TC Resolution 26-06 Approving the Financing for Buffalo Ridge I Exterior Refurbishment Project.A
Avon
COLORADO
RESOLUTION 26-06
APPROVAL OF FINANCING FOR BUFFALO RIDGE I
EXTERIOR REFURBISHMENT PROJECT
WHEREAS, Buffalo Ridge I apartment project was constructed in 2002, is owned by the
Buffalo Ridge Affordable Housing Corporation ("BRAHC") and has 68 apartment units that
generally rent at or below 80% Area Median Income; and
WHEREAS, Buffalo Ridge I is in need of comprehensive exterior refurbishment that will
substantially extend the operating life of this affordable housing apartment with an estimated
cost of $7,000,000; and
WHEREAS, Buffalo Ridge I has approximately $3,000,000 in available capital and requires
approximately $4,000,000 in financing to proceed with the comprehensive exterior
refurbishment; and
WHEREAS, BRAHC and the Town of Avon entered into the Amended and Restated
Buffalo Ridge Affordable Housing Project — Project Agreement on August 1, 2013, which
states under Section 4 that additional subordinate surplus cash flow notes are subject to written
consent by the Town of Avon; and
WHEREAS, Buffalo Ridge I has proposed financing in the form of a Surplus Cash Note from
Eagle Bend Affordable Housing Corporation in the maximum amount not to exceed
$4,200,000; and
WHEREAS, the Town of Avon desires to provide written consent to the proposed financing
from Eagle Bend Affordable Housing Corporation to facilitate the completion of the exterior
refurbishment project; and,
WHEREAS, the Avon Town Council finds that the completion of the exterior refurbishments
will extend the useful life of the Buffalo Ridge I affordable housing apartment project and will
thereby promote the health, safety and general welfare of the Avon community.
NOW, THEREFORE, BE IT RESOLVED BY THE AVON TOWN COUNCIL that the
Town of Avon hereby provides written consent to Buffalo Ridge Affordable Housing
Corporation to finance exterior refurbishments in a principal amount not to exceed $4,200,000,
with an interest rate not to exceed 2%, in the form of a Surplus Cash Loan with Eagle Bend
Affordable Housing Corporation as the lender.
ADOPTED by the AVON TOWN COUNCIL on April 28, 2026
By Attest:
amra N. Underwood, Mayor Miguel Jauregui as nueva, Town Clerk
Resolution 26-06
April 28, 2026
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