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AGENDA ITEM SUMMARY
REGULAR MEETING DATE:
April 12, 2006
AGENDA ITEM TITLE:
Resolution Budgeting and Approving a $250,000 Loan to
Mountain Regional Housing, Inc.
STAFF RESPONSIBLE:
Tom Oken, Hilary Smith
DESCRIPTION OF ISSUE:
Mountain Regional Housing has requested a $450,000 loan to acquire land for the construction of
52 units of resident occupied, entry-level, for-sale housing in Carbondale. The attached resolution
provides the budget for and approves the loan.
RECOMMENDED BOCC ACTION:
As part of the consent agenda, approve on first reading and set for public hearing on April 26,
2006.
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO,
BUDGETING AND APPROVING A $250,000 LOAN
TO MOUNTAIN REGIONAL HOUSING, INC.
RESOLUTION NO. -2006
RECITALS
1. Mountain Regional Housing, Inc., a non-profit corporation, has requested a $450,000 loan
to acquire land for the construction of 52 units of resident occupied, entry-level, for-sale
housing in Carbondale, Colorado.
2. The Board of County Commissioners of Pitkin County desires to support the creation of
affordable housing in the Roaring Fork Valley by granting the requested loan.
3. The County Attorney has reviewed the attached Loan Agreement between Mountain
Regional Housing, Inc. and Pitkin County.
4. The loan to Mountain Regional Housing was not anticipated during the preparation of the
2006 budget so a supplemental budget appropriation is required for this transaction.
5. More revenues were anticipated to be received in 2006 than were appropriated, resulting in
a portion of unappropriated fund balance available for unanticipated expenditures that occur
during the year.
6. Upon due and proper notice, published in accordance with the law, this supplemental
budget appropriation was open for inspection by the public at a designated place; a public
hearing was held on April 26, 2006, and interested taxpayers were given an opportunity to
file or register any objections to said supplemental budget.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Pitkin
County, Colorado that:
1. The $250,000 Loan Agreement between Mountain Regional Housing, Inc. and Pitkin County
is approved, and the County Manager is hereby authorized and directed to execute such
agreement in substantially the form attached hereto.
2. Adjustments are made to the 2006 budget as follows:
GENERAL FUND
Previous
Budl1:et
$
This
Chanl1:e
$
Revised
Budl1:et
$
HOUSING
Loan to Mountain Regional Housing
o
250,000
250,000
-z,
Previous This Revised
GENERAL FUND Budl!:et Chanl!:e Budl!:et
$ $ $
FUND BALANCE
Payments in-lieu-of housing 0 -250,000 -250,000
INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING ON APRIL 12, 2006.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES WEEKLY ON APRIL
15, 2006.
ADOPTED AFTER FINAL READING AND PUBLIC HEARING ON
,2006.
PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, IN THE ASPEN
TIMES WEEKLY ON , 2006.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
By:
Michael C. Ireland, Chairman
By:
Jeanette Jones
Deputy County Clerk
Date:
APPROVED AS TO FORM:
John Ely, County Attorney
MANAGER APPROVAL:
Hilary Fletcher Smith, County Manager
RECOMMENDED FOR APPROVAL:
-/'~~
Tom Oken, Treasurer and CFO
,
Mar. 6. 2006 l':49AM
WHITSITT & GROSS PC
No.4252 P. 2
LOAN AGREEMENT
THIS AGREEMENT by anll betwccn Mountain Regional Housing, Inc. a
Colorado non profit corporation of 326 Highway 133, Suite 21OC,Carbondale CO
81623 (hereinaftcr called "Borrower"), and Pitkin County Colorado, a Colorado Home
Rule County of 630 East Main Street, Aspen, Colorado 81611 (hereinafter called
"Lender"),
WITNESSETH:
WHEREAS, Borrower is the owner of real property in the County of Garfield,
Stale of Colorado, more particularly described on the attached Exhibit" A:" and
WHEREAS, Borrower has applied to Lender for a Joan of Four Hundred Fifty
Thousand Dollars ($450,000.00) and
WHEREAS, Lemler has agreed to make such loan subject, however, to the
remaining terms and provisions oflhis Agreement;
NOW, THEREFORE, in consideration of the premises, and in consideration of
Ten Dollars ($10.00) in hand paid, the receipt of which is hereby acknowledged, it is
agreed as fol1l1ws:
1. Borrower represents and watTants to T -ender, its successors and assigns, that
the Borrower is the owner in fee of lands described here subject only to those
encumbrances as listed on Section B2 of the title co=itment dated issued by
Stewart Title and as outlined pursuant to this Agreement and Attached as Exhibit "B".
