HomeMy WebLinkAbout2023-7 VLHA Resolution Authorizing Reimbursement of Bond Expenses for Construction of Timber Ridge
STATE OF COLORADO )
)
COUNTY OF EAGLE ) SS.
)
HOUSING AUTHORITY OF )
THE TOWN OF VAIL, COLORADO )
The Board of Commissioners (the “Board”) of the Housing Authority of
the Town of Vail, Colorado, dba Vail Local Housing Authority (the “Authority”), met in regular
session, in full conformity with law and the rules of the Authority, at 75 S. Frontage Road West,
Vail, Colorado, being the regular meeting place of the Board, on Tuesday, March 14, 2023, at the
hour of 3:00 p.m. Upon roll call, the following were found to be present, in person or by
telephone, constituting a quorum:
Present:
Chair: Steve Lindstrom
Commission Members: Craig Denton
Dan Godec
James Wilkins
Kristin Williams
Absent:
There were also present:
Housing Director,
Town of Vail George Ruther
constituting all the members of the Board.
Thereupon, the following proceedings, among others, were had and taken:
Commissioner ______________ introduced in typewritten form a
resolution, which resolution was thereupon read by title, copies thereof having been distributed
to all members of the Board and to those members of the public in attendance, and which
resolution is as follows:
RESOLUTION NO. ______
A RESOLUTION OF THE HOUSING AUTHORITY OF
THE TOWN OF VAIL, COLORADO, EXPRESSING THE
INTENT OF THE ISSUER TO BE REIMBURSED FOR
CERTAIN EXPENSES RELATING TO THE
ACQUISITION, DEVELOPMENT, CONSTRUCTION AND
EQUIPPING OF THE TIMBER LINE APARTMENTS
PROJECT FOR THE PURPOSE OF RESIDENTIAL
WORKFORCE HOUSING.
WHEREAS, the Housing Authority of the Town of Vail, Colorado, dba Vail
Local Housing Authority, a public body corporate and politic of the Stateof Colorado (the
“Issuer”), is authorized and empowered by the provisions of the Housing Authorities Law, being
Part 2 of Article 4 of Title 29, Colorado Revised Statutes (the “Act”), as from time to time
supplemented and amended, to issue revenue bonds, notes or other obligations for the purpose of
providing residential housing that substantially benefits persons and families of low income; and
WHEREAS, the Board of Commissioners of the Issuer (the “Board”) has
determined that it is in the best interest of the Issuer and public interest and necessity to finance
the acquisition, development, construction and equipping of approximately 284 units of
residential workforce housing in 7 buildings known as Timber Ridge Apartments (the “Project”);
and
WHEREAS, the Issuer has determined that it is in the best interest of the Issuer
to finance theProject through either: (i) the execution and delivery of Bonds; or (ii) by any other
means legally available to the Issuer; and
WHEREAS,the Board has determined that it is necessary to make capital
expenditures to acquire and construct the Project prior to the time that the Issuer arranges for the
specific financing of such Project; and
WHEREAS,it is the Issuer’s reasonable expectation that when such financing
occurs, the capital expenditures will be reimbursed with the proceeds of the financing; and
WHEREAS,in order to comply with the provisions of the Internal Revenue Code
of 1986, as amended (the “Code”), it is the Issuer’s desire that this resolution shall constitute the
“official intent” of the Board to reimburse such capital expenditures within the meaning of
Treasury Regulation §1.150-2.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE HOUSING AUTHORITY OF THE TOWN OF VAIL,
COLORADO:
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Section 1. All action (not inconsistent with the provisions of this resolution)
heretofore taken by the Board and the officers, employees and agents of the Issuerdirected
toward the Bonds and the Project is hereby ratified, approved and confirmed.
Section 2. The Issuer intends to finance approximately $150,000,000 to pay
the costs of the Project, including the reimbursement of certain costs incurred by the Issuer prior
to the receipt of any proceeds of a financing, upon terms acceptable to the Issuer, as authorized
in a resolution to be hereafter adopted and to take all further action which is necessary or
desirable in connection therewith.
Section 3. The officers, employees and agents of the Issuer shall take all
action necessary or reasonably required to carryout, give effect to and consummate the
transactions contemplated hereby and shall take all action necessary or desirable to finance the
Project and to otherwise carry out the transactions contemplated by the resolution.
Section 4. The officers and employees of the Issuer are hereby authorized and
directed to take all action necessary or appropriate to effectuate the provision of this resolution.
Section 5. The Issuershall not use reimbursed moneys for purposes
prohibited by Treasury Regulation §1.150-2(h).
Section 6. This resolution is intended to be a declaration of “official intent” to
reimburse expenditures within the meaning of Treasury Regulation §1.150-2.
Section 7. If any section, paragraph, clause or provision of this resolution
shall for any reason be held invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
resolution.
Section 8. All acts, orders and resolutions of the Issuer, and parts thereof,
inconsistent with this resolution be, and the same hereby are, repealed to the extent only of such
inconsistency. This repealer shall not be construed to revive any act, order or resolution, or part
thereof, heretofore repealed.
Section 9. The resolution shall in full force and effect upon its passage and
approval.
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PASSED AND ADOPTED this March 14, 2023.
HOUSING AUTHORITY OF THE TOWN
OF VAIL, COLORADO
(SEAL)
Chair
ATTEST:
56528865.1
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