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AN ORDINANCE OF THE BOARD OF COIINTY COMHISSIONERS
OR PITICIN COIINTY, COIA12AD0, APPROVING
AN INTERGOVERNMENTAL AGREEMENT WITH TfiS
ASPEN /PITRIN COUNTY HOIISING AUTIiORITY
TO PROVIDE FOR THE MEADOW RIDGS AFFORDABLE HOIISING PROJECT
AND AIITHORIZING THE CONVEYANCS OF COIINTY LAND
���arr_�nd at �=YS o'cloc;;�.M�3/90
oxvixAxc� xo. s9 — tz,.;;;��.ion No �5 f� 5�.�
xEC=T�xs S1��IIA DAViS P1T}(IPS rOUir'3Y RECL�;2DER ? �'';;�.:
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� \`�` 1. Pitkin County accepted the Development Proposal dated ��: �
� C " 5anuary 16, 1989, and Revised Proposal dated February 24, 1989, ^';:.:-,
�' from the Aspen/Pitkin County Housing Authority ("the Authority") � _
Cl '�and the Stevens Group, Inc. and Banner Associates Inc. as
\ developer for the acquisition, construction and installation of �;;. ?.
'�\� the Meadow Ridge Affordable Housing Project ("the Project") in ��.
� �p order to provide twenty (20) single family detached affordable �,?:. !
�� �� housing units. 3:�
2. Pitkin County, through its Board of County r l
Commissioners, owns approximately 6.5 acres of land adjacenC to ; r.,;.
� the Aspen Valley Hospital property, and more fully described in :
\\\��^ Exhibit A, attached hereto. The Authority is desirous of
1�)��-•. acquiring this County property for development of the Meadow
� �' Ridge Affordable Housing Project, more particularly described in
the aforementioned Development Proposals.
,� 3. Development and construction of this affordable housing
project would be benefi.cial to both Pitkin County and the
C� Authority since it will serve the public need for more affordable
� housing in Pitkin County and will, upon sale of the twenty (20)
� affordable housing units, provide the County with $400,000.00.
�� 4. In order to further the purposes identified above, it
is in the interest of the County and the Authority to provide for
the planning, subdivision and development of the County property
� � as provided in the Intergovernmental Agreement attached hereto as
l�? v Exhibit B.
� �� NOW TAEREFORE SS IT ORDAINED by the Board of County �
,�p' �jl Commissioners of Pitkin Connty, Colorado, that: �,
, l��
5ection l. The Intergovernmental Agreement .attached �
hereto as Exhibit "B"and dated September 26, 1989 by and between "�
the Board of County Commissioners of Pitkin County, Colorado, and
the AspenjPitkin County Housing Authority is hereby approved, and ��
the Chairwoman of �he Board of County Commissioners is authorized
to execute the Aqreement on behalf of the Board. o �
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Section 2. This ordinance may be published after
adoption by title and short summary. Copies of the ordinance and
exhibits thereto will be available for public inspection during
normal business hours in the of£ice of the Clerk and Recarder.
INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING ON THE ,
12TH DAY OF SEPTEMBER, 1989.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON TAE
lATH DAY OF SEPTEMBER, 1989. �'��'�""+
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APPROVED AND ADOPTED UPON SECOND READING AND AFTER PUBLIC ,.�
HEARING ON THE 26TH DAY OF SEPTEMBER� 1989.
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PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE .x-;' ' ; ;`
28TA bAY OF SEPTEMBER, 1989. —
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BOARD OF COUNTY COMMISSIONERS ��;
ATTEST: OF PITKIN COUNTY, COLORADO ��,i'r
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eanette Jone Colette Pen e, Chairwoman E
eputy Clerk Recorder � i
,;:� APPROVED AS TO FORM: �^ ,
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�,�,��,.�-z,J. ��� J -
Susan W. Snyder �' � �
Assistant County Attorney �
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EXIiIBIT "A^
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A tract of land in the SW 1/4 of the SW 1/4 of Section 12 and the
� NW 1/4 of the NW 1/4 of 5ection 13, both of Township 10 South, '
Range 85 West, 6th Principal Meridian, County of Pitkin, State of � ,
Colorado, more fully described as followa: i
Beginning at a point which is the corner common to Sections 11, � �-:''•�
12� 13� and 14, T 10 S� R 85 W� 6th P.M.i � �t:;�'�:' _
, "'.h.
