HomeMy WebLinkAbout1984-180-11/20/1984-APPROVING A MULTI-FAMILY RESIDENTIAL HOUSING PROJECT FOR DRAKE LANDING ASSOCIATES, LTD., A COLORADO 4570A
11/08/84
CITY OF FORT COLLINS, COLORADO
RESOLUTION NO. 84-180
A RESOLUTION APPROVING A MULTI-FAMILY
RESIDENTIAL HOUSING PROJECT FOR DRAKE LANDING
ASSOCIATES, LTD. , A COLORADO LIMITED PARTNERSHIP
TO BE FORMED, AS OWNER, MAKING FINDINGS AND
AUTHORIZING THE ISSUANCE OF REVENUE BONDS IN
CONNECTION THEREWITH, AND AUTHORIZING
REPRESENTATIVES OF THE ISSUER TO TAKE ACTION
INCIDENTAL THERETO.
WHEREAS , Drake Landing Developers , a Colorado joint venture,
on behalf of Drake Landing Associates, Ltd. , a Colorado limited
partnership to be formed (the "Company" ) , has requested of the
City of Fort Collins , Colorado (the " Issuer") assistance in
financing the acquisition, construction and installation of a
multi-family residential rental housing project intended to be
occupied by families or persons of low and middle income, to be
owned by the Company and to be located within the boundaries of
the Issuer (the "Project" ) ; and
WHEREAS , Section 103 (b) ( 4) (A) of the Internal Revenue Code ,
as amended (the "Code") provides that interest on fully
registered obligations issued by or on behalf of a state or
political subdivision thereof , of which substantially all of the
proceeds are used to provide projects for residential rental
property shall be exempt from Federal income taxation if, among
other requirements, at least 20 percent of the rental units are
to be occupied by individuals of low or moderate income, within
the meaning of Section 103 (b) (12) (C) of the Code during the
qualified project period set forth in Section 103 (b) (12) (B) of
the Code ; and
WHEREAS, the Issuer desires to encourage the Company to
proceed with the Project in order to further the purposes of the
Colorado County and Municipality Development Revenue Bond Act
(the "Act" ) ; and
WHEREAS, no public official of the Issuer has exercised or
will exercise any discretionary function on behalf of the Issuer
with respect to the financing of the Project, has a personal
financial interest in or will personally and financially benefit
from the financing of the Project or has other conflicts of
interest relating to the financing of the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS , COLORADO , AS FOLLOWS :
Section 1. Approval of the Project ; Findings.
Based upon representat ions-Made "and- -'fnfarmation supplied by
Drake Landing Developers , on behalf of the Company, the Issuer
hereby approves the Project and makes thefollowing findings in
connection therewith:
A. - The Project constitutes a "project" for purposes of the
Act in that_.it, . consists of land, , buildings and necessary real
and personal properties, other---than inventories,....raw ,materials
and other working_ capital , -suitable or to be used for or in
connection with"a 'multi='family residential housing facility.
B. The Project will promote the public purposes of the Act
and the public health, welfare, safety, convenience and
prosperity of the inhabitants of Colorado by providing more
adequate residential housing facilities for low and middle
income families or persons at rentals they can afford through
the inducement o,f`. the Company to locate its residential rental
property within the boundaries of the Issuer'.
C. The Project is intended to be occupied by low and
middle income families or persons as determined by the Issuer to
lack the financial ability to pay rentals sufficient to induce
private enterprise to build a sufficient supply of adequate,
safe, and sanitary dwellings within the boundaries of the Issuer
and at least 20 percent of the units in the Project are to be
occupied by individuals of low or moderate income within the
meaning of Section 103 (b) (12) (C) of the Code during the
qualified project period set forth in Section- 103 (b) (12) (B) of
the Code.
Section 2. Authorization of Bond Financing .
The Project is -hereby approved . The Issuer will issue its
Multi-Family -'T4biising 'Revenue Bonds up to a maximum aggregate
principal amount of $6, 500, 000 to finance the Project, such
Bonds (a) to be issued in compliance with the Act , (b) to be
subject to 1,such - terms 'and°' conditions as the, Company and the
Issuer , by ordinance, shall approve , including contractual
arrangement`s proyiding assurance -satisfactory-to the`-Issuer that
the dwelling units in the Project will be occupied at all times
by persons of low and middle income as determined by the City
Council of the Issuer and , that at least 20 percent of the units
in the Project will be occupied by individuals of low or
moderate income within the meaning of Section 103 (b) (12) (C) of
the Code at all times during the qualified project period set
forth in Section 103 (b) (12) (B) of the Coder and `(c)' ` not to
pledge the faith and credit or taxing powers of the Issuer, but
to be payable solely from the revenues of the Issuer , derived
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from payments to be made by the Company in respect of the
financing of the Project.
Section 3. Authorization of Issuer Representatives to
Take Aeon 1n Connection Herewith.
The Mayor , Director of Finance and the City Clerk of the
Issuer are hereby authorized and directed to take all action
necessary to accomplish the purposes of this resolution,
including the negotiation of agreements in connection with the
financing of the Project.
Section 4. Effective Date.
This resolution shall take effect immediately upon its
adoption.
INTRODUCED, READ, APPROVED AND ADOPTED this 20th day of
November , 1984.
(SEAL) CITY OF FORT COLLINS, COLORADO
ATTEST: By:
Mayor
Z
City Clerk
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