HomeMy WebLinkAbout2005 Resolution No. 073•
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RESO LUT ION NO.]_;}_
SERIES OF 2005
CONTRACT. NO, J ?-J.oo r
A RESOLl ITIO .~ AUT liOIU ZING ASS IGNMENT TO THE COLORADO HO US ING AND
FINAN CE AUTHO RITY OF A PRIVATE ACT IVITY BO ND ALI JCATION OF THE CIT Y
OF ENG !.C WOOD, ARAPA HOE COUN TY , COLORA DO PURSUANT TO THE
CO LOR \DO PR IVATE ACTIVITY BOND CE IL ING ALLOCAT ION AC T.
WHERE AS, th e Cit y of Eng lewood, Co lorado is auth ori ze d and empowe red under the laws of
th e St ate of Colora do to issu e revenu e bonds for the purpose of providi ng siH gle-family mongage
loans to lo w and moderate income persons and families ; and
WHEREAS, th e lnte, ~ial Revenue Co de of 1986, as amend ed, restric ts ,he amount of tax-
exempt bonds whi ch ma_1 be issue d in the State to pro vid e suc h mortgage loa ns an d fo r certa in
other purposes; and
WHEREAS, pursuant to the Code, the Colorado Legislature adopted the Co lorado Private
Acti v1•·, Bond Ceiling All ocati on Act, Part 17 of Artic le 24 , Co lorado Revi sed Statutes (th e
;,IJ arion Act"J, pro vid ing for the allocation of the State Ce ilin g amo ng th e Co lorado Hous in g
a-1<1 ! ,11<1 ce Authority ("Authority ") and other gove rnm ental units in the State , and funh er
pr vi i:i g for the as signment of such all oca ti ons from such other gove rnm en tal units to th e
Auth ority ; an d
WHEREAS , pursuant to an allocation und er Se cti on 24-32-1706 of th e All ocation Act, the
Cit y of Englewood, Colorado has an all ocation of the 2004 Suite Ceiling for th e issuanc~ ofa
specifi ed prin cip al amo unt of Private Ac ti vity Bond s pri or to September 15 , 2005 (t he "2 005
All oca ti on"); and
WHEREAS , the City of Engl ewood , Col oradc , has determined that the 2005 All oca tion , or a
pot1i on th ere of, can be utili ze d most efficiently by assignin g it to the Au th ority to iss ue Priv ate
Activity Bonds for the purpose of pro vi ding si ngl e-family mortgage loans to low and moderate
in co me perso ns and families ; whi ch assignment is to be evidenced by an Ass ignment of
All oca ti on between the City of Engle wood ancl the Authorit y;
NOW , THEREFORE, BE IT RESOLVED BY THE CITY COUNC IL OF TH E CITY OF
ENGLEWOO D. COLORADO, THAT :
Sec ti on I . Th e assignme nt to th,: Au th orit ) for S 1,296,40 0.00 of the City pf Engl ewood,
Co lora do's 2005 Allocation shall te and hereby is approved .
Sec ti on 2. The form an d sub stance of th e Ass ignm en t of All oca ti on arc approve d; provided,
howeve r, tha t th e Engl ewoo d City Counci l is auth ori zed to make such techni ca l variati ons,
add iti ons or deleti ons in or to such Ass ignment of Allocatio n as th ey shall dct.:m necessary or
appropriate and n0t inc onsistent wit h th e approval thereof by thi s Reso luti on .
Sec tion 3. The Ma yo r and the City Clerk for the Ci ty of Eng lewood, Colorado are authori zed
10 e,ecute and deliver th e Assignment of All ocatio n on behalf of the City of Eng le wood and 10
tak e such other steps or ac tions as may be nec essary . uuc ful or convenien t to effe ct the a1 ,. esc1i d
ass ignment in accordance with the intent of thi s H.c s1•J1H ·t-:i .
Section 4. If any sec tion , paragrPr,h, clau se or ~rn ·.'1sion of this Reso lution sl..:.11 for any re ason
be held to be invalid or unenforceabl r, the invalid ity or unenforceab ility of such sec uon
paragraph , clause , or prov ision shall not affect any of th e re maining provisions of this Resolution .
