HomeMy WebLinkAbout2005 Resolution No. 076•
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RESOLUT IO N N0.1.JJz.__
SERIES OF 2005
A RESOLUTION AMEN DI NG Tl-IE LANGUAGE OF RESOLUTIO S NO . 47 A"I D NO . 75
SERIES OF 2005 BY CLARJ FY ING Tl-IE USE OF TH E FUNDS AUTHORIZED FOR TH E
PURP OSE OF FUNDING THE RE DEMPTI ON OF FORECLOSED ENGLEWOOD HOUSING
RE I-IABILITAT JO ENTERPRJSE FUND PROPERT IES .
WHEREAS, th e Englewood City Co un cil approved Ordin ance No . B . Se ri es of 1999
ass uming all of the asse ts and li abili ties of the Reh abi litati on Program fr om th e Eng lewood
Housin g Auth orit y; and
WHEREAS , th e Er,glewoo d City Cou nci l approved Ordinance No. 26 , 1999 establishing th e
Housing Reh ab ilit ati on Fun d and Ordinance No . 31, 2003 cre atin g the Ci ty of Eng lewoo d
Housing Re hab ilitati on Enterpri se Fu nd ; and
WHEREAS, the Englewoo d Cit y Co uncil app roved Re so luti on No . 33 , Se rie s of2C 0D and
Re so luti on 77, Serie s of2003 authori zing nn agre ement estab li shin g a lin e of credit with Vec tra
Bank fo r th e co ntinu anc e 0f th e Hou si ng Reh abilitatio n Fund ; and
WI-I E REA , the Engl ewoo d City Co uncil approved Re so luti on No . 47 , Series of 2005
auth ori zi ng an application for a line of cred it with Mile High Housing Fund in th e amount of
$ I ,000,000.00 and Reso lution No . 75 , Series of 2005 , autho ri zi ng a loan with Colonia l Bank fo r
$250,000 .00 which redu ced the au th orized line of credit with Mile Hi gh Hou sing Fund by that
amou nt to suppon the Hou sing Rehabilitation Enterpri se Fund with the redempti on of foreclosed
properties; and
WHEREAS , while the language in Resolut ion s No . 47 an d No . 75, 2005 restric ted the monies
rece ived to be used sole ly fo r the redemp ti on of th e foreclosed propertie s thi s amendm en t would
ex pand th e all owed use of th .: funds to include "assoc iated cos ts " which arc an int egral part of th e
fo reclo sed En gle wood Hous in g Rehabilitation Enterprise Fund propertie s;
NO W, THEREFORE , BE IT RESO LVED BY TH E CITY COUNC IL OF TH E CITY OF
ENG LEWOOD , CO LORA DO , THAT :
Sect ion I. The City Cou ncil of the City of Englewood hereby auth ori zes amending
Reso lut ions No. 47 and :sl o. 75 Series of 2)05 to authorize the loa n fund s to be used for the
purpose of fundin g and reimbursin g the redempti on and th e associated costs of foreclosing
Engl ewood I lousing Rehabili1ation Enterprise Fun d propert ie s.
ADOPTED AND AP PR OVED th is 6'' day of September, 2005 .
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COUNCIL COMMUNICATION
Date : Agenda Item : Subject :
Sept ember 6, 2005 11 C i Reso lution to Am end Prior Res olut io ns Appr oving
l oa ns for th e Housing Rehabilitati on Enterpri e
Fund
Initiated B)': I Staff Source:
Comm unity Developmen t D epartmen t Janet Grimme tt , H ousi ng Finan ce Sp eciil lis t
COUNCIL GOAL AND PREVIOUS COUNC IL ACTION
City Coun cil app roved O rdin ance 23, Se ries 1999 assunring all of th e ass et s and li abilities of th e
Rehabilitation Pro gram from th e En glewood Hous ing Authori ty. Also approve d was Ordinance 26 ,
Series of 1999 es tablishing the H ousing Rehab ilitation Fund an.J Ordinance 3 1, Series of 2003
creating th e City of Englewood H ousi n g Rehabilitation Enterprise Fund.
Council approved Re so lution 33, Se ries of 2000 and Res olution 77, Series o f 2003 auth ori zing an
agre-em ent es t 1blis hin g a lin e of credit w ith Vecl ra Bank for th e continuance of th e Housing
Rehab ilita ti o n ,'un d .
Co un c il approved Resoluti on 4 7, Seri e : of 2005, authorizing an applic _ ,n for a line of c redit wllh
Mile High H ousin g Fund and approved Resolution 75, Series of 2005, au thorizing a loa n with
Colonial Bank .
RECOMMENDED ACTION
ro approve a re so lution amending Resolutions 47 and 75, Series of 2005, 10 au th orize th e loa n
funds 10 be us ed fo r th e purpose of funding and reimbursing th e redemptio n and th e associa ted
cos ts of fo reclosed Englewood Housing Re habili tation Ent ~, ;o ris e Fund propert ies.
BACKGROUND, ANALYS IS, AND ALTERNAT IVES IDENTIF l[D
Coun ci l approved an applica ti o n fo r a lin e of credit with Mile Hi gh H o usin g Fund and a loan w ith
ColoniJ I Bank as Reso luti ons 47 and 75 respecti ve ly l o suppo rt th e Housing Reha b ilitati on
Ent erpri se Fund w ith th e redempti on of foreclosed properti es. Th e language in b oth reso lutions is
res tri cting th e mo ni es rece ive d to b e us ed on ly for th e cu rren t redemption of foreclosed pro p erti es.
The past foreclosure and associa ted cos ts are 1101 in terpreted by th e Ci ty A llo rn ey's O ffi ce and th e
Acco unti ng Departm ent as eli gibl e ex penses und er th e current langu age.
Associa ted cos ts can include, but are 1101 limited 10 , any of th e foll owing typ es o f ex pens es:
Real Estat e Fee s
Evic ti on co sts
Pa ymen t o f delinquen t property taxes
U tility billings (wa ter, sewe r, gas, elec trici ty)
Se curity of th e property (changing o f th e locks, tim ers, etc.)
Stru ctural rehab ilitati on
Pa inti ng
Clea n up
Appraisa l fees
Marke tin g and adve rt ising cos ts
Ou tsi de maint ena nce
Th e associa ted fo recl os ure cos ts are an in teg ral part of th e foreclosure p rocess and n eed to be
in cl uded in the language of th e resolutio ns .
FINANCIAL IM PACT
Ex isting Community D evelopment staff admini sters th e H o using Re habi litati o n Fund. The H o usi ng
Rehabi litati o n Fu nd w ill ass ume all risks associated w ith red em p ti o n an d th e associa ted cos ts .
LIST OF ATTAC HMENTS
Resolution
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