOPMENT; SUCH DEBT TO BE ISSUED IN THE FORM OF MUNICIPAL REVENUE BONDS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATION, WITH SUCH TERMS, AND BEARING INTEREST AT A RATE HEREAFTER APPROVED BY COUNCIL, PAYABLE FROM THE CITY' S AFFORDABLE HOUSING FUND OR ANY OTHER AVAILABLE REVENUE OF THE CITY, WITHOUT ANY INCREASE IN TAXES, AND TO COLLECT, RETAIN, AND SPEND ALL REVENUE AND INTEREST FROM THESE BONDS AS A VOTER -APPROVED CHANGE TO THE CITY' S REVENUE LIMITS UNDER COLORADO LAW, ALLOWING THE CITY TO USE THESE FUNDS TO PAY FOR THE PROJECT OR ANY REFUNDING THEREOF? YES NO Section 5. Pursuant to the intergovernmental agreement entered by the City to participate in the Pitkin County coordinated election, the City Clerk of the City of Aspen (the "City Clerk") has been appointed as the designated election official of the City for purposes of performing acts required or permitted by law in connection with the Election. Section 6. If a majority of the votes cast on the question authorize the issuance of bonds as described in the bond question set forth above, the City intends to issue such bonds in the approximate aggregate principal amount of $70,000,000 to pay the costs of the Project, including the reimbursement of certain costs incurred by the City prior to the execution and delivery of such bonds, upon terms acceptable to the City, as authorized in a resolution to be hereafter adopted and to take all further action which is necessary or desirable in connection therewith. The officers, employees and agents of the City shall take all action necessary or reasonably required to carry out, give effect to and consummate the transactions contemplated hereby and shall take all action necessary or desirable to finance the Project and to otherwise carry out the transactions contemplated by the resolution. The City shall not use reimbursed moneys for purposes prohibited by Treasury Regulation §1.150-2(h). This resolution is intended to be a declaration of "official intent" to reimburse expenditures within the meaning of Treasury Regulation § 1. 15 0-2 Section 7. Pursuant to'Section 1-11-203.515 C.R.S., any election contest arising out of a i ballot issue or ballot question election concerning the order of the ballot or the form or content of the ballot title shall be commenced by petition filed with the proper court within five days after the title of the ballot issue or ballot question is set. Section 8. The officers of the City are hereby authorized and directed to take all action necessary and appropriate to effectuate the provisions of this resolution. Section 9. If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall in no manner affect any remaining provisions of this resolution. Section 10. All resolutions or parts of resolutions inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any resolution or part of any resolution heretofore repealed. Section 11. The effective date of this resolution shall be immediately upon adoption. W RESOLVED, APPROVED, AND ADOPTED FINALLY by the City Council of the City of Aspen on the 12"' day of August, 2025. Rahael Richards, M or 1. Mike Sear!, duly appointed and acting Deputy City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated.