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2002-01 AHA Buffalo Ridge FinancingTOWN OF AVON HOUSING AUTHORITY RESOLUTION NO. 02-01 SERIES OF 2002 RESOLUTIONS OF THE HOUSING AUTHORITY OF THE TOWN OF AVON, COLORADO, BUFFALO RIDGE APARTMENTS RECITALS: WHEREAS, Corum Real Estate Group, Inc., a Colorado corporation Corum"), and Wintergreen Homes LLC, a Colorado limited liability company Wintergreen"), are jointly developing an approximately 176 multi-family residential low income housing project to be known as the Buffalo Ridge Apartments and to be developed and constructed on certain real property located in the Town of Avon, Eagle County, Colorado, and consisting of a portion of the subdivision plat to be known as The Village (at Avon) Filing No. 2 (the "Project); WHEREAS, the Project will be owned, developed, constructed and operated by Buffalo Ridge II LLLP, a Colorado limited liability limited partnership (`Buffalo Ridge"); WHEREAS, development and construction of the Project will provide safe, decent and affordable housing for persons of low and moderate income residing in the Town of Avon, Colorado, and Eagle County, Colorado, and the Housing Authority of the Town of Avon, Colorado ("Authority") believes that it is in the best interests of the Authority and the Town of Avon, Colorado, that the Project be developed and constructed in order to further such purposes; WHEREAS, in order to exempt the Project from real property taxation pursuant to C.R.S. §§ 29-4-226 and 29-4-227, Comm and Wintergreen have requested that the Authority agree to be admitted as a special limited partner in Buffalo Ridge; and WHEREAS, the Authority believes that it is in the best interests of the Project, the Town of Avon, Colorado, and the Authority that the Authority act and serve as a special limited partner in Buffalo Ridge as doing so will further the purposes of the Authority in providing safe, decent and affordable housing to the residents of the Town of Avon, Colorado, and Eagle County, Colorado. NOW, THEREFORE, BE IT RESOLVED, that the Authority hereby ratifies, confirms and approves the acquisition, development, construction, financing, operation and management of the Project and, in connection therewith, agrees to be admitted to, 512879.1 and serve as a special limited partner of, Buffalo Ridge in order to exempt the Project from real property taxation pursuant to and in accordance with the provisions of C.R.S. 29-4-226 and 29-4-227; BE IT FURTHER RESOLVED, that the Chairman or appropriate designee of the Authority, is hereby authorized and empowered to execute and deliver any and all documents and instruments on behalf of the Authority to cause its admission to Buffalo Ridge as a special limited partner thereof at such times and on such terms and conditions as such officer may deem acceptable in his or her sole discretion, such acceptance to be evidenced by such officer's execution and delivery of such documents and instruments; BE IT FURTHER RESOLVED, that the foregoing officers are hereby authorized and empowered to execute and deliver any other documents or instruments on behalf of the Authority that such officers may deem necessary or desirable in connection with the ownership, acquisition, development, construction, financing, operation and/or management of the Project or any portion thereof, on such terms and conditions as such officers deem acceptable, such acceptance to be evidenced by such officers' execution and delivery of any such documents or instruments; and BE IT FURTHER RESOLVED, that the Authority hereby ratifies, confirms and approves all actions previously taken by Buffalo Ridge, Corum and/or Wintergreen in connection with the formation of Buffalo Ridge and the acquisition, ownership, construction, development, financing, operation and management of the Project. The foregoing Resolutions were duly adopted at a meeting of the Authority duly called and legally held on the day of January, 2002, pursuant to applicable law. HOUSING AUTHORITY OF THE TOWN OF AVON, COLORADO By.Wzi4 C a'rman 512879.1 Tomol'Aem P.O. Bcs(975 400Ba)Jrn3kRmd Am, Cabado819D 9798-9005 Office of the Assistant Town Manager To: Chairman and Board Members, Avon Housing a onty Fr: Larry Brooks, Assistant Town Manager Dt: January 3, 2001 Re: Buffalo Ridge Apartments Discussion: This resolution of the Housing Authority of the Town of Avon provides that it agrees to serve as a special limited partner for the Buffalo Ridge Apartments being funded through private activity bonds. This limited partnership resolution is needed in order to exempt the 176 multifamily residential low income housing project from real property taxation pursuant to State Statutes: 29-4-226 Exemption from Special Assessments 29-4-227 Tax Exemptions The property tax exemption is the only purpose of this resolution, and does not otherwise obligate the Avon Housing Authority. Recommendation: Approve Resolution 02-01, a Resolution of the Housing Authority of the Town of Avon, Colorado, Buffalo Ridge Apartments.