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AN ORDINANCE OF TIiB BOARD OF COUNTY COMMISSIONE�
OF PITIQN COUNTy, COLpgp,Dp, AppgOVING
AMEND24EIiT TO TSE IliTERGOVERNt�liTAI, .
AGRESMENT WIZ'H TSB ASPEN/PITICIli COUNTY HOUS=NG ADTIIORITY TO -�;1�.;
PROVIDE FOR fiHE MEADOW RIDGE AFFORDABLB HOIISING
PROJSCT AND AUTKORI2ING TFIB CONVEYI4NCE OF COIINTY LAND -
Ordinance No. 90 - 3 °i�f��;'-
•� ''#:;�,.:It.7' .
W�REAS, Ordinance No. 89-2 authorized approval of an ';' -- - •
Intergovernmental Agreement between the County of Pitkin,
Colorado and the Aspen/Pitkin County Housing Authority (��the
Authority") to provide for development of the Meadow Ridqe .��,�f
Affordable Housing Project and the conveyance of County land (the ;�"�
°Intergovernmental Agreement"); and, ` : ;
'�...
` WHEREAS, since adaption of ordinance No. 89-2 and the 'i�
Intergovernmental Agreement by the Board of County Commissioners ' � �
•1 of Pitkin County, Colorado ("the Board") on September 26, 1989, ��'�;,
the Meadow Ridge Affordable Housing Project has undergone +;
necessary changes including the number and type of residential ��
units ta be developed by the Authority; and, ; �
W�A,S, the primary purposes of the Meadow Ridge
Affordabla Housing Project of conveyance of County land to the �
Authority for c3evelopment of an affordable housing project and �
payment of $400,000.00 by the Authority to the County as �
consideration for conveyance of the County land have remained
unchanged; and
E
WI�REAS, the Board desires to amend the Tntergovernmental
Agreement to reflect the necessary changes i.n the Meadow Ridge
Affordable Housing Project; and
WHEREAS, the Board recognizes that the Meadow Ridge
Affordable Housing Project may change in other particulars as it
proceeds through the County Iand use approval process.
NOW Tt�REFORE B8 IT ORDAINED by the Board that:
Seation 1. The Amended Intergovernmental Agreement,
attached hereto as Exhibit "A" is hereby approved and the �,� '� �
Chairman of the Board of County Commissioners of Pitkiri County, f
Colorado is authorized to execute the Amended Tntergovernmental ��'
Agreement on behalf of the Board. ; '�11w
Seation 2. The 2ntergovernmental Agreement approved by , .`� .
the Hoard on September 26, 1989 remains in full force and e££ect
as amended hereby. �
• .�a
Section 3. Any insubstantial changes to the Meadow Ridge �� ?
Affordable Housing Project occurring after adoption of this ���-:`t�cr=,:
� �'
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fecorded at i� o'cl�c;t�M.�=—Z _ � :
F�ception No ��� 3�/c ':'..; �
SIlVI�1�A1�lS PlIK:f�t COUhiY ficL.'.tDEi2
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. �BOON 614 F`A�ES�.� � '
ordinance may be approved by the Board by informal resolution and
addendum to the Amended Intergovernmental Agreement as herein
approved.
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INTRODUCED, FIRST READ, AND SET FOR PtTBLIC HEARING ON THE -=�,�'4..,.-:
9TH DAY OF JANUARY, 1990. .�::`�"'� ' .
NOTICE OF PUBLIC HEARING PUBLZSHED IN THE ASPEN TIMES ON THE � '`;;r%e`f�.
18TH DAY OF JANUARY, 1990. .���'~'
�..�_:'': .
PUSLIC HEARING TABLED ON THE 23RD DAY OF JANUARY, 1990.
, AFPROVED UPON SECOND READING AND PUBLIC HEARING ON THE �.�
13TH DAY OF FEBRUARY, 1990. ' .��`'''� ,
�:!
