HomeMy WebLinkAbout20132450.tiff%See &n rec/ec/ A�se9//e/ D4 o tYS -675.95
RESOLUTION
RE: APPROVE AUTHORIZING ASSIGNMENT TO THE CITY OF FORT COLLINS HOUSING
AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY,
COLORADO, PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING
LOCATION ACT
WHE AS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statut and the Weld County Home Rule Charter, is vested with the authority of
administering the airs of Weld County, Colorado, and
WHEREAS, th Board of County Commissioners of Weld County, Colorado, is authorized
and empowered under t laws of the State of Colorado (the "State") to issue revenue bonds for the
purpose of providing sing -family mortgage loans to low- and moderate -income persons and
families, and
WHEREAS, the Internal evenue Code of 1986, as amended (the "Code"), restricts the
amount of tax-exempt bonds ("Priv to Activity Bonds") which may be issued in the State to provide
such mortgage loans and for certain they purposes, and
WHEREAS, pursuant to the Co , the Colorado legislature adopted the Colorado Private
Activity Bond Ceiling Allocation Act, Part 1 of Article 32 of Title 24, Colorado Revised Statutes (the
"Allocation Act"), providing for the allocatio of the State Ceiling among the City of Fort Collins
Housing Authority (the "Authority") and other g vernmental units in the State, and further providing
for the assignment of such allocations from suc other governmental units to the Authority, and
WHEREAS, pursuant to an allocation under ection 24-32-1706 of the Allocation Act, the
Board of County Commissioners of Weld County, Col ado, has an allocation of the 2013 State
Ceiling for the issuance of a specified principal am nt of Private Activity Bonds prior to
September 15, 2013 (the "2013 Allocation"), and
WHEREAS, the Board of County Commissioners of Wel County, Colorado, has determined
that, in order to increase the availability of adequate a dable housing for low- and
moderate -income persons and families within Weld County, Colora , and elsewhere in the State, it
is necessary or desirable to provide for the utilization of all or a portio of the 2013 Allocation, and
WHEREAS, the Board of County Commissioners of Weld County, lorado, has determined
that the 2013 Allocation, or a portion thereof, can be utilized most efficient by assigning it to the
Authority to issue Private Activity Bonds for the purpose of providing single -fa ' y mortgage loans to
low- and moderate -income persons and families, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, as determined
to assign $7,774,135 of its 2013 Allocation to the Authority, which assignment is to b videnced by
an Assignment of Allocation between the Board of County Commissioners of eld County,
Colorado, and the Authority (the "Assignment of Allocation").
2013-2450
FI0057
ASSIGNMENT OF ALLOCATION - CITY OF FORT COLLINS HOUSING AUTHORITY
PAGE 2
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, as follows:
1. The assignment to the Authority of $7,774,135 of the Weld County, Colorado, 2013
Allocation be and hereby is approved.
The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Board of County Commissioners of Weld
County, Colorado, be and hereby is authorized to make such technical variations,
a"ditions, or deletions in or to such Assignment of Allocation as it shall deem
ne : ssary or appropriate and not inconsistent with the approval thereof by this
Reso G ion.
3. The Board County Commissioners of Weld County, Colorado, be and hereby is
authorized to xecute and deliver the Assignment of Allocation on behalf of Weld
County, Colorado, and to take such other steps or actions as may be necessary,
useful, or conven -nt to effect the aforesaid assignment in accordance with the intent
of this Resolution.
4. If any section, paragrap i, clause, or provision of this Resolution shall for any reason
be held to be invalid or . nenforceable, the invalidity or unenforceability of such
section, paragraph, claus or provision shall not affect any of the remaining
provisions of this Resolution.
