HomeMy WebLinkAboutbocc.res.041.2006
RESOLUTION OF THE BOARD OF COUNT ~ COMMISSIONERS
OF PITKIN COUNTY, COLOJ~O,
BUDGETING AND APPROVING A $450,000 1,OAN
TO MOUNTAIN REGIONAL HODHNG, INC.
RESOLUTION NO. tJt{1 2006
RECITALS
1. Mountain Regional Housing, Inc., a non-profit corporalion, has requested a $450,000 loan
to acquire land for the construction of 52 units of res dent occupied, entry-level, for-sale
housing in Carbondale, Colorado.
2. The Board of County Commissioners of Pitkin Count y desires to suppOli the creation of
affordable housing in the Roaring Fork Valley by granting the requested loan.
3, The County Attomey has reviewed the attached Lo m Agreement between Mountain
Regional Housing, Jnc, and Pitkin County.
4, The loan to Mountain Regional Housing was not antic: pated during the preparation of the
2006 budget so a supplemental budget appropliation is r :quired for this transaction.
5, More revenues were anticipated to be received in 2006 :han were appropriated, resulting in
a pOliion ofunapprop11ated fund balance availahle for unanticipated expenditures that occur
d1ll1ng the year.
6. Upon due and proper notice, published in accordanc~ with the law, this supplemental
budget appropriation was open for inspection by the public at a designated place; a public
heming was held on April 26, 2006, and interested taxI ayers were given an opportunity to
file or register any objections to said supplemental budge 1.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Pitkin
County, Colorado that:
I, The $450,000 Lom1 Agreement between MOlU1tain Regional Housing, Inc. and Pitkin
County is approved, and the County Manager is authOliz ~d and directed to execute and fund
such agreement, in substantially the form attached hereto, upon the recording of a deed
restriction with the following provisions in a form acceplable to the County Attomey:
a. Individuals employed in Pitkin County shall hav, first priority to purchase at the
initial sale at least 20% of the units.
b, Resale price appreciation shall be the lesser of 5'l-) simple arumal appreciation or the
increase in the Consumer Price Index (as specifically defined) but not less than 3%
simple arumal appreciation.
1'jl.Ji4 ~ 0 1.//. ,. rJ() (,
2. Adjustments are made to the 2006 budget as follows:
Previous This Revised
GENERAL FUND Bud!!et Change Budget
$ $ $
HOUSING
Loan to Mountain Regional Housing 0 450,000 450,000
FUND BALANCE
Payments in-lieu-ofhousillg 0 -450,000 -450,000
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.
AD(lPTED AFTER FINAL READING AND PUBLIC HEARING ON
_,t.j ~- () (, ,2006.
PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, IN THE ASPEN
TIMES WEEKLY ON ~~- ;J (- ()~ ,2006.
T'f~,~T:
B
J a ette J oues
Duty County C1 rk
BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, ~DO
By: ~~
Michael C. Ireland, Chairman
~
f>(rJ -O~
Date:
APPROVED AS TO FORM:
-~.
- ~------
/
fA / ~PP::&i _
etcher Smith, Connty Manager
RECOMMENDED FOR APPROVAL:
/~~
-
Tom Oken, Treasurer and CFO
RESOLUTION #041.2006
THE LOAN WAS NEVER FINALIZED
Ma r, 6, 2006 11: 49AM
WHITSITT & GROSS PC
No,4252
P. 2
LOAN AGREEMErlT
THIS AGREEMENT by and betv.reen Mouutain Regional Housing, lne. a
Colorado non profit corporation of 326 Highway .33, Suite 21OC,Carbondale CO
81623 (hereinafter called "Borrower"), and Pitkin CoUnty Colorado, a Colorado HOllle
Rule CounLy of 630 East Main Street, Aspen, Colorado 81611 (hereinafter called
"I.-endcr"),
WITNESSETH:
WHEREAS, Borrower is the owner of real pn'Perty in the County of Garfield,
State of Colorado, more particularly described on the att:lched Exhihit "A:" and
WHEREAS, BOTTower has applied to Lender br a loan of Four Hundred Fifty
Thousand Dollars ($450,000.00) and
WHEREAS, Lender has agreed to make sucLl loan subject, however, to the
remaining terms and provisions of this Agreeme11t;
NOW, THEREFORE, in consideration of the l,remises, and in consideration of
Ten Dollars ($10.00) in hand paid, the receipt of which is hereby acknowledged, it is
agreed as follows:
1. Borrower represents and WalTants 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 commitment dated issued by
Stewart Title and as outlined pursuant to this Agreement and Attached as Exhibit "B".