PUBLZSHED AFTER ADOPTION IN TAE ASPEN TIMES ON THE 22ND DAY :�,'�'
:i,...
FEBRUARY, 1990. . �.; :'
BOARD OF COIINTY COMMISSIONERS ���t;
� ATT . OF PITRTN COBNTY, COLORADO ��
� l � ��
. � , sy. �d�/O�.,z�.�____-�n�2
nette Jones Herschel Ross �,
eputy Clerk d Recorder Chairman �
APPROVED AS TO FORM: APPROVED:
�'/�'� _1 �
. �'- 7.-�'_v� i�'� `�/�,47/O r � ..'� .
Susan W. Snyder Reid Haughe
Assistant County Attor e County Manager -
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AMENDED INTERGOVERNMENTAL AGREEMENT"� —
' '�z:
TIiIS AMENDED INTERGOVER/NMENTAL AGREEMENT ("the Agreement")
is made this � day of�E��� 1990, by and between Pitkin ,�.f��,rs..'
County, Colorado ("the County") and the Aspen/Pitkin County �•
Housing Authority ("the Authority"). I.f. -,
r,
RECITAIS ;�a>; ' .
'�.,�
The County and the Authority are governmental entities
_ " governed by boards duly elected or appointed pursuant to � :
�f ;, statutory authority, the Aome Rule Charter of the County and the �', -;i
Intergovernmental Agreement under which the Authority is
established and are located in Pitkin County, Colorado; and
� 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 Agreement on behalf of the Authority; and
. The County and the Authority have determined that they share '
certain common objectives, including the development of
s
affordable housing to be located in the County, and that the
- Meadow Ridge Affordable Aousing Project (the "Project") , to be -
owned, developed and sold to qualifying purchasers and intended S!
f�.
occupants by the Authority will further these common objectives. :, �
The Authority will provide such affordable housing and will `
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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 �:;;;t�::
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. eUDR U�4 fAGEO�� �• �
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 t� the Authority in w=:;};;(.;;
development of the Project; and
The Authority agrees that it will develop the Project, and � y�s'�°" �
�� ._;�
upon closing of the sale from the Authority to Low, Moderate or `ii``>' �'� "
Middle Income Purchasers ("qualified purchasers") o£ each o£ the f-...
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respective residential units, will pay the County a pro rata � �''"��: ;
� % '
portion of the totaZ payment by the Authority to the County of w��l.�`. .
four hundred thousand dollars ($400,000.00) , and will restrict � ��. ' ,
�:�.
�' the deeds to the residential units within the Project as sa7.e �, 't
. �`'�
units within the low, moderate or middle 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 aqrees that, as consideration for the Authority's
obligation to make the $400,000.0o payment, in increments as �
herein described, and after general submission approval for the '
Project 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 � ,;-
� to enter into this Agreement; i" .Y d
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 Approvals. (a) The County shall consent to _ �a;,:,.:.;;;>':
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the appropriate land use applications required for development of
the Project Parcel.
b. The County and the Authority agree that the Authority :_�?:;"�'<--
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will not consent to conversion from residential to PMH zoning on
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the Project Parcel until and unless the following events occur: ,x�.:'���
(1) the closing of the sale of the last residential unit .'�. � ��
within the Project from the Authority to a qualified •.���.:-,..
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purchaser, and (2) timely payment in full by the Authority `��:.� ; '
of all principal and interest due on the acquisition and i�,'f�. .
construction financing for the Project (the "Project . ��:
'f ��.� r., ..
_�
Financing") , and absent foreclosure under any deed of trust, /':.,
_ �
mortgage or other security interest which may secure the :�
Project Financing.
�
(e) The Authority shall assume the costs of the submission ,
. of all laad use applications.