5. This Resolution shall be in full for and effect upon its passage and approval.
The above and foregoing Resolution was, on "otion duly made and seconded, adopted by
the following vote on the 28th day of August, A.D., 201
ATTEST3,_
Weld County Clerk to the Boa
BOARD
WEL
OUNTY COMMISSIONERS
COLORADO
m F. Garcia, Ch
d glas ademach-r, Pro- em
9"e _
Deputy Clerk : the Board , F' --BY:
ED AS -T
Attorney
Date of signature: //✓a/.9
can P. Conway
EXCUSED
Mike Freeman
EXCUSED
Barbara Kirkmeyer
2013-2450
FI0057
CERTIFICATE OF WELD COUNTY ATTORNEY
CONCERNING ASSIGNMENT OF
PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION
I, the undersigned, hereby certify that I am the County Attorney of Weld County,
Colorado (the "County"), and that:
1. The County is a legally and regularly created, established, organized, and existing
county under the Constitution and laws of the State of Colorado, its full corporate name being
"Weld County, Colorado."
2. The County has been previously notified that, pursuant to Section 24-32-1706 of
the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24,
Colorado Revised Statutes (the "Allocation Act"), it has an allocation of the State ceiling (as
defined in the Allocation Act) for 2013 in the amount of $7,774,135.00 (the "2013 Allocation").
3. Attached hereto as Exhibit A is a true and correct copy of a resolution and the
related minutes thereto (the "Resolution") authorizing the assignment to the City of Fort Collins
Housing Authority (the "Authority") of all or a portion of the 2013 Allocation in an amount
equal to $7,774,135.00 (the "Assigned Allocation"), and authorizing the execution and delivery
of an Assignment of Allocation, dated as of August 28, 2013 (the "Assignment of Allocation"),
between the County and the Authority in connection therewith, which Resolution was duly
adopted by the Board of County Commissioners of the County (the "Board") at a meeting
thereof held on August 28, 2013, at which meeting a quorum was present and acting throughout
and which Resolution has not been revoked, rescinded, repealed, amended or modified and is in
full force and effect on the date hereof.
4. The meeting of the Board at which action has been taken with respect to the
Assignment of Allocation was a regular meeting properly called and open to the public at all
times.
5. With respect to the Assigned Allocation, the County has not heretofore: (a)
issued private activity bonds; (b) assigned the Assigned Allocation to another "issuing
authority," as defined in the Allocation Act; (c) made a mortgage credit certificate election; or
(d) treated the Assigned Allocation as an allocation for a project with a carryforward purpose, as
defined in the Allocation Act.
6. The Assignment of Allocation, attached hereto as Exhibit B, is in the form
presented to and approved by the Board at the meeting thereof held on August 28, 2013.
7. On or before the date hereof, counterparts of the Assignment of Allocation were
officially executed by the Chairman of the Board of County Commissioners and the Clerk to the
Board. On the date of such signing, such persons were the duly sworn, qualified and acting
officers of the County authorized to execute the Assignment of Allocation and holding the
offices of the Chairman of the Board of County Commissioners and Clerk to the Board,
respectively.
M:\ESTHER\MONICA\County Attorney Cat PAB 2013 -City of Fort Collins HA.docx
8. The County has authorized the execution, delivery and due performance of the
Assignment of Allocation, and the execution and delivery of the Assignment of Allocation and
the compliance by the County with the provisions thereof, will not, to the best of my knowledge,
conflict with or constitute on the part of the County a breach of or a default under any existing
Colorado law, County resolution, court or administrative regulation, decree or order or any
agreement or other instrument to which the County is subject or by which it is bound.
9. To the best of my knowledge, there does not exist any action, suit, proceeding or
investigation pending, or threatened against the County, contesting: (a) the corporate existence of
the County, (b) the title of its present officers or any of them to their respective offices,
including, without limitation, the members of the Board, (c) the validity of the Assignment of
Allocation or (d) the power of the County to execute, deliver or perform the Assignment of
Allocation.
10. No referendum petition has been filed concerning the Resolution; and to the best
of my knowledge none is being circulated or planned for circulation.
WITNESS my hand this 28th day of August, 2013.
ruce T. Barker, County Attorney
2
M:\ESTHER\MONICA\County Attorney Cert PAB 2013 -City of Fort Collins HA.docx
EXHIBIT A
RESOLUTION
A-1
EXHIBIT B
ASSIGNMENT OF ALLOCATION
B-1
ASSIGNMENT OF ALLOCATION
(Single Family Mortgage Revenue Bonds)
This Assignment of Allocation (the "Assignment"), dated this 28th day of August,
2013, is between Weld County, Colorado, (the "Assignor") and the City of Fort Collins
Housing Authority (the "Assignee").
