HomeMy WebLinkAboutRESOLUTION Housing Authority 4-95RESOLUTION NO. 4--95
RESOLUTION OF THE BOARD OF DIRECTORS
OF
THE ESTES PARK HOUSING AUTHORITY
(Lone Tree Village)
The undersigned, as secretary of The Estes Park Housing Authority (the "Authority"),
hereby certifies that the Directors of the Authority adopted the following resolutions at a duly
constituted meeting held on October 24, 1995,
WHEREAS, the Authority has acquired and been involved in the development of certain
real property in the Town of Estes Park for an affordable housing development known as
Lone Tree Village (the "Property");
WHEREAS, the Authority desires to cause the formation of a limited partnership to
acquire, own, construct and operate the Property;
WHEREAS, the Authority desires to facilitate the development, financing and operation
of the Property in order to provide affordable housing to the residents of Estes Park;
NOW, THEREFORE, BE IT RESOLVED that the Authority shall be, and is hereby
authorized, to take the following actions in connection with the acquisition, development
and financing of the Property:
(i) to cause the formation of a corporation under the Colorado Business
Corporation Act, to be named Lone Tree Village Development, Inc., or such other name
as may be selected by the officers of the Authority (the "Corporation") which shall serve
as the general partner of a limited partnership to be formed to own and operate the
Property;
(ii) to purchase shares in and take such other actions with respect to the
Corporation as may be determined appropriate by the officers of the Authority in
connection with the acquisition, development, financing and operation of the Property,
(iii) jointly with the Corporation, to form a limited partnership under Colorado
law, to be known as Lone Tree Village, Limited Partnership, or such other name as may
be selected by the officers of the Authority (the "Partnership"), and to become a limited
partner in the Partnership pending admission of an investor limited partner;
(iv) to sell, convey and transfer the Property to the Partnership in consideration
for the assumption by the Partnership of all indebtedness, expenses and other obligations
incurred by the Authority in connection with the acquisition, development and financing
of the Property;
(v) as may be determined to be appropriate by the officers of the Authority,
to receive the proceeds of loans or grants made in connection with the Property (including
without limitation funds from the State of Colorado under the HOME Program, and funds
from the Federal Home Loan Bank's Affordable Housing Program) and to loan or
advance such funds to the Partnership for use in connection with the acquisition and
development of the Property; and
(vi) to enter into a Development Services Agreement with the Partnership,
under which the Authority will provide certain services in connection with the
development of the Property, in consideration for a development fee not to exceed ten
percent (10%) of the total development cost.
FURTHER RESOLVED that the Authority may and is hereby authorized to execute all
certificates, documents or other instruments, reasonably required in connection with the
actions set forth above, and that the Chairman, President or any Vice President, Executive
Director, Secretary, Treasurer or Director, or any one of them acting alone be, and each
of them hereby is, authorized to execute, affix the Authority seal, if desired, acknowledge,
if required, and deliver on behalf of the Authority or the Partnership any and all other
documents, agreements, instruments and certificates as such persons in their sole and
absolute discretion may deem appropriate or helpful in connection with the transactions
described above, containing such terms and provisions as the officers executing the same
consider appropriate in their sole and absolute discretion, and to do such other acts and
things as may be appropriate or helpful and consistent with carrying out the intent and
purposes of this and the foregoing resolutions, the execution and delivery of any of the
foregoing documents; the doing of any act or thing being conclusive evidence as to the
appropriateness thereof and of the authority of the officer executing or doing the same to
so execute and deliver any such document and do any such act and thing.
Certified this 75/ =day of October, 1995.
Secretary