(d) If the land use applications required_ for development �
of this Project are not approved by the County, pursuant to the
Pitkin County Land Use Code, the Authozity shall immediately
satisfy any currently existing obligation of the Authority in
1 .
connection with the Project Financing in fu21 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 :' .'�.
Authority shaZl execute (a) a deed of trust in respect of the {11
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Project Parcel, junior only to any deed of trust, mortgage, ;.�f � ws �:
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. . '_ ,���i..f��''°�:R��!'r?v!����:�.!1.}{b�e��fS�h•�� nac�d,���C:���it�.:'_ ... . .. �"'" :�G���f1'aa ��'t': � c�lj�•t
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security interest or other interest provided by the Authority to
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, '-�1�?'
:"`°.f''�-.
f _ �• .
free and clear of any liens or encumbrances or other matters of ��..
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. �
.a
=f : 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 Parcel.
4. Proiect Develonment. Following conveyance of the -
Project Parcel to the Authority, the Authority will obtain �
Project Financing for development of the Project and develop the
Project.
The Authority agrees to restrict the deeds to each of the
residential units within the Project as sale units within the
_ low, moderate, or middle income guidelines of the Authority upon "�'
each conveyance by the Authority to a qualified purchaser of a " � 'f
�.
`� residential unit within the Project. � '�
All development and construction contracts to be used in ' ,I- '
.:•� 1
connection with the Project shall be acceptable to the County and "��
w,. ,.-'.
approved by the County Attorney. ' ��' `'��
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. . � BnON ��L� PAGE��V �
5. Countv Riaht 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 =��•:'r� '�
:�;;::•
-..f:,��.-.
• the Project Financing prior to any foreclosure proceedings being {�`�'
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instituted against the Project Parcel or any part thereof.
� f-.
In the event that the County cures any default of the � -
,•. :
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Authority in connection with the Project Financing by paying all ._�:, � �
. principal, interest, fees and other charges outstanding in
connection with the Project Financing in accordance with the �
.s, ., s
- terms of all documents executed in connection with the Project
Financing, then the Authority shall immediately reconvey to the
• County any portion of the Project Parcel which has not already �
been conveyed to qualified purchasers, as described herein.
, 6. Termination of Aareement. This Agreement shall
�
terminate and its provisions shall be null and void if the
Authority has not submitted plans and applied for a building
permit, and maintained the application in good standinq, with the
Aspen/Pitkin Building Department for the Project by no later than
�
September 1, 1991. Following submission by the Authority of such
plans and application, the Authority shall comply with all
a licable � �
pp 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 �� �
relating to the expiration of a permit (Section 302[dJ) . '-��,
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. In the event of termination of this Agreement under this `
Section, the Authority shall immediately satisfy any currently _ -
.. . � .:�;.;r�l:r.: �-
existing obligations of the Authority in connection with the �'_;�;.,:•._
Project Financing in full and shall, only after such -
�f�;�' .
satisfaction, immediat�ly reconvey the Project Parcel to the •
:�;:. _
County free and clear of any liens or encumbrances. :�
7. Entire Aareement. This Agreement and the Exhibits � `
�; ', �
attached hereto contain the entire understanding of the parties. �;�; �
i•�,�
;�� ...
�^ There are no representations, warranties, covenants or
` ��. .
�{' undertakings other than those expressly set forth herein. This �';• �. �
- t
� Agreement may not be modified or amended except by a writing
�_�
;;.,
signed by both of the parties hereto.
- 8. Countervarts. 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.
9. �tecordation. Upon full execution of this Agreement, r
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 residential
unit within the Project from the Authority to a qualified
+ ... d
'..�. purchaser, as described herein. F
��
�y •.. �
10. Bindinq Effect. This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their ` �`
i
respective heirs, successors and assigns. ; :
,
.,._ .;�.''
11. Unenforceable Provision. If any provision of this , ��
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. .. 2.nrc:i�sM'�,+�Iyd���.9C_k�:.�.�1Ltirt .:,4H.....,. . ... . tr_'i.. .R:.'t.,',�;.,'F�`'� .r,,.x. 3 � •���, "�j`.�'c"fi���l.