1. Thence N 23• 00� 00" E, 52.80 feet; '� -
2. Thenca N 71° 00' 00" E, 288.00 feet; � _ � _
3. Thence S 14° 00' 00" E, 199.94 feet: ���;'-�`•
; 4. Thence S 66° 19' 00" E, 330.47 feet; �,; r ;
5. Thence.S 23° 41' 00" W, 312.35 feet; �4t
6. Thence N 89' 52� 00" W, 534.72 feet; £'�
7. Thence N 00° 03' 40�� W, 464.23 feet to the point of �
beginning. �`j;
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County of Pitkin, State of Colorado. J�i,�
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INTERGOVER2iMENTAL AGREEME23T
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THIS INTERGOVERNMENTAL AGREEMENT ("the Agreement") is made :
this � day of ��S,k 1989, by and between Pitkin County,
Colorado ("the County°) and the Aspen/Pitkin County Housi�ng t-..,:i,_ �
r,;i:,
� s,r.;,.:-�
Authority ("the Authority"). �
RECITAI5 c;S'+��','..:;_,
The County and the Authority are governmentaZ entities a"' ' _
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governed by boards duly elected or appointed pursuant to
statutory authority, the Home Rule Charter of the County and the *��
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Intergovernmental Agreement under which the Authority is '�
'�;�
, �,...
established and are located in Pitkin County, Colorado; and � 5...r••, .
� ,�:
The Board of County Commissioners of the County is � ;
authorized to execute this Agreement on behalf of the County and
the Board of Directors of the Authority is authorized to execute - .
, this Agreeraent on behalE of the Authority; and ,
; ;
The County and the Authority have determined that they share i
certain common objectives, including the development of
affordable housing to be located in the County, and that the
Meadow Ridge Affordable Housing Project (the "Project"), to be
owned, developed and sold to qualifying purchasers and intended
l
occupants (the "Middle Incoma Purchasers"), by the Authority, all
as more fully described in tihe Development Proposal of January .F<.:
' 16, 1989, and Revised Proposal of February 24, 1989, (the 7„ `�.
1 ;:1
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"Development Proposal"} or as modified by mutal agreement of the
County and the Authority. The Authority will provide such :�.� '.
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QOUN ���� �A,4'&f .�� � ?� �y .
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affordable housing and will generate $400,000.00 to the County
through the sale by the County to the Authority of the
approximately 6,5 acre parcel described in Exhibit A attached
hereto and incorporated herein by this reference (the "Project
Parcel"), for use by the Authority as a part of the Project, and
The Stevens Group, Inc. and Banner Associates, Inc. will act as �.'t,,;�;>;`�'.'�
�1�,.' -
consultants to the Authority in development of the Project; and �
:, �
The Authority agrees that it will develop the Project, and % � -
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upon closing of the sale from the Authority to MiddZe Income
s;..-;
; Purchasers of each of the respective twenty (20) residential "
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units, will pay the County twenty thousand dollars ($20,000.00), C:
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for a total payment by the Authority to the County of four a`'"
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� hundred thousand dollars ($400,000.00) , and will restrict the
�
deeds to the homes within the Project as "sale units within the
b middle income guidelines of the Authority" upon each oonveyance
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by the Authority to a Middle Income Purchaser of a home within
k
�
the Project; and
�
The County agrees that, as consideration for the Authority�s
y obligation to make the $400,000.00 paymeht, in $20,000.00
� increments as herein described, and after general submission
� approval for the Project has been obtained, it will convey the
� Project Parcel to the Authority fqr the development of the
Project. �
� tY ,
The County and the Authority have determined that it is in �%
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i the best interest of the citizens of the County and the Authority ,-�
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� to enter into this Agreement;
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NOW THEREFORE, the County and the Authority, for good and
valuable consideration, the receipt of which is hereby
acknowledged, do hereby agree as follows:
1. Land Use Aoprovals. The County shall consent to the j
following land use applicat.ions for the Project Parcel:
:�."�,�
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(a) An application to rezone the Project Parcel to R-6 with `.�,.
, � .
a Growth Management Quota System exemption for each of the , ;";:;;
';
twenty (20) residential units herein described; and, r� r :`
�'.
(b) An application to convert the R-6 zoning to PMFi zaning �•�'�,-_.:;.`
x�only (1) upon the closing of the sale of the last home ��,
� �
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within the Project from the Authority to a Middle Income J��l
� �
Project Purchaser, and (2) after timely payment in full by �?' 1�•"•
c f',".
