Loading...
TC Ord. No. 22-12 Emergency Ord Accepting the Donation of the Eaglebend Down Affordable Housing Property...Avon ORDINANCE NO.22-12 AN EMERGENCY ORDINANCE ACCEPTING THE DONATION OF THE EAGLEBEND DOWD AFFORDABLE HOUSING PROPERTY, AUTHORIZING DISPOSAL OF SUCH PROPERTY, AND APPROVING A NEW PROJECT AGREEMENT BETWEEN THE TOWN OF AVON, THE PUBLIC FINANCE AUTHORITY AND EAGLEBEND DOWD AFFORDABLE HOUSING CORPORATION WHEREAS, EagleBend Dowd Affordable Housing Corporation ("EDAHC") owns an affordable rental housing project located on property described as follows: Exhibit D: Property Legal Description, County of Eagle, State of Colorado ("Property"); and WHEREAS, EDAHC desires to refinance existing debt on the Property with an approximate current outstanding balance of approximately $7,480,000 (2014A bonds) and $1,600,000 (B Bonds and C Bonds) 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, EDAHC proposes refinancing such debt and borrowing additional moneys in the total principal amount of approximate $13 million at an interest rate not to exceed 4.14%, fixed for a term of 10 years, in order to make new improvements to the Property, by and through the Public Finance Authority, a political subdivision of the State of Wisconsin ("PFA"), which would require conveyance of the Property to the Town of Avon by donation and then conveyance to PFA; and, WHEREAS, EDAHC entered into the Eaglebend Dowd Affordable Housing Project Project Agreement, dated July 1, 1998, ("Project Agreement") with the Town of Avon, under which EDAHC 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, EDAHC 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 EDAHC requests that the Town reconvey the Property to PFA, which will initially lease the Property to EDAHC 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 Council may accept conveyances of real property to the Town and may dispose of real property and Section 18.4 of Ord 22-12 Kayak Crossing Refinancing FINAL — June 14, 2022 Page I of 3 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 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, Avon Home Rule Charter, Section 6.6 permits the adoption of ordinances on one reading with the concurring vote of five (5) Council members after posting notice of a public hearing and conducting a public hearing; and, WHEREAS, Council finds that the adoption of this Ordinance is necessary to the immediate preservation of the public health safety and welfare of the Avon community by permitting EDAHC to proceed with refinancing and commence construction of valuable capital improvements to the Property which will directly benefit the current and future residents of the Property. 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 Council. Section 2. Acceptance of Donation Property. Council hereby accepts the donation of the Property by and through a Quit Claim Deed 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, in the form attached hereto as Exhibit A: Quit Claim Deed- EDAHC to Avon. Section 3. Authorization to Reconvey Property. 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 PFA by Quit Claim Deed in accordance with the terms and conditions of the refinancing and the new Project Agreement, as described in Section 4, in the form attached hereto as Exhibit B: Quit Claim Deed -Avon to PFA. Section 4. Approval of 2022 EDAHC Project Agreement. Council hereby approves the new Project Agreement with EBAHC and PFA, attached hereto as Exhibit C: 2022 EDAHC Project Agreement which final form and completion, including but not limited to review of the Financing Agreement, shall be subject to review and approval of the Mayor, Town Attorney, Town Manager and Council member Megan Burch as the Town of Avon appointee to the EBAHC Board. Ord 22-12 Kayak Crossing Refinancing FINAL —June 14, 2022 Page 2 of 3 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 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 immediately upon adoption in accordance with Section 6.6 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 AND FINAL READING on BY: Sarah Smith Hymes, May I APPROVED AS TO FORM: Karl H on, f own Attorney Ord 22-12 Kayak Crossing Refinancing FINAL —June 14,2022 Page 3 of 3 0 Brenda Torres, Town Clerk 'SIEA ti , _;-\ ..i IN WITNESS WHEREOF, we hereunto set our respective signatures as such officials of the Town and have affixed the seal of the Town as of the 30th day of June 2022. TOWN OF AVON, COLORADO By: Mayor Attest: By: Clerk [Signature Page to Town General and No Litigation Certificate] ACTIVE 657148370 IN WITNESS WHEREOF, the undersigned has executed this Quit Claim Deed as of the date first above written. GRANTOR: [Name] STATE OF COLORADO ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2022, by !SAgg4 �4"jj H+gML,S as�A DK Witness my hand and official seal. JENA SKINNER NOTARY PUBLIC - STATE OF COLORADO NOTARY ID 20084007349 MY COMMISSION EXPIRES MAR 6, 2026--I ACTIVE 65030628v2 ��A 2,4"w Nota blic My c ission expires: [SIGNATURE PAGE TO QUITCLAIM DEED FROM TOWN OF AVON] IN WITNESS WHEREOF, the undersigned have hereunto set their hand as of the day and year first mentioned above. TOWN OF AVON, COLORADO By:3A��� � Mayor [SEAL] ATTEST: ed Town Clerk PUBLIC FINANCE AUTHORITY LI-A Assistant Secretary EAGLEBEND DOWD AFFORDABLE HOUSING CORPORATION By: President [SEAL] ATTEST: Secretary [NOTARY PAGES FOLLOW] [Signature Page to Project Agreement] ACTIVE 64939679V2 STATE OF COLORADO ) SS. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this �%day of \UAL , 2022 by Sarah Smith Hymes, as Mayor, and Brenda Torres, as Town Clerk, on bzl�lf of the TOWN OF AVON, COLORADO. WITNESS my hand and official seal My Commission expires: t) r [SEAL] JENA SKINNER NOTARY PUBLIC - STATE OF COLORADO NOTARY 10 20084007349 MY COMMISSION EXPIRES MAR 6, 2026 ACTIVE 64939679v2 \AwMa�AI�Oft�k Notary Pur [Notary Page for Project Agreement] [Signature Page to Project Agreement] IN WITNESS WHEREOF, the parties have executed this Subordination Agreement as of the date set forth above. TOWN OF AVON, COLORADO By: smt"��� Name: Sarah Smith Hymes Title: Mayor STATE OF COLORADO ) )ss. COUNTY OF (�,Q Q, ) 4h The foregoing instrument was acknowledged before me this day of 2022 by Sara Smith Hymes, as Mayor of Town of Avon, Colorado. Qinvess my hand and official seal. [seal] Not QP blic My commission expires "� 1 l.� I %i�P JENA SKINNER NOTARY PUBLIC - STATE OF COLO]2026 NOTARY ID 20084007349 MY COMMISSION EXPIRES MAR 6, [Signature Page to Subordination Agreement]