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HomeMy WebLinkAboutresolution.council.056-90 R S0L TIO NO. 5& (Series of 1990) RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING AND AUTHORIZING AN ASSIGNMENT OF A CONTRACT FOR THE ACQUISITION OF REAL PROPERTY TO THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY. WHEREAS, the City has entered into a contract for the purchase of certain real property located within the City of Aspen and commonly known as the "Kraut Property"; and WHEREAS, the Aspen city Council desires to assign its rights under the contract to the Aspen/Pitkin County Housing Authority contingent upon the agreement of the Housing Authority to accept such assignment in order to facilitate the acquisition, develop- ment and resale of the property described in the contract for affordable housing purposes. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 That the Agreement for the Assignment of Contract Rights, including all exhibits thereto, which are attached hereto and incorporated herein by this reference, is hereby approved by the Aspen City Council and the Mayor is authorized to execute same on behalf of the Aspen City Council. Dated: , 1990. William L. Stirling, Mayor I, Kathryn S. Koch, duly appointed and acting 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 , 1990. Kathryn S. Koch, City Clerk AGREEMENT FOR THE ASSIGNMENT OF CONTRACT RIGHTS This Agreement is made and entered into by and between the City of Aspen, a Colorado municipal corporation (hereinafter "City"), and the Aspen/Pitkin County Housing Authority, a multi- jurisdictional housing authority pursuant to Colorado law (here- inafter "Authority"), and executed on the date(s) as specified below. RECITALS 1. The City has entered into a contract with Elaine Kraut as Seller for the purchase of certain real property (hereianfter the "Property") located within the City of Aspen, a copy of which is attached hereto as Exhibit "A" and incorporated herein by this reference, and referred to hereinafter as the "Contract". 2. The City desires to assign its rights under the Con- tract to the Authority and the Authority desires to accept assignment of such Contract in order to facilitate the acquisi- tion, development and resale of the Property for affordable housing, subject to the terms and conditions as contained herein. NOW, THEREFORE, the parties agree as follows: 1. Assignment. The city hereby assigns to the Authority all of its right, title and interest in and to the Contract. The Authority agrees to accept assignment of the Contract and to proceed diligently to acquire the Property in accordance with the terms of the Contract. 2. Funding. The City agrees to loan to the Authority such funds as will be required in order to complete the acquisition of the Property pursuant to the Contract. The loan will be evi- denced by a loan agreement and option in the form attached hereto as Exhibit "B" and incorporated herein by this reference, to be executed by the parties prior to Closing under the Contract. 3. Development program. The Authority agrees to commence and diligently pursue the development of the Property generally in accordance with the following outline: a. File and process an application to rezone the Property from its present classification to affordable housing. b. Arrange for and secure such debt financing as may be required in order to complete acquisition and construction of affordable housing units and arrange for and secure permanent financing in the event that title to the Property is to be retained by the Authority subject to land leases. The terms, conditions and requirements of such financing shall be any determined in cooperation with and subject to the approval of the City Council of the City of Aspen. c. Following rezoning, determine the actual develop- ment program to be undertaken and prepare requests for design/build proposals. The terms, conditions and specifications of the proposal shall be determined in cooperation with and subject to the approval of the City Council of the City of Aspen. d. Establish the criteria for and method of sale or lease of the Property and the dwelling units to be constructed thereon, including pricing and buyer qualifications. Such criteria and methodology shall be determined in cooperation with and subject to the approval of the City Council of the City of Aspen. 4. Disclaimer. By virtue of its assignment of the Con- tracts hereunder, the city shall not be estopped to deny the anticipated rezoning application or to impose conditions thereon as the public interest and the standards of the Aspen land use regulations may require. Executed in duplicate originals on the day(s) and year indicated below. CITY OF ASPEN ASPEN/PITKIN COUNTY HOUSING AUTHORITY By: By: Date: Date: ATTEST: city Clerk