528249-1_TOWN OF AVON HOUSING AUTHORITY
RESOLUTION NO. ________
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 II Apartments and to be developed and constructed on the real property described on Exhibit A
attached hereto and incorporated herein by this reference (“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 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 taxation
pursuant to C.R.S. §§29-4-226 and 29-4-227, the Authority has been admitted to Buffalo Ridge as a special limited partner pursuant to an Agreement of Limited Partnership of Buffalo Ridge
II LLLP dated March 27, 2002, to be effective as of December 28, 2001; and
WHEREAS, in order to facilitate the Project's exemption from taxation pursuant to C.R.S. §§29-4-226 and 29-4-227,
the Authority desires to make a determination: (i) that the Project will serve low-income persons; and (ii) of what constitutes a "low income person", in each case for purposes of satisfying
the requirements of §§29-4-226 and 29-4-227.
NOW, THEREFORE, BE IT RESOLVED, that the Authority hereby finds, determines and declares that the Project will be affordable to "low-income
persons";
BE IT FURTHER RESOLVED, that for purposes of this Resolution and C.R.S. §§29-4-226 and 29-4-227, the Authority hereby finds, declares and determines that, pursuant to C.R.S.
§29-4-210, "low income persons" shall be defined to mean those persons whose incomes are at or below eighty percent (80%) of the area median income, as defined and described from time
to time by applicable regulations of the U.S. Department of Housing and Urban Development;
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 necessary to implement the foregoing resolutions; and
BE IT FURTHER
RESOLVED, that the Authority hereby ratifies, confirms and approves all actions previously taken by the Authority and/or any of its officers or directors in connection with the foregoing
resolutions.
The foregoing Resolutions were duly adopted at a meeting of the Authority duly called and legally held on the ____ day of May, 2002, pursuant to applicable law.
HOUSING
AUTHORITY OF THE
TOWN OF AVON, COLORADO
By:
Chairman
EXHIBIT A
Legal Description
Lots 1, 3 and 5,
The Village (at Avon) Filing No.2,
Eagle County, Colorado,
according to the Plat thereof recorded May __, 2002 at Reception No. _____________
.