.�,.„. .
the Authority of all principal and interest due on the
k
acquisition and construction financing for the Project (the
`� "Project Financing") , and absent foreclosure under any deed
of trust, mortgage or other security interest which may
secure the Project Financing; and -' `
�:
(c) An application for subdivision, PUD and any and all
land use applications required for development of the
� Proj ect.
;:
� The Authority shall assume the costs of the submission of
' such land use applications.
f
ti
E If the land use applications required for development of
` ,'t`�.
thi.s Project are not approved by the County, pursuant to the ` '�; -
4
i Pitkin County Land Use Code, the Authority shall immediately �
#
� satisfy any currently existing obligation of the Authority in
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connection with the Project Financing in full and shall, only "°"���`�'""
after such satisfaction, immediately reconvey the Project Parcel
to the County free and clear of any liens or encumbrances and
this Agreement shall be terminated.
2. Convevance. Following general submission approval, the
Autharit shall execute ���i'=," _
y (a) a deed of trust in respect of the {�
��
Project Parcel, junior only to any deed of trust, mortgage, 3
securit interest or other interest ��� �
Y provided by the Authority to
7;�, r
secure the Project Financing, and (b) a promissory note for '`�'' `
�
$400,000.00 in favor of the County, and the County shall convey, ���
�';
by general warranty deed, the Project Parcel to the Authority, �:��
i•—�v'i
r•'• free and clear of any liens or encumbrances or other matters of ,�z�,.�, ,
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c.r'.•.�s:,
- record that would render title unmarketable or would interfere ' ,�; :' ;
with the Authority's intended use of the Project Parcel. Should � '
the County be unable to convey the Project Parcel to the
Authority under these conditions for any reason, this Agreement
shall be terminated, at the option of the Authority. ; ; .
3. Title Commitment. The County shall furnish, at the
Authority's expense, an owner�s policy of title insurance, in the
amount of Four Hundred Thousand and no/100 dollars ($400,000.00)
for the Project ParceZ.
;� 4. Proiect Development. Followinq conveyance of the
�� Project Parcel to the Authority, the Authority will obtain
; �
; Project Financing for development of the Project and develop the 'f`
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' Project in conformity with the Development Proposal, or. as �:!
! modified by mutual agreement of the County and the Authority.
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The Authority agrees to restrict the deeds to each of the `+�}-�`�:��°'�'.
twenty (20) homes within the Project as "sale units within the
middle income guidelines of the Authority” upon each conveyance
by the Authority to a Middle Income Purchaser of a home within
the Project.
All development and construction contracts to be used in -'"+'.�•> `
i -
�
connection with the Project shall be acceptable to the County and ; � � -:
'",�'��..;:'_-
i approved by the County Attorney. i;r�..,,`-:;��-
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5. Countv Riaht to Cure. In the loan documents, "
`'_..
agreements, etc., executed in connection with the Project + :
7�
Financing there shall be a provision, acceptable to the County z H
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and approved by the County Attorney, which allow the County the `:�
:. � �..,
! option to cure any default by the Authority in connection with
the Project Financing prior to any foreclosure proceedings being
' instituted against the Project Parcel or any part thereof. �
In the event that the County cures any default of the �.
fi Authority in connection with the Project Financing by paying all �
;
? principal, interest, fees and other charges outstanding in {
jconnection with the Project Financing in accordance with the
S
� terms of all documents executed in connection with the Project
� -
� �
Financing, then the Authority shall, within twenty (20) days of
such cure, reconvey to the County any portion of the Project
Parcel which has not already been conveyed to Middle Income �i.,;
� Purchasers, as described herein. �`.:..
I �?:
i 6. Termination of Aareement. This Agreement shall �-�
� terminate and its provisions shall be null and void if the
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' Authority has not submitted plans and applied for a building
permit, and maintained the application in good standing, with the
Aspen/Pitkin Building Department for the Project by no later than
September 1, 1990. Following submission by the Authority of such
' plans and application, the Authority shall comply with all .:�.,;j;�.,, ,:
;i
applicable provisions of the Uniform Building Code, as adopted by `'�-'.��'`"�
k-� --_
� �
the County, including those relating to the time in which a
�... "
building permit must be granted (Section 3U3[c]) and those � !_�
+
relating to the expiration of a permit (Section 3o2[d]}. �
In the event of termination of this Agreement under this
�
Section, the Authority shall immediately satisfy any currently �i
1
�
existing obligations of the Authority in connection with the Y_r;-:�>. '
-�. .
