HomeMy WebLinkAboutbocc.res.058.2024
RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS (“BOCC”) OF PITKIN COUNTY,
COLORADO AUTHORIZING A $10,000,000 LOAN
FROM GREAT OUTDOORS COLORADO TRUST
FUND TO THE PITKIN COUNTY OPEN SPACE FUND
RESOLUTION NO. 058-2024
RECITALS
WHEREAS, Pursuant to Section 2.8.3 (Actions) of the Pitkin County Home Rule Charter
(“HRC”) official action by formal resolution shall be required for all actions of the Board
not requiring ordinance power on matters of significant importance affecting citizens, and;
WHEREAS, on February 5, 2024, Pitkin County purchased Snowmass Falls Ranch for
$34,000,000, and;
WHEREAS, on March 15, 2024 the Board of the Great Outdoors Colorado Trust Fund
approved an interest free loan of $10,000,000 to Pitkin County for up to three years to
enhance the capacity of our Open Space Fund following the Snowmass Falls Ranch
acquisition, and;
WHEREAS, the preservation of open lands with high conservation values is of critical
importance to the citizens of Pitkin County, and;
WHEREAS, the Pitkin County Open Space and Trails program has ongoing negotiations
for purchase of conservation interests on these critical lands and said negotiations will be
aided by enhancement of the Open Space Fund capacity, and;
WHEREAS, The BOCC finds that it is in the best interests of the citizens of Pitkin County
to approve this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Pitkin County, Colorado that it hereby adopts a Resolution Authorizing a $10,000,000 Loan
from the Great Outdoors Colorado Trust Fund to the Pitkin County Open Space Fund and
authorizes the Chair to sign the Resolution and upon the satisfaction of the County Attorney
as to form, execute a promissory note in substantially the same form as attached hereto, and
well as any other associated documents necessary to complete this matter.
2
Resolution No. 058-2024
INTRODUCED AND FIRST READ ON THE 10TH DAY OF JULY, 2024 AND SET FOR
SECOND READING AND PUBLIC HEARING ON THE 24TH DAY OF JULY 2024.
NOTICE OF PUBLIC HEARING AND TITLE AND SHORT SUMMARY OF THE
RESOLUTION PUBLISHED IN THE ASPEN DAILY NEWS ON THE 11TH DAY OF
JULY, 2024.
NOTICE OF PUBLIC HEARING AND THE FULL TEXT OF THE RESOLUTION
POSTED ON THE OFFICIAL PITKIN COUNTY WEBSITE (www.pitkincounty.com )
ON THE 11TH DAY OF JULY 2024.
ADOPTED AFTER FINAL READING AND PUBLIC HEARING ON THE 24TH DAY
OF JULY 2024.
POSTED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, ON THE
OFFICIAL PITKIN COUNTY WEBSITE (www.pitkincounty.com ) ON THE 1ST DAY
OF AUGUST 2024.
PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, IN THE
ASPEN DAILY NEWS ON THE 1ST DAY OF AUGUST, 2024.
ATTEST: BOARD OF COUNTY COMMISSIONERS
By _________________________ By: _____________________________
Sam Engen Greg Poschman, Chair
Clerk to the Board
Date: ______________
APPROVED AS TO FORM: MANAGER APPROVAL
___________________________ _________________________________
Richard Neiley, III Jon Peacock, County Manager
Interim County Attorney
Form Revised 01-01-2024
Jul-30-2024
EXTENSION OF PROMISSORY NOTE
This Extension of Promissory Note (“Extension”) is made at the election of PITKIN COUNTY, a body
corporate and politic, 530 East Main Street, Aspen, Colorado 81611 (“Maker”) to the STATE BOARD
OF THE GREAT OUTDOORS COLORADO TRUST FUND, 1900 Grant St., Suite 725, Denver,
Colorado 80203 (“Payee”) on this 4 day of September, 2025.
Recitals:
A. Maker executed that certain Promissory Note dated July 24, 2024 (the “Note”), whereby Payee
loaned Maker the principal sum of Ten Million Dollars ($10,000,000) in connection with the
acquisition of Snowmass Falls Ranch.
B. The Note provides that the maturity date may, at the election of Maker, be extended up to two
times by no more than one year per extension, provided that the total loan term does not exceed
three (3) years from the original date of the Note.
C. Maker has elected to extend the maturity date under the terms permitted by the Note by one year.
Extension:
1. Extension of Maturity Date: The maturity date of the Note is hereby extended from July 24, 2025,
to July 24, 2026, in accordance with the terms of the Note.
2. No Other Modifications: All other terms, conditions, rights, and obligations set forth in the Note
shall remain unchanged and in full force and effect. This Extension Agreement does not modify
any other provisions of the Note except as expressly stated herein.
IN WITNESS WHEREOF, Maker has executed this Extension as of the date first written above.
Pitkin County
By:
Name: Kelly McNicholas Kury
Title: Chair, Board of County Commissioners
SECOND EXTENSION OF PROMISSORY NOTE
This Extension of Promissory Note (“Extension”) is made at the election of PITKIN COUNTY, a body
corporate and politic, 530 East Main Street, Aspen, Colorado 81611 (“Maker”) to the STATE BOARD
OF THE GREAT OUTDOORS COLORADO TRUST FUND, 1900 Grant St., Suite 725, Denver,
Colorado 80203 (“Payee”) on this ___ day of ____________, 2026.
Recitals:
A. Maker executed that certain Promissory Note dated July 24, 2024 (the “Note”), whereby Payee
loaned Maker the principal sum of Ten Million Dollars ($10,000,000) in connection with the
acquisition of Snowmass Falls Ranch.
B. The Note provides that the maturity date may, at the election of Maker, be extended up to two
times by no more than one year per extension, provided that the total loan term does not exceed
three (3) years from the original date of the Note.
C. The Note is currently subject to an extension that extends the maturity date until July 24, 2026.
D. Maker has elected to extend the maturity date under the terms permitted by the Note by one year.
Extension:
1. Extension of Maturity Date: The maturity date of the Note is hereby extended from July 24, 2026,
to July 24, 2027, in accordance with the terms of the Note.
2. No Other Modifications: All other terms, conditions, rights, and obligations set forth in the Note
shall remain unchanged and in full force and effect. This Extension Agreement does not modify
any other provisions of the Note except as expressly stated herein.
IN WITNESS WHEREOF, Maker has executed this Extension as of the date first written above.
Pitkin County
By:
Name:
Title:
29
Jeffrey H. Woodruff
June
Chair, Commissioner