WITNESSETH:
WHEREAS, the Assignor and the Assignee are authorized and empowered under
the laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of
providing single-family mortgage loans to low- and moderate -income persons and
families; and
WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"),
restricts the amount of tax-exempt bonds ("Private Activity Bonds") which may be issued
in the State to provide such mortgage loans and for certain other purposes (the "State
Ceiling"); and
WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado
Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado
Revised Statutes (the "Allocation Act"), providing for the allocation of the State Ceiling
among the Assignee and other governmental units in the State, and further providing for
the assignment of allocations from such other governmental units to the Assignee; and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation
Act of the Colorado Revised Statutes, the Assignor has an allocation of the 2013 State
Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to
September 15, the "Allocation"); and
WHEREAS, the Assignor has determined that, in order to increase the availability
of adequate affordable housing for low- and moderate -income persons and families
within Weld County, Colorado, and elsewhere in the State, it is necessary or desirable to
provide for the utilization of all or a portion of the Allocation; and
WHEREAS, the Assignor has determined that the 2013 Allocation, or a portion
thereof, can be utilized most efficiently by assigning it to the Assignee to issue Private
Activity Bonds for the purpose of providing single-family mortgage loans to low- and
moderate -income persons and families ("Revenue Bonds"), and the Assignee has
expressed its willingness to attempt to issue Revenue Bonds with respect to the 2013
Allocation; and
1
M:\ESTHER\MOMCA\Assignment of Allocation PAB 2013 -City of Fort Collins HA.docx
WHEREAS, the Weld County Board of Commissioners of the Assignor has
determined to assign to the Assignee $7,774,135.00 of its 2013 Allocation, and the
Assignee has agreed to accept such assignment, which is to be evidenced by this
Assignment.
NOW, THEREFORE, in consideration of the premises and the mutual promises
hereinafter set forth, the parties hereto agree as follows:
1. The Assignor hereby assigns to the Assignee $7,774,135.00 of its 2013
Allocation, subject to the terms and conditions contained herein. The Assignor represents
that it has received no monetary consideration for said assignment.
2. The Assignee hereby accepts the assignment to it by the Assignor of
$7,774,135.00 of Assignor's 2013 Allocation, subject to the terms and conditions
contained herein. The Assignee agrees to use its best efforts to issue and sell Revenue
Bonds, in one or more series, and to make proceeds of such Revenue Bonds available
from time to time during the period of two (2) years from the date of this Assignment for
the purchase of mortgage loans in at least the aggregate amount of $7,774,135.00 to
finance single-family housing facilities located in the City of Fort Collins, Colorado.
Unless otherwise agreed to in writing, the mortgage loans will be subject to all applicable
current requirements of Assignee's mortgage revenue bond program, including
Assignee's income and purchase price limits.
3. The Assignor hereby consents to the election by the Assignee, if the
Assignee in its discretion so decides, to treat all or any portion of the assignment set forth
herein as an allocation for a project with a carryforward purpose.
4. The Assignor and Assignee each agree that they will take such further
action and adopt such further proceedings as may be required to implement the terms of
this Assignment.
5. Nothing contained in this Assignment shall obligate the Assignee to
finance mortgage loans in any particular amount or at any particular interest rate or to use
any particular percentage of the proceeds of its Revenue Bonds to provide mortgage loans
to finance single-family housing facilities located in the City of Fort Collins, Colorado.
6. This Assignment is effective upon execution and is irrevocable.
2
M:\ESTHER\MONICAIAssignment of Allocation PAB 2013 -City of Fort Collins HA.docx
IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment
on the date first written a -1-rj 4?-
l k,
r WELD CO , C a LORADO
[SEAL]
ATTEST:
By:
Deputy Clerto the Board
[SEAL]
ATTEST:
By:
�' .��/ By:
•eta 's• - )19!