� Project Financinq in full and shall, only after such
± satisfaction, immediately reconvey the Project Parcel to the
' County free and clear of any liens or encumbrances.
� � 7. �ntire Aareement. This Agreement and the E�chibits
�
�i attaahed hereto contain the entire understanding of the parties. ,{.�
�
j There are no representations, warranties, covenants or
j undertakings other than those eatpressly set forth herein. This
!
iAgreement may not be modified or amended except by a writing
>
' signed by both of the parties hereto.
� 8. Counternarts. This Agreement may be executed in
,1
� counterparts and, as executed, shall constitute one agreement `i
� t;t
binding on all the parties hereto notwithstanding that all said ''�
parties are not signatory to the original or same Agreement. ��`
l 9. Recordation. Ugon full execution of this Agreement, . .
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the Agreement shall be placed of record in the real property
records of the Clerk and Recorder of Pitkin County, Colorado and
will be released upon closing of the sale of the last home within
the Project from the Authority to a Middle Income Project
Purchaser. `��
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10. Bindinc� Effect. This agreement shall be binding upon .
� s
; and shall inure to the benefiti of the parties hereto attd their � t -
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respective heirs, successors and assigns. f ` '
11. Unenforceable Provision. If any provision ot this �°r; ':: .''
r���
j� Agreement shall be determined to be void by any court or �:�
., 1�
competent jurisdiction, such determination shall not effect any ���
other provision hereof all of which other 7' �' '
, provisions sha21 ,' � +";'.
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remain in full force and effect so long as all the material p ;i
� provisions hereof can be performed. It is the intention of the
parties hereto that, if any provision of this Agreement is
� capable of two constructions, one of which would render the
� ��
' provision void and the otrier of which would render the provision
j
� valid, the provision shall have the meaning which renders it
{ valid.
�
12. Governing Law. The interpretation, construction and
f performance of this Agreement shall be governed by the laws of
i
the State of Colorado. In the event of any litigation,
� jurisdiction and venue shall be with the Courts of Pitkin County, <
� �E•-
colorado. r, ':'
� 13. Captions. Paragraph headings are inserted for ,? �
4 convenience only and they shall in no way define, limit or .�F ��
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prescribe the scope or intent of this Agreement.
14. Validitv oP Lien. Nothing herein shall subordinate or
otherwise affect the lien of any mortgage, deed of trust or
security instrument given to secure the Project Financing ("the
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` Project Financing Lien"). Upon the execution by the Authority of '_
5 :"�Si.�h.
� ��•�..��.. �,.'
� i any Project Financing Lien containing a right to cure granted to +�
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the County acceptable to the County, as evidenced by the _
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execution by the County of a consent to such Project Financing r`. � •
Lien attached to such Project Financing Lien, the County agrees ,"i� `
� and acknowledges that nothing herein shall affect the validity or ��_�
s�'
� priority of such Project Financinq Lien or the terms thereof, and �`�
�
a"�
;_ ! the County further agrees that the provisions of the first ;, t%.;�,
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paragraph of Section 5 hereof shall be null and void (it being ,�
e agreed that the County's right to cure shall be solely that set
!
� forth in the Project Financing Lien) and that all rights of the _
. � �
� County provided herein to require or receive reconveyance or
2 ,
` transfer of the Project Parcel or any part thereof shall be � � �
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� subordinate to the Project Financing Lien.
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EXECOTED the date first written abova. �
ATTEST: C��1�1'rY= j
BOARD OF COUNTY COI�IMISSIONERS �
OF PITRIN COIINTY, COIARADO
� , .
By, o ,..,:,-'
': anette Jon Colette Pen e ; t+� _
� eputy Cler and Recorder Chairwoman . �
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I APPROVED AS TO FORM: I t
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O Ari►�—"�/. �-�
S san W. Snyder ��
Assistant County Att ney ),�,�`
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ATTEST: AUTHORITY: j�"5�..,.." ?
� ASPEN/PIT1CIti COIINTY HOUSIHG �`�( a,.�� '
AUTHORITY I r r`'t",.
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� ecretary airman �-
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