Loading...
HomeMy WebLinkAbout2025-01 Proof of PublicationPROOF OF PUBLICATION STATE OF COLORADO ) ) COUNTY OF EAGLE ) I, Stephanie Kauffman, Town of Vail Town Clerk, do solemnly swear and affirm that I published in full a true and correct copy of Ordinance No. 1, Series of 2025, First Reading, on the Town of Vail’s web site, www.vail.gov, on The 5th day of February, 2025. Witness my hand and seal this 5th day of February, 2025. Stephanie Kauffman Town Clerk 1 ORDINANCE NO. 1 SERIES 2025 AN ORDINANCE AUTHORIZING THE CREATION OF THE VAIL HOME PARTNERS CORPORATION PURSUANT TO THE COLORADO REVISED NONPROFIT CORPORATION ACT; AUTHORIZING THE CORPORATION TO INCUR FINANCIAL OBLIGATIONS TO FINANCE THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY RENTAL HOUSING DEVELOPMENT; AUTHORIZING THE TRANSFER OF CERTAIN PROPERTY TO THE CORPORATION BY QUIT CLAIM DEED; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. WHEREAS, the Town is a municipal corporation duly organized and existing as a home rule town and municipal corporation under the provisions of Article XX of the Constitution of the State of Colorado (the “State”) and the home rule charter of the Town (the “Charter”); WHEREAS, under the Charter, the Town has all the powers of local self- government and home rule and all power possible under the Constitution and the laws of the State; WHEREAS, the Town Council has determined to form the Vail Home Partners Corporation (the “Corporation”) under the provisions of the Col orado Revised Nonprofit Corporation Act, Articles 121 through 137 of Title 7, Colorado Revised Statutes, as amended (the “Act”), for the purpose of acquiring, constructing, financing, operating, maintaining and developing multifamily rental dwelling units in the Town to assist the Town with fulfilling its public and governmental purpose of remedying the acute shortage of dwelling units in the Town for individuals and families working in Eagle County, Colorado, by providing decent, safe and sanitary dwelling units in the Town that are offered at rental rates that are affordable to a range of individuals and families working within Eagle County, Colorado; WHEREAS, the Town Council has determined that the Corporation shall be formed as a “Constituted Authority” under Section 1.103-1(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Revenue Ruling 57-187 promulgated under the Code, and as an “enterprise” of the Town under article X, section 20 of the State Constitution (“TABOR”), pursuant to the Charter and this Ordinance; WHEREAS, the Town Council has determined that the Corporation will be formed to acquire real property currently owned by the Town to serve as the site of the West Middle Creek Apartments (the “Property”), and to finance the construction and development 2 of the West Middle Creek Apartments as decent, safe and sanitary dwelling units that are offered at rental rates that are affordable to a range of individuals and families working within Eagle County, Colorado (the “Development”); WHEREAS, the Town Council has determined that the Development shall be constructed on the Property, and the Town Council hereby authorizes the transfer of the Property to the Corporation pursuant to a Quit Claim Deed (the “Deed”) from the Town to the Corporation, subject to the conditions stated in the Deed; WHEREAS, the Town Council hereby authorizes the Corporation to issue one or more series of its Housing Facilities Revenue Bonds, Series 2025 (the “Series 2025 Bonds”) in an aggregate principal amount not to exceed $182,000,000 on behalf of the Town, for purposes of the Code, to finance the acquisition and construction of the Development; WHEREAS, if the Town Council elects to make a loan to the Corporation to finance a portion of the Development (the “Loan”), then the Corporation is hereby authorized to enter into a Loan Agreement with the Town (the “Loan Agreement”) to set forth the terms of the Loan, and is authorized to execute and deliver a promissory note to the Town to evidence the Loan (the “Note”); WHEREAS, the proposed form of the Articles of Incorporation and Bylaws of the Corporation (the “Articles and Bylaws”), the Loan Agreement, the Note and the Deed are on file with the Town Clerk. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Corporation Organization and Powers. The Town Council hereby approves the organization of the Corporation for the purposes set forth herein and in the Articles and Bylaws, and hereby approves the Articles and Bylaws in the substantially the forms on file with the Town Clerk, with such modifications as hereafter approved by the Town Attorney that are not inconsistent herewith. The Corporation is being formed for the express purpose of assisting the Town with fulfilling its public and governmental purpose of remedying the acute shortage of dwelling units in the Town for individuals and families working in Eagle County, Colorado, by providing decent, safe and sanitary dwelling units in the Town that are offered at rental rates that are affordable to a range of individuals and families working within Eagle County, Colorado. The Corporation shall have the powers granted to it in this Ordinance, the Act, and the Articles and Bylaws. The Corporation shall have all powers necessary to qualify as a Constituted Authority for purposes of the Code and as an enterprise under TABOR, and shall not have any powers inconsistent therewith. The Corporation does not have the power to levy taxes. 