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AMENDED INTERGOVERNNIENTAL AGREENIENTr7 �---
, THIS AMENDED INTF.'RGOVERNMENTAL AG12EII�II:NT (�'the Agreement") p�'� �
j/ ,� �, �.
s is made this ��`' day of T��G�Ii r�, 1990, 6y and between Pitkin t "`
� � ����/�rf �
'i County, Colorado ('�the County") and the Aspen/Pitkin County �,����`•'r��`:
5
Housing Authority ("the Authority"j.
R�CITAI�S '
...� ,� -�
., The County and the Authority are governmental entities i .�T' ;
�' �
� governed by boards duly elected or appointed pursuant to
'� statutory authority, the t3ome Rule Charter of the County and the i''�tz =
Interqovernmental Agreement under which the Authority is M' � � $
+,�`
established and are located in Pitkin County, Co2orado; and �
� The Board of County Commissioners of the County is �
authorized to execute this Agreement on behalf of the County and �
t�l the Board of Directors of the Authority is authorized to execute
� �
this Agreement on behalf of the Authority; and �
;i� _ The County an@ the Authority have determined that they share �
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
y 'tin .�,c„�! .
'1 occupants by the Authority will further these common objectives. {�, _
'�4Y[F
'i The Authority will provide such aPfordable housing and will ;.. ''�
< generate $400,000.00 to the County through the sale by the County `
-; z �:�'.
;a to the Authority of the approximately 6.5 acre parcel described "" >;:'
s A '
� in Exhibit A attached hereto and incorporated herein by this � � �;:;;�;���'
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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 consultants to the Authority in ;;�f�t�,,.;..� ,..
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; development of the Project; and ti�,,-�_
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� The Authority agrees that it will develop the Project, and "`�;:�•--
.� .
upon closing of the sale from the Authority to Low, Moderate or �=�
f�
;�;::;;?_.:.;.
i Middle Income Purchasers (°qualified purchasers") of each of the i�Ag.-.,.. ;
w�a respective residential units, will pay the County a pro rata ��;'t ` '
=` y portion of the total payment by the Authority to the County of
r
=1 ;' four hundred thousand dollars ($400,000.00), and will restrict
. 'r�
. i+ the deeds to the residential units within the Project as sale
:i g +
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- units within the low, moderate or middZe income guidelines of the
�
� Authority upon each conveyance by the Authority to a qualified ,��
� purchaser of a residential unit within the Project; and
?� The County agrees that, as consideration for the Authority's
�
'� obligation to make the $400,000.00 payment, in increments as
pherein described, and after qeneral submission approval for the
!
fProject has been obtained, it will convey the Project Parcel to
the Authority for the development of the Project.
The County and the Authority have determined that it is in
. ,�-.
the best interest of the citizens of the County and the Authority
� � 'w � .
to enter into this Agreement; �
� ,.�
NOW THEREFORE, the County and the Authority, for good and ` 'i� �
valuable consideration, the receipt of which is hereby i•`, ��
� 1^n ..,�
1
acknowledged, do hereby agree as follows: , ;�.
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1. Land Use Aporovals. {a) The County shall consent to �a�. n�
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the appropriate land use applications required for development of .
; •
the Project Parce2. i
� b. The County and the Authority agree that the Authority
will not consent to conversion frorn residential to PMH zoning on � ;._ra�,cF '
}.;•
+ the Project Parcel until and unless the following events occur: i r�� c: '.
+ ���'.�;
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� (1) the closing of the sa le o f the last residential unit i•'r::,.;; . ,
I I.%;_..�:' .,, ,.
� within the Project from the Authority to a qualified !; ..:.
� � purchaser, and (2} timely payment in full by the Authority � (�� ``i
�``
E of all principal and interest due on the acquisition and �; � �
;�.} construction financing for the Project (the "Project
_ �� ,.
