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HomeMy WebLinkAbout2025 Ordinance No. 040 1 ORDINANCE COUNCIL BILL NO. 43 NO. 40 INTRODUCED BY COUNCIL SERIES OF 2025 MEMBER WARD AN ORDINANCE APPROVING ASSIGNMENT TO THE HOUSING AUTHORITY OF THE CITY OF LITTLETON, COLORADO DBA SOUTH METRO HOUSING OPTIONS OF THE CITY OF ENGLEWOOD, COLORADO’S $2,183,254 2025 PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY BONDS; AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ASSIGNMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH WHEREAS, the City of Englewood, Colorado (the "City") was awarded $2,183,254 for 2025 (the "2025 Allocation") of the bond ceiling for the State of Colorado (the "State") and its issuing authorities pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended (the "Allocation Act"), for use in the issuance of private activity bonds; and WHEREAS, the Allocation Act provides for the assignment of bond allocations between "issuing authorities" (as defined in the Allocation Act) of the State; and WHEREAS, the Housing Authority of the City of Littleton, Colorado DBA South Metro Housing Options (the "Assignee") is authorized to issue housing revenue bonds constituting private activity bonds pursuant to its Charter and the County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29, Colorado Revised Statutes, as amended (the "Act") and the Supplemental Public Securities Act, Part 2, Article 57, Title 11 of the Colorado Revised Stah1tes, as amended, (the "Supplemental Act"); and WHEREAS, the City desires to assign and transfer to the Assignee who has agreed to accept such assignment all of the City's 2025 Allocation, which the City and the Assignee will commit and reserve for the issuance of such private activity bonds; and WHEREAS, it is necessary to evidence such assignment and transfer and the acceptance thereof by the execution and delivery by the City of an Assignment (the "Assignment"), by and between the City and the Assignee; and WHEREAS, such agreements with governmental entities are required to be approved by Ordinance pursuant to Englewood Home Rule Charter Section 79; and WHEREAS, the Assignee proposes to issue its housing revenue bonds pursuant to the Act and the Supplemental Act, to finance a "project" as defined under the Act for development of a 73-unit affordable, multi-family development located at 589 and 439 West Littleton Boulevard called "Starlight" (the "Project"). NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS: Section 1. In order to finance the Project, the City Council of the City of Englewood, Colorado hereby (i) assigns and transfers to the Assignee an amount equal to its 2025 Allocation and (ii) approves, authorizes and directs execution by the City of all documents necessary to Docusign Envelope ID: 625009C9-D2C3-464D-A3C1-4CECA99483A6 2 effectuate this Assignment of Allocation in the form substantially the same as that attached hereto. A copy of the proposed Assignment is on file in the office of the City Clerk and is available for inspection by the public. Section 2. General Provisions Applicable to this Ordinance The following general provisions and findings are applicable to the interpretation and application of this Ordinance: A. Severability. If any clause, sentence, paragraph, or part of this Ordinance or the application thereof to any person or circumstances shall for any reason be adjudged by a court of competent jurisdiction invalid, such judgment shall not affect, impair or invalidate the remainder of this Ordinance or its application to other persons or circumstances. B. Inconsistent Ordinances. All other Ordinances or portions thereof inconsistent or conflicting with this Ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or conflict. C. Effect of repeal or modification. The repeal or modification of any provision of the Code of the City of Englewood by this Ordinance shall not release, extinguish, alter, modify, or change in whole or in part any penalty, forfeiture, or liability, either civil or criminal, which shall have been incurred under such provision, and each provision shall be treated and held as still remaining in force for the purposes of sustaining any and all proper actions, suits, proceedings, and prosecutions for the enforcement of the penalty, forfeiture, or liability, as well as for the purpose of sustaining any judgment, decree, or order which can or may be rendered, entered, or made in such actions, suits, proceedings, or prosecutions. D. Safety Clauses. The City Council hereby finds, determines, and declares that this Ordinance is promulgated under the general police power of the City of Englewood, that it is promulgated for the health, safety, and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. The City Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. This Safety Clause is not intended to affect a Citizen right to challenge this Ordinance through referendum pursuant to City of Englewood Charter 47. E. Publication. Publication of this Ordinance may be in the City’s official newspaper, the City’s official website, or both. Publication shall be effective upon the first publication by either authorized method. F. Actions Authorized to Effectuate this Ordinance. The Mayor is hereby authorized and directed to execute all documents necessary to effectuate the approval authorized by this Ordinance, and the City Clerk is hereby authorized and directed to attest to such execution by the Mayor where necessary. In the absence of the Mayor, the Mayor Pro Tem is hereby authorized to execute the above-referenced documents. The execution of any documents by said officials shall be conclusive evidence of the approval by the City of such documents in accordance with the terms thereof and this Ordinance. City staff is further authorized to take additional actions as may be necessary to implement the provisions of this Ordinance, and has authority to correct formatting and/or typographical errors. Docusign Envelope ID: 625009C9-D2C3-464D-A3C1-4CECA99483A6 3 G. Enforcement. To the extent this ordinance establishes a required or prohibited action punishable by law, unless otherwise specifically provided in Englewood Municipal Code or applicable law, violations shall be subject to the General Penalty provisions contained within EMC § 1-4-1. Introduced and passed on first reading on the 4th day of August, 2025; and on second reading, in identical form to the first reading, on the 18th day of August, 2025. Othoniel Sierra, Mayor ATTEST: _________________________________ Stephanie Carlile, City Clerk I, Stephanie Carlile, City Clerk of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true copy of an Ordinance, introduced and passed in identical form on first and second reading on the dates indicated above; and published two days after each passage on the City’s official website for at least thirty (30) days thereafter. The Ordinance shall become effective thirty (30) days after first publication on the City’s official website. Stephanie Carlile Docusign Envelope ID: 625009C9-D2C3-464D-A3C1-4CECA99483A6