3 Section 2. Loan Agreement. The Town Council hereby authorizes the Corporation to enter into a Loan Agreement with the Town, and to execute the Loan Agreement and Note in substantially the forms on file with the Town Clerk. Section 3. Deed. The Town Council hereby approves the transfer of the Property to the Corporation pursuant to the Deed , in substantially the form on file with the Town Clerk, and authorizes the execution of the Deed by the appropriate officers of the Town. Section 4. Issuance of Series 2025 Bonds by the Corporation. The Town Council hereby authorizes the issuance of one or more series of the Series 2025 Bonds by the Corporation in an amount not to exceed $182,000,000 for the purpose of financing all or a portion of the Development. This authorization includes the authorization to issue current interest bonds, capital appreciation bonds, subordinate bonds, and any other financing structure deemed appropriate by the board of the Corporation. Section 5. Town Action. The Mayor and the Town Clerk are hereby authorized and directed to execute and deliver such documents and to take all action necessary or reasonably required to carry out, give effect to and consummate the transactions contemplated herein. Section 6. Obligations of Corporation. None of the Series 2025 Bonds, the Loan, the Loan Agreement, the Note, or any other bonds or other obligations issued by the Corporation are debts or financial obligations of the Town, the State or any political subdivision thereof within the meaning of any provision or limitation of the Charter, or the Constitution or statutes of the State, and will never constitute nor give rise to a pecuniary liability of the Town or a charge against its general credit or taxing powers. The Town shall have no obligation whatsoever to pay any bonds or other obligations issued by the Corporation. Section 7. Board of Directors. In accordance with the Articles and Bylaws, the following individuals shall serve as the initial Board of Directors of the Corporation: (i) Deputy Town Manager; (ii) Town of Vail Housing Director; (iii) Town of Vail Finance Director; (iv) Town of Vail Public Works Director; and (v) Vail Housing Authority member. Section 8. Other Actions. The appropriate officers of the Town are hereby authorized to execute and deliver for and on behalf of the Town, any or all additional certificates, acknowledgments, documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters authorized in this Ordinance and in any resolution of the Corporation. Section 9. Severability. If any part, section, subsection, sentence, clause or phrase of this Ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this Ordinance; and the Town Council hereby declares it would have passed this Ordinance, and each part, section, subsection, 4 sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 10. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town relating to the formation of the Corporation, the execution of the Loan Agreement and delivery of the Loan for the acquisition and construction of the Development and the execution of the Deed for the purposes provided herein are ratified, approved and confirmed. Section 11. Charter Controls. Pursuant to Article XX of the State Constitution and the Charter, all State statutes that might otherwise apply in connection with the provisions of this Ordinance are hereby superseded to the extent of any inconsistencies or conflicts between the provisions of this Ordinance and such statutes. Any such inconsistency or conflict is intended by the Town Council and shall be deemed made pursuant to the authority of Article XX of the State Constitution and the Charter. Section 12. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. 