HomeMy Public PortalAboutResolution 2009-10-03 Approving an Amendment to the Plant Investment Fee Deferral AgreementA RESOLUTION APPROVING AN AMENDMENT TO THE PLANT INVESTMENT FEE
DEFERRAL AGREEMENT
THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FRASER, COLORADO THAT:
1. The Town Board of Fraser, Colorado hereby approves the attached Agreement for
Reinstatement and Amendment of Plant Investment Fee Deferral Agreement and
authorizes the Manager to execute the Memorandum of Understanding.
DULY MOVED, SECONDED AND ADOPTED THIS 7th DAY OF OCTOBER, 2009.
ATTEST:
(A_ 6--y_A
Lu Berger, Town Clerk
TOWN OF FRASER
RESOLUTION NO. 2009-10-03
TOWN OF FRASER
Fran Cook, Mayor
AGREEMENT FOR REINSTATEMENT AND AMENDMENT OF
PLANT INVESTMENT FEE DEFERRAL AGREEMENT
THIS AGREEMENT is made effective OC4bb.L& 2009, between
COLORADO HOUSING AND FINANCE AUTHORITY, a body corporate and political subdivision
of the State of Colorado "CHFA and the TOWN OF FRASER, COLORADO "Fraser
Recitals
A. Fraser and the Grand County Housing Authority executed a Plant Investment Fee Deferral
Agreement, dated June 22, 2001, as recorded at Reception No. 2001 006680 of the records in
the office of the Clerk and Recorder of Grand County, Colorado (the "Deferral Agreement
B. Said Deferral Agreement provided for the deferred payment of certain Plant Investment Fees
for water taps provided to the real property located in Fraser, Colorado, described as Fox Run
Apartments, according to the Plat recorded at Grand County Reception No. 2001- 000959.
C. On August 19, 2009, Fraser declared a default under said Deferral Agreement, due to the
failure of the property owner to make the annual payments required by the terms of the said
Deferral Agreement, and a result, the entire unpaid amount of the deferred plant investment
fees, in the amount of $74,200, was declared to be immediately due and payable.
D. CHFA has acquired ownership of said real property through foreclosure proceedings and has
succeeded to all right, title and interest of the Grand County Housing Authority pursuant to
the Deferral Agreement.
E. CHFA has requested reinstatement of the Deferral Agreement, with the modifications
provided herein, and has agreed to pay the amounts previously becoming due under the
Deferral Agreement.
F. Fraser has agreed to such reinstatement and modification of the Deferral Agreement, as set
forth in this Agreement.
RECEPTION 2009010502, 11/06/2009 at
01:32:09 PM,
1 OF 3, R $16.00 Additional Names Fee:
Doc Code:AGR
Sara L. Rosene, Grand County Clerk,
n1nradn
Agreement
IN CONSIDERATION of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Concurrent with the execution of this Agreement, CHFA has paid to Fraser the sum of
$21,200, representing the annual payments due under the Deferral Agreement for the years
2008 and 2009.
2. Fraser and CHFA agree to reinstate the Deferral Agreement, subject to the modification set
forth below, for purposes of payment of the balance of the deferred plant investment fees, in
the amount of $53,000.00. The next annual payment of $10,600 pursuant to Section 2(b) of
the Deferral Agreement shall be due on or before June 1, 2010, and annual payments in the
same amount shall be due on the same day in the years 2011, 2012, 2013 and 2014.
3. Fraser and CHFA agree to modify Section 5 of the Deferral Agreement, by amending said
Section to read as follows:
Colorado Housing and Finance Authority (CHFA), as the current owner of the
Project, agrees for itself and its successors and assigns that, in consideration for
Fraser agreeing to defer a portion of the Plant Investment Fee payment, not less than
53 units in the Project shall remain available as Affordable Housing for the duration
of this Deferral Agreement. Units in the Project shall be considered Affordable
Housing for this purpose so long as the units are rent restricted and occupied by
individuals or families whose income is sixty percent (60 or less of area median
gross income, according to CHFA guidelines.
4. All other provisions of the Deferral Agreement shall remain unchanged and in full force and
effect. CHFA assumes and agrees to be bound by the terms and conditions of the Deferral
Agreement, as modified herein.
5. This Agreement may be executed in one or more counterparts, each of which will be deemed
to be an original, and all such counterparts taken together will constitute one and the same
instrument.
EXECUTED as of the date first set forth above.
STATE OF COLORADO
COUNTY OF
The foregoing instrument was acknowledged before me this 23` day of Sep y. L s'
2009, by Charles L. Borgman as General Counsel of COLORADO SING
AND FINANCE AUTHORITY, a body corporate and political subdivision of the State of Colorado.
Witness my hand and official seal.
My commission expires: zfl& i 2L} Z.0 t
i
ss:
My Commission Expires June 24, 2010 2
COLORADO HOUSING AND FINANCE
AUTHORI a body corporate and political
subdivisi o he tate of C• irado.
BY:
TITLE: Chart es T,. Borgman, General Counsel
Notary Public
STATE OF COLORADO
COUNTY OF GRAND
ss
FRASER:
TOWN OF FRASER, a municipal corporation of the
State of Colorado
Fran Cook, Mayor
The foregoing instrument was acknowledged before me this day of
O C i. Jp.eA 2009, by Fran Cook as Mayor of the Town of Fraser, a municipal corporation of
the State of Colorado.
Witness my hand and official seal.
My commission expires: 6-1 `4 la
CA- i-
NOTAP"' PUBLIC Notary Public COLORADO
STATE Q!F