AHA Meeting.04.12.14TOWN OF AVON
AVON HOUSING AUTHORITY AGENDA
DECEMBER 14, 2004 – 4:50 PM
MEETING TO BE HELD AT AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, CO
1. Call to Order / Roll Call
2. Resolution
Authorizing Second Amendment to Amended and Restated Agreement of Limited Partnership of Buffalo Ridge II, LLP (John Dunn) – Resolution related to the Avon Housing Authority agreeing
to serve as a limited partner of Buffalo Ridge II, LLLP in order to exempt the Buffalo Ridge Apartments from real property taxation.
3. Other Business
4. Consent Agenda
5. Adjournment
MINUTES OF THE AVON HOUSING AUTHORITY
OF THE TOWN OF AVON, COLORAOD HELD DECEMBER 14, 2004
A meeting of the Avon Housing Authority of the Town of Avon, Colorado was held at 400 Benchmark
Road, Avon, Colorado in the Council Chambers.
Chairman Ron Wolfe called the meeting to order at 5:20 PM. A roll call was taken and Council members present were Debbie Buckley, Kristi
Ferraro, Mac McDevitt, Amy Phillips, Brian Sipes and Tamra Nottingham Underwood. Also present were Town Manager Larry Brooks, Town Attorney John Dunn, Town Clerk Patty McKenny, Finance
Director Scott Wright, Town Engineer Norm Wood, and Community Development Director Tambi Katieb as well as members of the public and press.
Town Attorney John Dunn presented the Resolution
No. 04-01, Series of 2004, Authorizing Second Amendment to Amended and Restated Agreement of Limited Partnership of Buffalo Ridge II, LLP. He noted that the Resolution was related to
the Avon Housing Authority agreeing to serve as a limited partner of Buffalo Ridge II, LLLP in order to exempt the Buffalo Ridge Apartments from real property taxation. Some discussion
ensued about the why the Town would agree to not participating in this role. Town Manager Larry Brooks presented further information about the structure of the deal, noting that Buffalo
Ridge Apartments has both tax credit units has well as market units, which that meant that the debt structures on both differ.
Information presented in the council packet addressed
the history of the formation of the special limited partner as well as why the resolution was before the Authority for consideration. Some of the memo information is included as follows:
In
order to secure exemption from the ad valorem tax otherwise assessed against the project, the Authority was admitted as a special limited partner of Buffalo Ridge II (under the Housing
Authority Law, a housing project may be exempted from taxation if the Housing Authority has an “ownership interest”). Neither the Town nor the Authority has any rights or obligations
as a special limited partner, with the exception that the Authority’s consent to any amendment to the limited partnership agreement is required.
The Town has now been requested to agree
to an amendment to the limited partnership agreement which will permit its amendment without the consent of the Authority so long as the amendment does not affect its rights or obligations
under the Agreement, in the judgment of the General Partner and Investment Partner.
Councilor Sipes moved to approve Resolution No. 04-01, Series of 2004, Authorizing Second Amendment
to Amended and Restated Agreement of Limited Partnership of Buffalo Ridge II, LLP. Councilor Buckley seconded the motion and it passed unanimously with a roll call vote.
There being
no further business to come before the Housing Authority, the meeting adjourned at
5:25 PM.
RESPECTFULLY SUBMITTED:
_________________________________
Patty McKenny, Town
Clerk
APPROVED:
Debbie Buckley ________________________________
Kristi Ferraro ________________________________
Mac McDevitt ________________________________
Amy Phillips _______________________
_________
Brian Sipes ________________________________
Tamra Underwood ________________________________
Ron Wolfe ________________________________