2. Subject to the provisions of this Agreement, the Promissory Note and a second
Deed of Trust executed contemporaneously herewith, Lender agrees to loan to Borrower
Four Hundred Fifty Thousand Dollars ($450,OOO.Qg) (hereinalter called" Loan") to be
disbursed as hereinafter provided with interest on the principal balance outstanding at the
rate of five and one half percent (5.5%) per annum. The entire loan amount plus interest
shall be due no later than eightcen (18) months after the date of the closing of the Loan.
The said Loan shall be evidcnetid by a Promissory Note of even date herewith
CPromissory Note") executed by (he Borrower in the aforesaid principal sum of Four
Hundred Fifty Thousand Dollars ($450,000.00) payablc to Lender. Borrower shall
execute and deliver to Lender a second Dced of Tl1Ist ("Deed of Tmst") on the Property
as additional security for the Loan. The lender agrees that the loan shall be subordinate to
acquisition and development constllletion loans and respective first and second deeds of
tmst in the amounts of $ and $. . Thc
terms of such first and second loans are providcd in summary f\Jnl1 on Exhibit "C".
Lender shall provide rcleases of licn fOT those units sold prior to the expiration of the
1..01111 Agreement
MouDtain Regional Housing Ine./ Pitkin CoulII.y Draft
March &, 2006
l'age I
y
Mar. 6. 2006 11:49AM
WPITSITT & GROSS PC
No.4252
Loan tenll.
3. Borrower shall maintain liability insurance (non-reporting form) and shall keep
the improvements and chattels on the Property insured against loss by fire and casualty
and such other hazards as may be specified by Lender for the benefit of Lender. Such
ins\Uanee shall be written in forms, amounts, and by companies satisfactory to the Lender
and the policies shall, by their terms, be non-cancellable and non-anlendab1c without at
least thirty (30) days' prior written notice to the Lender, and losses thereunder shall be
payable to the Lender pUrS\lant to a standard first deed of trust endorsement substantially
equivalent to the New York Standard Mortgagee Endorsement. The policy or policies of
such insurance shall bc delivered to the Lender. The Borrower shall give the Lender
prompt notice of any loss covered by such insurance.
4. A title insurance commitment indicating that mortgagee's title insurance will
be provided to Lender in the amount ofthe 10iUl excepting only from such coverage those
matters approved by Lender's counscl and specifically deleting from such eomnunnent
the standard printed exceptions of the comminnent, and Borrower shall pay the premium
for such policy so that Lender receives a title insurance policy after the execution hercof.
5. Borrower agrecs, represents and warrants as follows:
a) That each representation and warranty herein shall be deemed to
continue during the tenu of this Agreement.
b) All assessed taxes whcther special and regular are to be paid up to date
at the time funds are disbursed.
c) Bonower agrees to develop a housing development project upon the
Property that is substantially similar to the project described in the Project
Description attached as Exhibit "D". .
6. In the cvent that:
(a) Any material representation contained herein is or becolllcs untrue, in
whole or in part, or
(b) AllY material covenant, warranty or agreement of BorrOwer herein
contained is breached, in whole or in part, and not cured within thirty (30) days
after notice, or
(c) Any sum due under the Promissory Notc, the Deed of Tmst, or this
Agreement is not paid within thirty (30) days after its due dale, or
(d) The Borrower attempts to assign this Agrcement or any advances or
Loan Agreement
Mountain Regional Hou$lu~ Inc.' Pillan County n...n
Mar'" 6, 2006
Page 2
D 3
f
~ar. 6, 2006 11:50AM
WHITSITT & GROSS PC
ND.4252 p, 4
any interest therein other than those approved by lender in advance, or
(e) The Borrower is or becomes financially unable to complete its
obligations hereunder, or
(f) If Borrower fails to comply with any requirement, notice or filing
under any applicable law, or
(g) If Borrower defaults under any agreement with Lender,
Borrower shall be in default hereunder and Lender shan have the right at any time
thereafter to exercise any right or remedy at law or at equity and/or pursuant to the terrns
of the Promissory Note, and the Deed of Trust. All sums advanced by Lender lI.Qder this
subsection shall bear interest at the Promissory Note default rate and in the event any
such claim is referred to an attorney for collection, Lender shall be entilled to recover its
reasonable attorney's fees and Borrower covenants and agrees to pay same to Lender. All
rights of Lender under this subsection are in addition to its rights under the Promissory
Note and Deed of Trust.
7. Prepayment - Bon-ower may prepay the Loan without penalty at any time
during the Loan term.
8. The provisions hereof shall be binding upon the sucecssors, heirs and assigns
ofDorrower, and the benefits hereof shall extend to the successors and assigns of Lender.
IN WITNESS WHEREOF, the partics have hereunto set their hands and seals this
day of March 2006.