Assistant Secretary
William F. Garcia, Chair,
Weld County Board of Commissioners
CITY OF FORT COLLINS HOUSING
AUTHORITY
NOT EXECLuTTh (SEE Zola -2535)
Executive Director
By:
3
M:\ESTHER\MONICA\Assignment of Allocation PAB 2013 -City of Fort Collins HA.docx
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1715 W. MOUNTAIN AVE. • FORT COLLINS, CO 80521 • PH: 970.416.2910 • FX: 970.221.0821
FCHA
FORT COLLINS
HOUSING AUTHORITY
PROJECT SUMMARY
Villages at Cunningham Corner
Fort Collins, CO
Affordable Housing Acquisition & Rehabilitation
August 20, 2013
The project includes 284 units of affordable rental housing located on the Northeast corner of
Horsetooth Road and Shields Street in the Villages at Cunningham Corner. These properties
were originally built with equity through Low Income Housing Tax Credits (LIHTC) in 1990s and
purchased by FCHA in December, 2012.
Hickory
3425
Fort
Hill
Windmill
Collins,
Village
Drive
CO
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Property Description
• Six Buildings: 2 Story - 92 units
• 4.77 acres - 1 & 2 bedroom
• 100% of units set aside 60% AMI • 20 enclosed garages
- 1992 Construction - 141 parking spaces
Unit
Mix
& Rent Information.
Unit Type
60% AMI
# Units
Sq. Ft
Type
Max
LITHC
Rent
Current
Move In
Rent
Diff
Rent
per Sq
Ft
1 BR / 1BA
14
648
Flats
$874
$749
$125
$1.16
2 BR/ 1BA
56
820
Flats
$1,050
$829
$221
$1.01
2 BR / 2 BA
22
936
Flats
$1,050
$899
$151
$0.96
Total / Avg
92
855
Rose Tree Village
1000 W. Horsetooth
Fort Collins,
Rd
CO
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Property Description
• Seven Buildings:
• 6.15 acres
• 120 units
• 1994 Construction
• 20 covered
2 & 3 Story • 7 units @ 45% AMI
• 19 units @ 50% AMI
• 94 units @ 60% AMI
• 12 enclosed garages
carports • 170 parking spaces
Unit
Mix
& Rent Information
Unit Type
60% AMI
# Units
Sq. Ft
Type
Max
LITHC
Rent
Current
Move In
Rent
Diff
Rent
per Sq
Ft
1 BR / 1BA
20
653
Flats
$875
$749
$125
$1.15
2 BR / 1BA
25
792
Flats
$1,050
$829
$221
$1.05
2 BR / 2 BA
33
938
Flats
$1,050
$899
$151
$0.96
3 BR/ 2 BA
16 '
1078
Flats
$1,212
$1,029
$183
$0.95
50% AMI
2BR / 1BA
19
792
Flats
$875
$749
$125
$0.95
45% AMI
2BR / 1BA
7
792
Flats
$787
$686
$101
$0.87
Total / Avg
120
865
Willow
1025
Grove Village
Cunningham
Fort Collins, CO
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Property
Description
• Nine Buildings: 2 Story - 72 units
• 6.45 acres • 75% set aside 60% AMI
• 1990 Construction • 25% market rate
• 44 Enclosed garages • Six units set aside for persons with
• 98 parking spaces developmental disabilities
Unit
Mix
& Rent
Information
Unit Type
# Units
Sq. Ft
Type
Max
LITHC
Rent
Current
Move In
Rent
Diff
Rent
per Sq
Ft
1 BR / IBA
60% AMI
24
607
Flats
$875
$739
$136
$1.22
2 BR / IBA
60% AMI
18
800
Flats
$1,050
$809
$241
$1.01
2 BR / 1 BA
60% AMI
12
815
Lofts
$1,050
$819
$231
$1.00
2 BR / 2BA
Market Rate
18
930
Lofts
$929
$1.00
Total / Avg
72
828
Population Served
The properties serve a substantial number of households with very low to low income.
AMI — Area Median Income as determined by the U.S. Department of Housing and Urban
Development.
Property
Tax Credit
compliance requirements
Current AMI Mix
Hickory
Hill
100% of
units
o
60%AMI
0
41/
20%
15%
24%
30% AMI
40%AMI
50%AMI
60%AMI
Rose Tree
78% of units
60% AMI
40%
14+- _
24%.