, ! 1
-34 Financing") , and absent foreclosure under any deed of trust, 145,� '
,,#
j.a mortgage or other security interest which may secure the �' . '�
9 'p:i i
_, r Project Financinq.
j (c) The Authority shall assume the costs of the submission . ���
� '
of all land use applications. ;
� (d) If the land use applications required for development �' ,
i a � �.
of this Project are not appYOVed by the County, pursuant to the �
Pitkin County Land Use Code, the Authority shall immediately ; �
i satisfy any currently existing obliqation of the Authority in �• �
' (
' connection with the Project Financing in full and sha21, only
I
after such satisfaction, immediately reconvey the Project Parcel
�
� to the County free and clear of any liens or encumbrances and � x,
; -.�_..t
this Agreement shall be terminated. �
2. Convevance. Following general submission approval, the � �
Authority shall execute (aj a deed of trust in respect of the ' -
Project Parcel, junior only to any deed of trust, mortqage, ��� � f��
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security interest or other interest provided by the Authority to � •
�
secure the Project Financing, and (b) a promissory note for ;
i
; $400,000.00 in favor of the County, and the County shall convey, � :;='-;�y:r�_` ,
' by general warranty deed, the Project Parcel to the Authority, a �z�t, ,.
j t.>>� •,
� free and clear of any liens or encumbrances or other matters of i � u�"
; �r�;r�" .
i record that would render title unmarketable or would interfere 1.;'�;'z`:�.�•� "
i
� with the Authority's intended use of the Project Parcel. Should �
� l� � ,
� the County be unable to convey the Project Parcel to the � �r1` ,'
i -::•,:;..._ ,
_,l" Authority under these conditions for any reason, this Agreeraent i ���j`�
I�,.-••., .
� � shall be terminated, at the option of the Authority.
:;� ',; y�.:;� -
- 3. Title Commitment. The County shall furnish, at the � . •�
. �,`
Authority's expense, an owner's policy of title insurance, in the 9z
_ amount of Four Hundred Thousand and no/l0o dollars ($400,000.00)
for the Project Parcel.
�
- E 4. Proiect Development. Following conveyance of the i
� + '�.
Project Parcel to the Authority, the Authority will obtain 6
iProject Financing Por development of the Project and develop the
�
! Project. •
I The Authority aqrees to restrict the deeds to each of the
i
residential units within the Project as sale units within the j
i
low, moderate, or middle income guidelines of the Authority upon
': N�
each conveyance by the Authority to a qualified purchaser of a r, ',,.f
` residential unit within the Project. �
�
, All development and construction contracts to be used in € `
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� connection with the Project shall be acceptable to the County and � �?
� approved by the County Attorney. ": "�:',
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5. County Right to Cure. In the loan documents, .
agreements, etc., executed in connection with the Project
� Financing there shall be a provision, acceptable to the County
and approved by the County Attorney, which allows the County the
option to cure any default by the Authority in connection with '�'�w�'"=-
; i >��: ..
the Project Financing prior to any foreclosure proceedings being � , •
; t��}�}_ .
i instituted against the Project Parcel or any part thereof. S�Ty�?�ti;��
i s
� In the event that the County cures any default oP the
� Authority in connection with the Project Financing by paying all ' �'f``•-
�f�
;� principal, interest, fees and other charges outstanding in r��� ��
:,�
=' � connection with the Projeat Financing in accordance with the ����"`.. � '
_s�:; >.
_ ' terms of all documents executed in connection with the Project �;I ` '
_ ��.t
4.
2 Financing, then the Authority shall immediately recorivey to the � 4
' � County any portion of the Project Parcel which has not already
- ,
; been conveyed to qualified purchasers, as described herein. �: .�
j 6. Termination of Aqreement. This Agreement shall �
- i
� terminate and its provisions shall be nuli and void if the
" Authority has not submitted plans and applied for a building �
a
permit, and maintained the application in good standing, with the
i
� Aspen/Pitkin Building Department £or the Project by no later than
� September 1, 1991. Following submission by the Authority af such
I
� plans and application, the Authority shall comply with all +
�
applicable provisions of the Uniform Building Code, as adopted by ("
�-;
the County, including those relating to the time in which a '"' '� '
�
� building permit must be granted (Section 303[c]) and those
�
� relatinq to the e�cpiration of a permit (Section 302[d]). �
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In the event of termination of this Agreement under this �
Section, the Authority shall immediately satisfy any currently � •
existing obligations of the Authority in connection with the �
i Project Financing in full and shall, only after such ��
�_
satisfaction, immediately reconvey the Project Parcel to the y 'F*F" �
County free and clear of any liens or encumbrances. ���'�^�:
�!�;;;_; . .