5 INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 4th day of February, 2025 and a public hearing for second reading of this Ordinance set for the 18th day of February, 2025, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ________________________________ Travis Coggin, Mayor ATTEST: ___________________________ Stephanie Kauffman, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 18th day of February, 2025. ________________________________ Travis Coggin, Mayor ATTEST: ___________________________ Stephanie Kauffman, Town Clerk PROOF OF PUBLICATION STATE OF COLORADO ) ) COUNTY OF EAGLE ) I, Stephanie Johnson, Town of Vail Acting Town Clerk, do solemnly swear and affirm that I published in full a true and correct copy of Ordinance No. 1, Series of 2025, Second Reading, on the Town of Vail’s website, www.vail.gov, on the 5th day of March, 2025. Witness my hand and seal this 5th day of March, 2025. Stephanie Johnson Acting Town Clerk 1 ORDINANCE NO. 1 Series of 2025 AN ORDINANCE AUTHORIZING THE CREATION OF THE VAIL HOME PARTNERS CORPORATION PURSUANT TO THE COLORADO REVISED NONPROFIT CORPORATION ACT; AUTHORIZING THE CORPORATION TO INCUR FINANCIAL OBLIGATIONS TO FINANCE THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY RENTAL HOUSING DEVELOPMENT; AUTHORIZING THE TRANSFER OF CERTAIN PROPERTY TO THE CORPORATION BY QUIT CLAIM DEED; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH WHEREAS, the Town is a municipal corporation duly organized and existing as a home rule town and municipal corporation under the provisions of Article XX of the Constitution of the State of Colorado (the “State”) and the Town of Vail Home Rule Charter (the “Charter”); WHEREAS, under the Charter, the Town has all the powers of local self- government and home rule and all power possible under the Constitution and the laws of the State; WHEREAS, the Town Council has determined to form the Vail Home Partners Corporation (the “Corporation”) under the provisions of the Col orado Revised Nonprofit Corporation Act, Articles 121 through 137 of Title 7, C.R.S., as amended (the “Act”), for the purpose of acquiring, constructing, financing, operating, maintaining and developing multifamily rental dwelling units in the Town to assist the Town with fulfilling its public and governmental purpose of remedying the acute shortage of dwelling units in the Town, by providing decent, safe and sanitary dwelling units in the Town that are offered at rental rates that are attainable to a range of individuals and families; WHEREAS, the Town Council has determined that the Corporation shall be formed as a “Constituted Authority” under Section 1.103-1(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Revenue Ruling 57-187 promulgated under the Code, and as an “enterprise” of the Town under Article X, Section 20 of the Colorado Constitution (“TABOR”), pursuant to the Charter and this Ordinance; WHEREAS, the Town Council has determined that the Corporation will be formed to acquire real property currently owned by the Town to serve as the site of the West Middle Creek Apartments (the “Property”), and to finance the construction and development of the West Middle Creek Apartments as decent, safe and sanitary dwelling units that are offered at rental rates that are attainable to a range of individuals and families (the “Development”); 2 WHEREAS, the Town Council has determined that the Development shall be constructed on the Property, and the Town Council hereby authorizes the transfer of the Property to the Corporation pursuant to a Quit Claim Deed (the “Deed”) from the Town to the Corporation, subject to the conditions stated in the Deed; WHEREAS, the Town Council hereby authorizes the Corporation to issue one or more series of its Housing Facilities Revenue Bonds, Series 2025 (the “Series 2025 Bonds”) in an aggregate principal amount not to exceed $182,000,000 on behalf of the Town, for purposes of the Code, to finance the acquisition and construction of the Development; WHEREAS, if the Town Council elects to make a loan to the Corporation to finance a portion of the Development, which loan will be funded by available revenue of the Town of approximately $10,000,000 or such other amounts as may be appropriated, and the proceeds of certain certificates of participation executed by the Town (the “Loan”), then the Corporation is hereby authorized to enter into a Loan Agreement with the Town (the “Loan Agreement”) to set forth the terms of the Loan, and is authorized to execute and deliver a promissory note to the Town to evidence the Loan (the “Note”); and WHEREAS, the proposed form of the Articles of Incorporation and Bylaws of the Corporation (the “Articles and Bylaws”), the Loan Agreement, the Note and the Deed are on file with the Town Clerk. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Corporation Organization and Powers. The Town Council hereby approves the organization of the Corporation for the purposes set forth herein and in the Articles and Bylaws, and hereby approves the Articles and Bylaws in the substantially the forms on file with the Town Clerk, with such modifications as hereafter approved by the Town Attorney that are not inconsistent herewith. The Corporation is being formed for the express purpose of assisting the Town with fulfilling its public and governmental purpose of remedying the acute shortage of dwelling units in the Town by providing decent, safe and sanitary dwelling units in the Town that are offered at rental rates that are attainable to a range of individuals and families. The Corporation shall have the powers granted to it in this Ordinance, the Act, and the Articles and Bylaws. The Corporation shall have all powers necessary to qualify as a Constituted Authority for purposes of the Code and as an enterprise under TABOR, and shall not have any powers inconsistent therewith. The Corporation does not have the power to levy taxes. 