HomeMy WebLinkAboutresolution.council.059-18 RESOLUTION #59
(Series of 2018)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN
CONCERNING THE ASPEN COUNTRY INN PROJECT AND
APPROVING AND AUTHORIZING THE EXECUTION OF AN
AMENDED AND RESTATED PARTNERSHIP AGREEMENT AND
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.Aspen Country Inn (the "Project') is a 40-unit affordable rental project
located in the City and owned by ACI Affordable I LLLP, a Colorado limited liability limited
partnership (the"Partnership"), of which the City is the Managing General Partner; and
WHEREAS, the Partnership has received a commitment for, and the City, in its capacity
as Managing General Partner, desires to cause the Partnership to obtain, a permanent loan for the
Apartment Complex in the principal amount of $2.6 million from the Colorado Housing and
Finance Authority under the HUD Section 542(c) Risk Sharing Program (the "Permanent Loan");
and
WHEREAS, in connection with the Permanent Loan, attached hereto are proposed forms
of the following documents, together with related certificates and other closing documents (the
"Documents"):
1. Risk Share Program Regulatory Agreement
2. FFB/Risk Share Program Promissory Note .
3. FFB/Risk Share Program Deed of Trust, Security Agreement, Financing
Statement and Assignment of Rents and Leases
4. Assignment of Development Agreement and Developer Fee Subordination
Agreement
5. Collateral Assignment of Property Management Agreement
6. Collateral Assignment of Incentive Management Agreement
7. FFB/Risk Share Agreement Risk Share Loan Endorsement Agreement
8. Subordination Agreement ($2.582M Loan)
9. Subordination Agreement($3.856M Loan)
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10. Borrower Certification Regarding Lien Priority, Lobbying and 'Federal
Debt
11. Borrower Certification to HUD Regarding Lien Priority
12. Certification Regarding Identity of Interest
13. Closing Certificate of Borrower and Managing General Partner
14. Certification Regarding Environmental Conditions
15. Borrower Certification to CHFA
16. Estoppel Certificate (Deed Restrictions)
17. Estoppel Certificate(Right of First Refusal)
18. Estoppel Certificate(Subdivision Improvement Agreement)
19. Estoppel Certificate(Streetlight Installation)
20. Estoppel Certificate(Water Service Agreement)
21. Estoppel Certificate (Water Drainage Easement)
22. Estoppel Certificate(Declaration of Covenants—ACI)
23. Leasehold Certificate
24. Subordination Agreement (Low Income Housing Tax Credit and Land Use
Restriction Agreement)
25. Estoppel and Undertaking(Master Declarations)
26. Letter Agreement(LPA Amendment/Permanent Loan)
WHEREAS, the City; in its own capacity and in its capacity as general partner of the
Partnership and on behalf of the Partnership, is willing to approve and authorize the Loan and the
borrowing thereunder, and the execution and delivery of the Documents.
NOW, THEREFORE, BE IT RESOLVED 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 Permanent Loan
on behalf of the Partnership serves an important public purpose.
2. The Documents, in substantially the forms as attached hereto, are hereby
approved. Upon final approval of the City Manager, the City Attorney and the Director of
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Finance, the Mayor, Steven Skadron, the City Manager, Steve Barwick and the Director of
Finance, Don Taylor, as required, are hereby authorized, on behalf of the City acting in its own
capacity and in its capacity as Managing General Partner of the Partnership (acting in its own
behalf and on behalf of the Partnership), to execute the 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,
and to certify to the authority, titles and signatures of the persons so authorized, as required.
3. 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
resolution and to cause compliance by the City with all the terms, covenants and provisions of
the Documents binding upon the City.
4. No provision of this Resolution 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.
5. All resolutions or parts thereof, inconsistent herewith are hereby repealed to the
extent only of the inconsistency.
6. This resolution shall take effect immediately.
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the 9th day of April, 2018.
Ste en Skadron, Mayor
I, Linda Manning, 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 on April 9, 2018.
Linda Manning, Ci Clerk
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