7. Entire Aareement. This Agreement and the Exhibits -S-:,r-::� �•
f
attached hereto contain the entire understanding of the parties. f
There are no representations, warranties, covenants or ��' �
, ��� .i
. � � �
t :` ,
� undertakings other than those expressly set forth herein. This
�5,.' Agreement may not be modified or amended except by a writing
signed by both of the parties hereto.
;i 8. Counterparts. This Agreement may be executed in �
; counterparts and, as executed, shall constitute one agreement .
'� binding on all the parties hereto notwithstanding that all said � �
parties are not signatory to the original or same Agreement.
i 9. Recordation. Upon full execution of this Agreement, ¢
� the Aqreement shall be placed of record in the real property
h
trecords of the Clerk and Recorder of Pitkin County, Colorado and
.� will be released upon closing of the sale of the last residential
1 ;
, • ; unit within the Project from the Authority to a qualified
} i
purchaser, as described herein.
`',.:� 10. Bindinct Effect. This Agreement shall be binding upon �.,�,.. � '.
.f and shall inure to the benefit of the parties hereto and their �'°�
� respective heirs, successors and assigns. .`, �
:y 1
- 11. Unenforceable Provision. If any provision of this +.
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• � • n r / A,���*�'�
BOOK U�-� PAGEB�� ,
Agreement shall be determined to be void by any court or
competent jurisdiction, such determination sk►all not affect any ..
other provisian hereof, all of which other provisions shall
' remain in full force and effect so Iong as all the material � '-'�
i ' .�.'f.�,t
; provisions hereof can be performed. It is the intention of the � ,�
' '��,�, >
{ parties hereto that, if any provision of this Agreement is �� 4�
j capable of two constructions, one of which would render the (
�
provision void and the other of which would render the provision ��
;��t,� 'i
valid, the provision shall have the meaning which renders it �!i �
valid. ��`t:.:•
.'�'� 12. Governina Law. The interpretation, construction and � �, t
'1 i �
Iperformance of this Agreement shall be governed by the laws of
the State of Colorado. In the event of any litigation, 'Lr �
jurisdiction and venue shaZl be with the Courts of Pitkin County, �
� Colorado. i �,
i
- � 13. Captions. Paragraph h2adings are inserted for
iconvenience only and they shall in no way define, limit or �
prescribe the scope or intent of this Agreement.
� 14. Validitv of Lien. Nothing herein shall subordinate or
i
? otherwise affect the lien of any mortgage, deed of trust or
I
security instrument given to secure the Project Financing ("the 7
Project Financing Lien"). Upon the execution by the Authority of -
- any Project Financing Lien containing a right to cure granted to ~ .F- !r
`� the Caunty acceptable to the County, as evidenced by the � ��
i �
+ execution by the County of a consent to such Project Financing � =�� '�
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, Lien attached to such Project Financing Lien, the County agrees : � ;
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and acknowledges that nothing herein shall affect the validity or
priority of such Project Financing Lien or the terms thereof, and
� the County further agrees that the provisions of the first
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� paragraph of Section 5 hereof shall be null and void (it being � .
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� agreed that the County's right to cure shall be solely that set '.i •
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,:� forth in the Project Financing Lien) and that all rights of the �
`^ y County provided herein to require or receive reconveyance or �:���
>� transfer o£ the Project Parcel or any part thereof shall be .'��
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_ �.'"5.� subordinate to the Project Financing Lien. � . '
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�`�� EXECUTED the date first written above. ; . ,
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ATTEST: COUNTY: 4 i
• i $OARD OF COIINTX COMMISSIONERS -
OF PITKIN COIINTY, COTARADO �
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`"'� J nette Jones � By� �Herschen�Ro s���� �
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. _ uty Clerk a d Recorder Chairman „
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'r. APPROVED AS TO FORM: =��. � .`'` `
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\;:�� Susan W. Snyder� `;7'••�1/odv°.�4�'
a�:�� Assistant County Att r y Q�r��"'"� � � �
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ATTEST: AIITfiORITX: �
`�.'� A5PEN/PITICIN COUNTX HOUSING ��
,-0� AUTHORITY ..,�. '
ti� � / � .
`;� � By: Q�°`� � �`'�' ''�1�
ecretary hairman ��
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