2. Subject to the provisi.ons of this Agreement, tine Promissory Note and a second
Deed of Trust executed contemporaneously herewith, l):nder agrees to loan to Borrower
Four Hundred Fifty Thousand Dollars ($450,OOO.~) (lereinaller called" Loan") to be
disbursed as hereinafter provided with interest on the pri:1eipal balance outstanding at the
rate of tive and one half percent (5.5%) per annum. Th(: entire 10all amount plus interest
shall be due no later than eighteen (18) months after the date of the closing of the Loan.
The said Loan shall he evidenceu by a Promissory Note of even date herewith
("Promissory Note") executed by the Borrower in the doresaid principa1 sum of FOUT
Hundred Fifty Thousand Dollars ($450,000.00) payal:1c to Lender. Borrower shall
execute and deliver to Lender a second Deed of 1111st ("Deed of Tmst") on the Property
as additional security for the Loan. The lender agrees tha: the loan shall be subordinate to
acquisition and development constJ.1Jetion loans and resI ective fIrst and second deeds of
tmst in the amounts of $ and $ _ _. . The
terms of such first and second loans are provided in sllrnmary rOml on Exhibit "e".
Lender shall provide releases of lien fOT those units sold prior to the expiration of the
LOllll Allreemellt
Mountain Regional Housing Inc. I Pitkin COUJlI.y Draft
March 6, 2006
I'age I
L
Mar, 6, 200611:49AM
WHITSITT & GROSS PC
No,4252
p, 3
Loan lelm.
3. Borrowcr shall maintain liability insurance (nlm-reporting form) and shall keep
the improvements and chattels on thc Property insured against loss by fIre and casualty
and such other hazards as may be spcciJied by Lender for the benefIt of Lender. Such
insurance shall be written in forms, amounts, and by conpanies satisfactOl)' to the Lender
and the policies shall, by their terms, be non-cancellab .c and non-amendable without at
least thirty (30) days' prior written notice to the Lender, amllosses thereunder shall be
payable to the Lender pursuant to a standard fIrst deed (If trust endorsement substantially
equivalent to the New York Standard Mortgagee Endonement. The policy or policies of
such insurance shall be 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 thllt mortgagee's title insurance will
be provided to Lender in the amount ofthe Joan exceptiJlg only from such coverage thosc
matters approved by Lender's counsel and. specifically deleting from such commitment
the standard printed exceptions of the commitment, and Borrower shall pay the premium
for such polley so that Lender receives a title insurance pDlicy after the execution hereof.
5. B~1TI-ower agrees, represents and warrants as fdlows:
a) That each representation and wan-aClty herein shall be deemed to
continue during the teou ofthis Agreement.
b) All assessed taxes whcther special and regular are to be paid up to date
al the time funds are disbursed.
c) Ronower agrees to develop a housin 5 development project upon the
Properly that is substantially similar to the project described in the Project
Description attached as Exhibit "D".
6. In the event that:
(a) Any material reprcsentation containec herein is or becomes untrue, in
whole or in part, or
(b) Any matcrial covenant, warranty Or agreement of Borrower herein
contained is breached, in whole or in part, and Hot cured within thirty (30) days
after notice, or
(c) Any sum due under the Promissory : -Jote, the Deed of Tmst, Or tlUs
Agreement is not paid within thirty (30) days aftc: its due date, or
(d) Thc Borrower attempts to assign thi! Agreement or any advances or
Loan AgreclDcnl
Moulltain Rej!:ionaJ Houshlg Ine.1 Pitkin County Draft
March 6, %006
Page 2
f
Ma r, 6, 2006 11: 50AM
WHITSITT & GROSS PC
No.4252
p, 4
any interest therein other than those approved b:' lender in advance, or
(e) The Borrower is or becomes fir ancially unable to complete its
obligations hereunder, or
(f) If Borrower fails to comply with illY requirement, notice or filing
under any applicable law, or
(g) If Borrower defaults under any agreel nent with Lender,
Borrower shall be in default hereunder and Len(er shall have the right at any time
thereafter to exercise any right or remedy at law or at e'luity and/or pursuant to the tenns
of the Promissory Note, and the Deed of Trust. All SUlilS advanced by Lender uI)der this
subsection shall bear interest at the Promissory Note iefault rate and in the event any
such claim is referred to an attorney for collection, Len :ler shall be entitled to recover its
reasonable attorney's fees and Borrower covenants and 19rees to pay same to Lender. All
rights of Lender under this subsection are in addition 1D its rights under the Promissory
Note and Deed of Trust.
