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HomeMy WebLinkAbout2020-19 VLHA Resolution Middle Creek Village Approving Operating AgreementVAIL LOCAL HOUSING AUTHORITY RESOLUTION NO. 19 SERIES 2020 A RESOLUTION MAKING FINDINGS REGARDING MIDDLE CREEK VILLAGE AND APPROVING AN OPERATING AGREEMENT FOR MIDDLE CREEK VILLAGE, LLC WHEREAS, the Town of Vail (the "Town") is the owner of certain real property more particularly described in Exhibit A, attached hereto and incorporated herein by this reference (the "Property"); WHEREAS, on January 15, 2002, the Vail Local Housing Authority (the "VLHA"), as special agent for the Town, and Coughlin & Company, Inc., a Colorado corporation, entered into a Land Lease Agreement (the "Original Lease") for the purpose of granting Coughlin & Company, Inc. a leasehold estate in the Property upon which to design, develop, build, own and operate a multi -family rental housing development (the "Project"); WHEREAS, construction of the Project was completed in January 2005; WHEREAS, with the consent of the Town and the VLHA, Coughlin & Company, Inc. assigned the Original Lease to Middle Creek Village, LLC; WHEREAS, Middle Creek Village, LLC is refinancing the Project; WHEREAS, because the Property is currently owned by the Town, the Property is exempt from property taxation; WHEREAS, Middle Creek Village. LLC seeks to continue the existing property tax exemption for the Property; WHEREAS, to continue the property tax exemption from the Eagle County Assessor, the VLHA must find that the Project substantially benefits persons of low income as determined by the VLHA; WHEREAS, to continue the property tax exemption from the Eagle County Assessor, the VLHA will also accept a nominal ownership interest in the entity that will act as the master lessee of the Property, which entity is Middle Creek Village, LLC; and WHEREAS, for the VLHA to accept an ownership interest in Middle Creek Village, LLC, the VLHA must approve the Operating Agreement for Middle Creek Village, LLC. 1 6/4/2020 S:IHOUSINGIBOARDSIVAIL LOCAL HOUSING AUTHORITYIRESOLUTIONSI202012020-19 RESOLUTION MIDDLE CREEK OA- R060420.DOCX NOW THEREFORE BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The VLHA hereby finds and determines, based on the terms of the recorded deed restriction and the evidence presented at the June 9, 2020 meeting of the VLHA Commissioners, that the Project substantially benefits persons of low income. Section 2. The VLHA hereby finds that it is in the best interest of the public health, safety and welfare for the VLHA to accept an ownership interest in Middle Creek Village, LLC. Section 3. Based on the foregoing findings, the VLHA hereby approves the Operating Agreement for Middle Creek Village, LLC in substantially the form attached hereto, subject to final approval by the VLHA's General Counsel, and upon such approval, the Chair is authorized to execute such Operating Agreement. INTRODUCED, PASSED AND ADOPTED this 9th day of June, 2020 ATTEST: Steve Lindstrom, Chair 0%y II , //',/,k4;i:C-0-‘-6'1?•‘\\ 11 010 2 6/17/2020 S:IHOUSINGIBOARDSIVAIL LOCAL HOUSING AUTHORITYIRESOLUTIONSI202012020-19 RESOLUTION MIDDLE CREEK OA- R060420.DOCX