HomeMy WebLinkAboutRESOLUTION 67-24RESOLUTION 67-24
A RESOLUTION TO COMMIT VACATION HOME WORKFORCE HOUSING REGULATORY
LINKAGE FEE REVENUE COLLECTED THROUGH 2029 TO THE ESTES PARK HOUSING
AUTHORITY TO FACILITATE THE PURCHASE OF THE FALL RIVER VILLAGE
DEVELOPMENT FOR WORKFORCE HOUSING
WHEREAS, the Board of Directors of the Estes Park Housing Authority has requested
the commitment of vacation home workforce housing regulatory linkage fee ("linkage fee")
revenue for the financing and acquisition of the Fall River Village development to repurpose the
units for workforce housing; and
WHEREAS, since established in 2022, the linkage fee has generated approximately
$1.48 million in revenue for workforce housing, none of which has yet been spent; and
WHEREAS, the Board of Trustees of the Town of Estes Park intends these funds to be
transferred to the Estes Park Housing Authority to carry out the funds' intended purpose; and
WHEREAS, workforce housing is a critical community need, as identified in the 2023
Housing Needs Assessment and Strategic Plan; and
WHEREAS, the commitment of linkage fee revenues, both as accrued to date and to be
accrued through 2029, is essential for the purchase.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF ESTES PARK, COLORADO:
The Board of Trustees directs that the Town transfer to the Estes Park Housing Authority
both (i) the balance of revenue received to date from the linkage fee, constituting approximately
$1,480,000, as well as (ii) the future revenue collected from the linkage fee through 2029. The
Town Administrator or designee is authorized to transfer these funds to the Housing Authority,
conditioned on the Housing Authority using them only for the purchase of the Fall River Village
development for workforce housing, and the Town's approval of any necessary contracts to
facilitate the purchase. The Board requires that the Housing Authority promptly return any
transferred funds should the purchase not occur.
DATED this 13th day of AUGUST, 2024.
TOWN OF EST^S PARK^
Mayor
TO\A^\ Clerk
AP^APPROVED AS TO FORM:
"own Attorney