7. Prepayment - Bon-ower may prepay the Loan without penalty at any time
dunng the Loan term.
8. The provisions hereof shall be binding upon the successors, heirs and assigns
ofDorrower, and the benefits hereof shall extend to the successors and assigns of Lender.
TN WITNESS WHEREOF, the parties have herellnto sel their hands and seals this
day or March 2006.
LENDER:
Pitkin County, aCe lorado Home Rule County
By:
BORROWER:
Mountain Regional Housing, Inc.,
a Colorado not-for-profit corporation
By:
I.oa 11 Agreement
Mountain RcgionlU Housing IlIc.1 Pitkin County Dnft
March 6, '2006
I'age J
,
Exhibit
",\ P"
;
!
(EATCP: ~ROVE
\ \ ~
Project Detail &Pro Forma
Pitkin County Commissioners
February 2006
7
Keator Grove
Carbondale, Coloradc
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 Requi~ed
8 units restricted to incomes at :lO% AMI
All other units not income restr lcted but affordable to
households earning up to 150% AMI (see attached chart)
]00% Appreciation Caps - not l~ss than 3% nor more than
5% per year based on the Conslmer Price Index (see current
Carbondale Affordable Housing Guidelines attached
DEVELOPMENT Team
Owner/Developer:
Project Manager
Attorney:
Architect:
Engineering &
Infrastructure Project Manager
Construction
Landscape Design
Marketing/Sales
Mountain Regiond Housing Corporation
JR Baker Architecls
Whitsitt & Gross
Steve Winter Desi:;n; Warner-Lipkin
Sopris Engineering, LLC
Hypercision, Inc - Aspen
Bluegreen (underiiscussion)
Roaring Fork Real Estate Co (under discussion)
<(
Timeline
Infrastructure
Pre-Sales/Marketing
Construction
Project Completion
Acquisition comFletion- March/April 2006
starts April 2006
starts March 200E
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 p"ice limits
2) Town of Carbondale - current affordable hOLSing guidelines
,
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TOTAL DEVELOPMENT COSTS
Mod/SIPS Construction - MRHC Management
LAND ACQUISITION AND PREDEVELOPMENT COSTS
Total
To :al Cost
1,747051.00
5 500.00
260 000.00
3000,00
$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)
TOlal Cost
5000.00
141.000.00
1,820,820.00
98, D91.00
25,503,66
30,000.00
137,327.40
60,510,00
50,000.00
Total $2,368,252.06
Total Cost
10,)00.00
639,397.96
9,061,397,00
943,549.00
500, 162.30
130, J68,20
90, JOO,OO
5,' JOO,OO
Total $11,380,,174.45
$15,764,: ~77.51
$16,992, '61,00
$1,228" 183.49
$248,< ~OO.OO
$146,( 100,00
$1,622,; 83.49
$639,! ,97.96
Copy of Keator Grove Assumptions Projections 2-~ -06 - MRHC Mgmt.xls
Budget, Page 1
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CARBONDALE AFFORDABLE HOUmNG GUIDELINES
1. At least one adult in the household must b;: 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 q lalify to purchase an
affordable housing unit.
2. The household gross annual income shall ;lOt exceed 150% of the
Garfield County HUD area median income:. (Garfield County AMI is
63,200 as of 11 February 2005 -150% of j,MI in Garfield County
is $94,800 as of February of 2005)
3. The household net assets shall not exceed ::me 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 OV'1l other improved real
estate, including mobile homes, with the e:.ception of owner-
occupied commercial real estate (not less t lan 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.
..
v