0
8�
'�
[A 30%AMI
40% AMI
45% AMI
«50%AMI
60%AMI
16% of units
50% AMI
6% of units
45% AMI
Willow
Grove
75% of units
60% AMI
24%
35%
2 /o
15/0
5%
1 30% AM
40% AMI
50% AMI
60% AMI
market
*lncludf
I
6 units
*Persons with
developmental
disabilities
Estimated Project Budget
s 6 units
Project Costs
Sources of Financing
Land & Buildings
21,444,000
**Private Activity Bonds
$22,635,352
Rehabilitation
7,699,360
Low Income Housing Tax Credit Equity
$7,560,190
Developer Fee
3,045,517
Deferred Developer Fee
$1,943,786
'Development Costs
2,107,111
Owner Equity
$5,869,847
*20% Contingency
6,859,198
State & City Grants
$3,146,011
Total Estimated Costs
$41,155,186
Total Sources
$41,155,186
'Engineering, architect, insurance, financing, legal fees, studies, compliance, relocation, inspections, reserves
*Construction to begin 2015. Fluctuating interest rates, construction costs, and potential changes in scope of work
may increase costs.
**Bond cap assignment to be requested from Weld County, City of Ft. Collins, Larimer County, State of Colorado,
CHFA.
Esther Gesick
From:
Sent:
To:
Subject:
Monica Mika
Wednesday, August 28, 2013 2:57 PM
Esther Gesick
FW: Weld County Action today
I am so sorry, but we need to redo the Resolution for the PAB. The correct amount and date is below.
Thanks
Monica Daniels -Mika
Director of Finance and Administration
1150 0 Street
Greeley Co 80632
907 336 7204
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for
the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise
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contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited.
From: Watts - DOLA, Ann [mailto:ann.wattsOstate.co.us]
Sent: Wednesday, August 28, 2013 2:51 PM
To: Monica Mika
Cc: Alison OKelly
Subject: Re: Weld County Action today
Monica,
The assignment agreement should be for the $7,774,135 of 2013 PAB Allocation to Weld Co.
Please let me know if you have any other questions!
Thanks -
Ann
Ann E. Watts
PAB Program Manager & Housing Development Sp.
DOLA - Division of Housing
1313 Sherman St., Suite 500
Denver, CO 80203
(303) 866-4652 direct
http://www.colorado.ciovidola/doh
Thank you for sending the documents over. We'd like to request that some of the language in the resolution
and the assignment agreement be changed to correctly reflect our intent for the bond cap. FCHA will not be
issuing bonds for single family mortgages as indicated in the Weld County documents. FCHA intends to issue
bonds for the purpose of financing the acquisition and rehabilitation of qualified affordable rental housing.
Without the language change, we will not be able to utilize the bond cap for our project. Would it be possible
to change the language to accurately reflect our intent? We're working with Jacob Carlton at Ballard Spahr
LLP and I've asked him to review the documents and make corrections as needed. His contact information is
carltonj@ballardspahr.com 801-517-6821.
I'm wondering if a revised resolution will need to be considered by the board of commissioners? If so, let's
discuss timing as the state's deadline is September 15tH
Thank You for your consideration,
Darcy McClure
Project Manager
Fort Collins Housing Authority
1715 W. Mountain Ave
Ft. Collins, CO 80525
970.416.2839 Direct
970.412.2400 Mobile
From: Donna Bechler [mailto:dbechlerL co.weld.co.us]
Sent: Wednesday, September 04, 2013 11:23 AM
To: Darcy McClure
Cc: Monica Mika
Subject: Fort Collins Housing Authority - Private Activity Bond Allocation
Ms. McClure,
I am e -mailing you a copy of the Resolution and Assignment of Allocation that was approved by the Board of Weld
County Commissioners on August 28, 2013. This morning I sent 2 hardcopies of the Assignment of Allocation in the mail,
along with the certified copy of the resolution. We would ask that you return one (1) signed original back to 'our
department after getting the other signatures. You can send it to the address listed below. Let me know if there is
anything else I can help you with.
Sincerely,
Donna Bechler
Deputy Clerk to the Board
1150 O Street
P.O. Box 758
Greeley, Colorado 80632
970-336-7215 Ext 4227
3
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