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-_ eooK 614 Pa�E822 �'` �'�'.,�.
� Agreement shall be determined to be void by any court or
�
� competent jurisdiction, such determination shall not affect any �
other provision hereof, all of which other provisions sha11 .
' `��„�'-; :
remain in full force and effect so long as all the material ';:�.,{,;•.,:
provisions hereof can be performed. It is the intention of the ;;
f,���,
parties hereto that, if any provision of this Agreement is jf�P�`�
`'"� -
capable of two constructions, one of which would render the
provision void and the other of which would render the provision „1• `s
�
valid, the provision shall have the meaning which renders it ��.�,,_�" ;
� valid.
:f�� 12. Governing Law. The interpretation, construction and �
.�
•, performance of this Agreement shall be governed by the laws of
the State of Colorado. In the event of any litigation,
- ` jurisdiction and venue shall be with the Courts of Pitkin County, , �,
Colorado.
' 13. Cantions. Paragraph headings are inserted for
�
convenience only and they shall in no way define, limit or
prescribe the scope or intent of this Agzeement.
14. Validitv of Lien. Nothing herein shall subordinate or
' otherwise affect the lien of any mortgage, deed of trust or
security instrument given to secure the Proje�t Financing ("the
. Project Financing Lien"). Upon the execution by the Authority of
::., .�.y.: _r .
-r any Project Financing Lien containing a right to cure granted to F� s
�j! , ;, !�
the County acceptable to the County, as evidenced by the
execution by the County of a consent to such Project Financing `•� � ;
� ;. } ,;.�
Lien attached to such Project Financing Lien, the County agrees =� �
e �•>
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i . :__,_- - ._...�. ... _ ;_,,. ..__ . _.. _ .�
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fi,��'i6��- ,� p ?F<.: _\ .
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, , . �
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.... :Aa��t�'.'k.�.��1'1J����L�`�i0.M'Kf�W:�'L�1�fluZ'.Z..Sb�i���ti� ..,v��:rS.-:�' � ".-'' _[ .. . . yvJ'�Yit r.j;�,
... . . � 2K'�.�1 i:'''.;�,
,;fk� �,;,;L'
. a.� T.e�.a,4-1.!r!�'t•:
. . � . s�K 614 ��f��.� .
and acknow7.edges 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
� paragraph of Section 5 hereof shall be nu21 and void (it being t,c ;•
agreed that the County's riqht to cure shall be solely that set ��,
4� ��
' forth in the Project Financing Lien) and that a11 ri hts of the ` '
i g �:5:?:" •
County provided herein to require or receive reconveyance or � � .
transfer of the Project Parcel or any part thereof shall be �
,;,..:..'..+
- �"� �..., ,
.;.�:; .. ' �
subordinate to the Project Financing Lien. �
� �'.s`..,.
_ t
= EXEC[JTED the date first written above. .
"f.;.' ATTEST: COUNTY: �'
BOA,RD OF COUNTY COMMISSIONERS * �
/� OF PITKIN COL7NTY, COIARADO
� �
�J By:�CW e',�11-L•,�.�.i`C�/t/L- -
J nette Jones Herschel Ross ��
uty Clezk a d Recorder Chairman ,,,
,:';���r r .t...
APPROVED AS TO FORM: :yLp3��`�:;�.4'y ;
=.�� . �
.z�:�?b�'�:;;
Susan W. Snyder ':��`��odU�',.�r+�:
Assistant County Att r ey ����,;�jyn03
� . •,.nn�m�,�..o•
i
•� ATTEST: AUTAORITY:
ASPEN/PITRIN COIINTY HOUSING
� AUTFTORITY
'� i Ll�i' By: Q�'�-°"J V � " .�
.;� ecretary hairman �;
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