LENDER:
Pitkin County, a Colorado Home Rule County
By:
BORROWER:
Mountain Regional Housing, Inc.,
a Colorado not-for-profit corporation
By:
I.OiU Agreement
Mountain Regionkl Housing Inc. / Pitkin County Draft
Ma,'ch 6, 2006
rage:J
,
Exhibit
"\' p"
KEATcp i ~ROVE
\ l ~
Proj ect Detail &Pro Forma
Pitkin County Commissioners
February 2006
7
Keator Grove
Carbondale, Colorado
Entry Level Housing- For Sale
52 units
16 attached, 36 detached single family units
Request:
$450,000 loan for land acquisition
5.5% interest rate 18 month term
$50,000 grant to be used for pre-development expenses
Deed Restriction
100% Resident Occupied Required
8 units restricted to incomes at 80% AMI
All other units not income restricted but affordable to
households earning up to 150% AMI (see attached chart)
100% Appreciation Caps - not less than 3% nor more than
5% per year based on the Consumer Price Index (see current
Carbondale Affordable Housing Guidelines attached
DEVELOPMENT Team
OwnerIDeveloper:
Project Manager
Attorney:
Architect:
Engineering &
Infrastructure Project Manager
Construction
Landscape Design
Marketing/Sales
Mountain Regional Housing Corporation
JR Baker Architects
Whitsitt & Gross
Steve Winter Design; Warner-Lipkin
Sopris Engineering, LLC
Hypercision, Inc - Aspen
Bluegreen (under discussion)
Roaring Fork Real Estate Co (under discussion)
4
Timeline
Infrastructure
Pre-Sales/Marketing
Construction
Project Completion
Acquisition completion- March/April 2006
starts April 2006
starts March 2006
starts July
early 2007
Financial Attachments:
1) Project Assumptions
2) Development Budget
3) Unit Construction & Sales Schedule
Other Attachments
1) KG affordability up to 150% AMI- housing price limits
2) Town of Carbondale - current affordable housing guidelines
,
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3
TOTAL DEVELOPMENT COSTS
Mod/SIPS Construction - MRHC Management
LAND ACQUISITION AND PREDEVELOPMENT COSTS
Total
Total Cost
1,747,051.00
5,500.00
260,000.00
3,000.00
$2,015,551.00
Land Acquisition (including taxes)
Appraisal
Market Study, Feasibility Analysis. other Pre-Development
Environmental Report
SITE DEVELOPMENT EXPENSES
Soils Testing
Highway Improvements
On Site Infrastructure
Contingency (5%)
Gen. Liability Ins.
Project Management
Engineering (plat, constr. Inspection, testing)
Real Estate Taxes
Legal and Title Expenses
HOME DEVELOPMENT EXPENSES
Architecture and Engineering
Tap & Impact Fees
Building Construction
Building Earthwork
Contingency (5%)
Gen. Liability Ins.
Project Management
Marketing
Total Development Costs (above)
Sales Revenue Assumptions
Profit - Developer Fee
Cost Reduction Assumptions
Value Engineering
Subsidies
Profit after reductions
Fees (permit, tap, impact)
Total Cost
5,000.00
141.000.00
1,820.820.00
98,091.00
25,503.66
30,000.00
137.327.40
60,510.00
50.000.00
Total $2,368,252.06
Total Cost
10.000.00
639.897.96
9,061,697.00
943.549.00
500.262.30
130,068.20
90,000.00
5,000.00
Total $11,380,474.45
$15,764.277.51
$16.992,761.00
$1,228,483.49
$248,400.00
$146,000.00
$1,622,883.49
$639.897.96
Copy of Keator Grove Assumptions Projections 2-2-06 - MRHC Mgmt.xls
Budget, Page 1
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CARBONDALE AFFORDABLE HOUSING GUIDELINES
1. At least one adult in the household must be working a minimum of
thirty (30) hours per week, nine (9) months per year. Retired senior
citizens and disabled persons (meeting the American Disabilities Act
of 1990 definition of disabled) may also qualify to purchase an
affordable housing unit.
2. The household gross annual income shall not exceed 150% of the
Garfield County HUD area median income. (Garfield County AMI is
63,200 as of 11 February 2005 -150% of AMI in Garfield County
is $94,800 as of February of 2005)
3. The household net assets shall not exceed one hundred thousand
dollars ($100,000.), subject to Special Review. (For example, under
Special Review, retired persons with fixed incomes will have the
opportunity to establish the need for a higher asset ceiling.)
4. The members of the household may not own other improved real
estate, including mobile homes, with the exception of owner-
occupied commercial real estate (not less than 50% occupied by
owner).
a. Financial instruments targeted for retirement may be
exempted by Special Review.
b. Properties of which you do not have fiduciary control may be
exempted by Special Review.
.
Iv