Section 5. This Resoluti on shall be in full fo rce ,··J ~ffect upon it s passai;c :i 1J -11pr0\ al or as
otherwise required by the Englewood Home Rule Chon,:.
AIYJPTED AND APPRO\ _ J ti,is 15th day of August , 2005 .
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l, Loucri shia A. Ellis , City Clerk for the City ofEnglewo d, olo do , h_ ereby c•enify• ~
above is a lJlle copy of Resolution No.12_, Series of 2005 . h
shia A. Ellis , City Clerk
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COUNCIL COMMUNICATION
Date : i Age nd a It em : I Subject :
,--A_u_g_us_t_l_S_, _2o_o_s_~ ___ 1_1_c_i --~-.-2005 Privare Ac ti vity Bon d Cap All oca ti on
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Staff Source: Initi ated By:
Co mmunity D eve lopmen t D epa rtm ent Mark Graham, Se ni or Planne r
COUNC IL GOAL AND PREVIOUS COUNCIL CTION
• Council estab:i sh ed goa ls fo r enh an cing hous in g option s including ho me ownership in
Eng lewood.
• Coun c il discussed a Metro Mayors Cau cus request fo r Englewood PAB in March 2005.
Council decline d to all ocate 2005 PAB , but agreed to pa rti cipa te in th ei r Sin gle-Family
H ome Mortgage p rog ram .
RECOMMENDED ACTION
Staff reco mmends th at Counci l adopt th e Reso lution auth ori zing ass ignment of Englewood's 2005
Pri va te Activity Bond (PA B) Cap All oca ti on to th e Col,,rado H o using and Fi nance Authority (CHFA)
for ho me ownership programs .
BACKGROUND, ANA lYSI S, AND ALTERNAfl VCS IDENTIF IED
The Sta te of Colorado all oca tes Pr iva te Ac ti vi ty Bond (PA B) Cap to jurisdicti ons eligible to re ce ive
m ore than o ne milli on dollars of PAB . En glewood wa s all oca ted $1,296,400 for 2005. En glewood
became an entitl ement co mmunity fo r an all ocation fo r th e first tim e in 2002. Pri or to th at, Eng le-
wood wa s eli gibl e to apply to th e st ate for PAB .
In 2002, 2003 and 2004, Engle wood assi gn ed its PAB to th e Colorado H o using Finance Aut hori ty
fo r home own ership programs. Fo r many yea : p ri-J r to th at, f ngl ewood appli ed to th e Stat e to
assig n its sha re of PAB to the Metro Mayors Caucus m ortga ge bond prognm administered b y th e
Ci ty of D enve r.
Th e City typi ca ll y does n ot ass ign th e PAB until cl ose to th e Stat e's Se ptember 15 dead lin e so th at
th e PAB may b e avai lable for an eligibl e local projec t. No local PAB eli gible projec ts have be en
proposed in 2005.
FINANCIAL IMP ACT
The Reso luti on assigns Englewood's entire 2005 PA B, $1,2 96,400, to CHFA for H o m e Ownership
programs . If Coun cil takes no ac ti on, th e PAB reve rts to th e Colorado D epa rtm ent of Loca l Affairs
fo r assignme nt to eli gibl e state agencies.
LIST OF ATTACHMENTS
• Certifi cation Lett er
Reso luti on
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STATE OF COLORADO
DEPARTMENT OF LOCAL AFFAIRS
131] Sherman Slreet. Suite S2 1
Oe nve,, Colora do 80203
Phone : (303 ) 866-2 77 1
FAX : 1303 ) 866 -4819
TOD : IJOJ l 866-5100
Dec ember 23, 2004
Frank Gryglewicz
Cily of Englewood
1000 Englewood Pkwy
Englewood, CO 80110
Dear Mr . Gryglewicz :
City of Englewood -$1,296,400
I hereb y certify that the above amount will be allocated to the res pective loca l
gove rnm ent for the purpose of issuing Pri vate Activity Bonds in 2005 und er tl1e
state ceiling imp osed by th e Tax Refonn Act of 1987 .
cc : Danie l Bro tzman
Miche,L.B,.:.•'ty
r-,,..cu1Nel>i'!'001