TC Ord. No. 2017-01 Accepting the Donation of the Eaglebend Affordable Housing Property� �4
AVO n
TOWN OF AVON, COLORADO
ORDINANCE NO. 17-01
ACCEPTING THE DONATION OF THE EAGLEBEND AFFORDABLE
HOUSING PROPERTY, AUTHORIZING DISPOSAL OF SUCH PROPERTY,
AND APPROVING A NEW PROJECT AGREEMENT BETWEEN THE TOWN
OF AVON AND EAGLEBEND AFFORDABLE HOUSING CORPORATION
WHEREAS, Eaglebend Affordable Housing Corporation ("EBAHC") owns an affordable
rental housing project located on property described as follows: Parcel 1: Lot 2 and Tract A,
Replat Number 1, Final Plat of Eaglebend Subdivision, Filing No. 4, According to the Plat
Recorded July 17, 1992 in Book 584 at Page 995, County of Eagle, State of Colorado; and,
Parcel 2: Lot 1, Riverside Subdivision, Town of Avon, According to the Final Plat Recorded
September 1, 1989 on Book 512 at Page 802, County of Eagle, State of Colorado, ("Property");
and
WHEREAS, EBAHC desires to refinance existing debt on the Property with an
approximately current outstanding balance of $11,965,000 in order to accelerate capital
improvements to the Property, to take advantage of low interest rates, and to provide for more
favorable amortization of the debt; and,
WHEREAS, EBAHC proposes refinancing by and through the Colorado Housing and
Finance Authority ("CHFA"), which would require conveyance of the Property to the Town of
Avon by donation, then conveyance to CHFA, and then conveyance to EBAHC; and,
WHEREAS, EBAHC entered into the Eaglebend Affordable Housing Project Second
Amended and Restated Project Agreement, dated August 1, 2006, ("Project Agreement') with
the Town of Avon, under which EBAHC must obtain consent of the Town of Avon for any
amendment or modification of the Indenture (as referenced in the Project Agreement), which will
be necessary for the refinancing; and,
WHEREAS, EBAHC proposes to convey the Property by donation to the Town of Avon
without the Town paying the outstanding debt balance, and in connection with such donation
EBAHC requests that the Town reconvey the Property to CHFA, which will sell and convey the
Property to EBAHC subject to such new and modified requirements as set forth in the new
documents with respect to the refinancing; and,
WHEREAS, Section 2.1 of the Avon Home Rule Charter provides that the Town Council
may accept conveyances of real property to the Town and may dispose of real property and
Section 18.4 of the Avon Home Rule Charter provides that the Town Council may receive gifts
of property in fee simple and may dispose of such property in accordance with the terms of the
gift; and
Ord 17-01 Eaglebend Affordable Housing Corporation Property
FINAL — February 14, 2017
Page 1 of 3
WHEREAS, the Avon Town Council finds that facilitating the refinancing of the Property
will allow for a more favorable amortization schedule with respect to the financing of the
Property, will provide necessary new funds to accelerate capital improvements to the Property,
and will extend the life of the Property which provides a substantial number of affordable
housing rental units for the Avon community, and will thereby promote the health, safety and
general welfare of the Avon community; and,
WHEREAS, approval of this Ordinance on First Reading is intended only to confirm that
the Town Council desires to comply with the requirements of the Avon Home Rule Charter by
setting a public hearing in order to provide the public an opportunity to present testimony and
evidence regarding this Ordinance and that approval of this Ordinance on First Reading does not
constitute a representation that the Town Council, or any member of the Town Council, supports,
approves, rejects, or denies this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Acceptance of Donation Property. The Town Council hereby accepts the
donation of the Property by and through a Quit Claim Deed, the form of which shall be subject to
review and approval by the Mayor, Town Manager and Town Attorney, and which acceptance of
title to the Property shall be subject to the terms and conditions of the refinancing and the new
Project Agreement, as described below in Section 4, the form of such Quit Claim Deed shall be
subject to review and approval of the Town Attorney, Town Manager and Council member
Megan Burch as the Town of Avon appointee to the Eaglebend Affordable Housing Corporation
Board.
Section 3. Authorization to Reconvey Property. The Town Council hereby authorizes the
Mayor, Town Clerk, Town Manager and Town Attorney to execute all documents and take such
action to reconvey the Property to CHFA by Quit Claim Deed in accordance with the terms and
conditions of the refinancing and the new Project Agreement, as described in Section 4, the form
of such Quit Claim Deed shall be subject to the review and approval of the Town Attorney,
Town Manager and Council member Megan Burch as the Town of Avon appointee to the
Eaglebend Affordable Housing Corporation Board.
Section 4. Approval of 2017 Project Agreement. The Town Council hereby approves the
new Project Agreement with EBAHC, attached hereto as Exhibit A, which final form and
completion, including but not limited to review of the Finance Agreement, shall be subject to
review and approval of the Town Attorney, Town Manager and Council member Megan Burch
as the Town of Avon appointee to the Eaglebend Affordable Housing Corporation Board.
Section 5. Severability. If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
Ord 17-01 Eaglebend Affordable Housing Corporation Property
FINAL — February 14, 2017
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not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6. Effective Date. This Ordinance shall take effect thirty (30) days after the date of
final passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 7. Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 8. Publication. The Town Clerk is ordered to publish this Ordinance in accordance
with Chapter 1.16 of the Avon Municipal Code.
INTRODUCED AND ADOPTED ON FIRST READING AND REFERRED TO PUBLIC
HEARING on January 24, 2017 and setting such public hearing for February 14, 2017 at the
Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon, Colorado.
BY.,,! ATTEST: J
Jennie Fancher, Mayor Debbie Hoppe, To n Clerk
ADOPTED ON SECOND AND FINAL READING on February 14, 2017.
BY( ATTEST:
zz�
Jenni"e,Fancher, Mayor Debbie Hoppe, Town Clerk
APP
ROV AS TO FORM:
O
Eric J. Heil, n Attorney
Ord 17-01 Eaglebend Affordable Housing Corporation Property
FINAL — February 14, 2017
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