3 Section 2. Loan Agreement. The Town Council hereby authorizes the Corporation to enter into a Loan Agreement with the Town, and to execute the Loan Agreement and Note in substantially the forms on file with the Town Clerk. Section 3. Deed. The Town Council hereby approves the transfer of the Property to the Corporation pursuant to the Deed , in substantially the form on file with the Town Clerk, and authorizes the execution of the Deed by the appropriate officers of the Town, all subject to the deed restrictions contained in the Development Agreement between the Town, the Corporation and Corum Real Estate Group. Section 4. Issuance of Series 2025 Bonds by the Corporation. The Town Council hereby authorizes the issuance of one or more series of the Series 2025 Bonds by the Corporation in an amount not to exceed $182,000,000 for the purpose of financing all or a portion of costs of the Development. This authorization includes the authorization to issue current interest bonds, capital appreciation bonds, subordinate bonds, and any other financing structure deemed appropriate by the board of the Corporation. Section 5. Town Action. The Mayor and the Town Clerk are hereby authorized and directed to execute and deliver such documents and to take all action necessary or reasonably required to carry out, give effect to and consummate the transactions contemplated herein. Section 6. No Indebtedness of the Town; Obligations of Corporation. None of the Series 2025 Bonds, the Loan, the Loan Agreement, the Note, or any other bonds or other obligations issued by the Corporation are debts or financial obligations of the Town, the State or any political subdivision thereof within the meaning of any provision or limitation of the Charter, or the Constitution or statutes of the State, and will never constitute nor give rise to a pecuniary liability of the Town or a charge against its general credit or taxing powers. The Town shall have no obligation whatsoever to pay any bonds or other obligations issued by the Corporation. Section 7. Board of Directors. In accordance with the Articles and Bylaws, the following individuals shall serve as the initial Board of Directors of the Corporation: (i) Deputy Town Manager; (ii) Town of Vail Housing Director; (iii) Town of Vail Finance Director; (iv) Town of Vail Public Works Director; and (v) Vail Housing Authority member. Section 8. Other Actions. The appropriate officers of the Town are hereby authorized to execute and deliver for and on behalf of the Town, any or all additional certificates, acknowledgments, documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters authorized in this Ordinance and in any resolution of the Corporation. Section 9. Severability. If any part, section, subsection, sentence, clause or phrase of this Ordinance is for any reason held to be invalid, such decision shall not effect 4 the validity of the remaining portions of this Ordinance; and the Town Council hereby declares it would have passed this Ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 10. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town relating to the formation of the Corporation, the execution of the Loan Agreement and delivery of the Loan for the acquisition and construction of the Development and the execution of the Deed for the purposes provided herein are ratified, approved and confirmed. Section 11. Charter Controls. Pursuant to Article XX of the Colorado Constitution and the Charter, all State statutes that might otherwise apply in connection with the provisions of this Ordinance are hereby superseded to the extent of any inconsistencies or conflicts between the provisions of this Ordinance and such statutes. Any such inconsistency or conflict is intended by the Town Council and shall be deemed made pursuant to the authority of Article XX of the Colorado Constitution and the Charter. Section 12. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. 5 INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 4th day of February, 2025 and a public hearing for second reading of this Ordinance set for the 4th day of March, 2025, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ________________________________ Travis Coggin, Mayor ATTEST: _______________________ ____ Stephanie Johnson, Acting Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 4th day of March, 2025. ________________________________ Travis Coggin, Mayor ATTEST: ________________________ ___ Stephanie Johnson, Acting Town Clerk