HomeMy WebLinkAboutResolution 09 - 2022 PAB Assignment - Metro West Housing Solutions4838-6624-3233.2
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 09
Series of 2022
TITLE: A RESOLUTION APPROVING THE ASSIGNMENT TO THE
HOUSING AUTHORITY OF THE CITY OF LAKEWOOD,
COLORADO, D/B/A METRO WEST HOUSING SOLUTIONS,
OF $1,789,050 OF THE CITY OF WHEAT RIDGE,
COLORADO’S 2022 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 Wheat Ridge, Colorado (the “City”) has been awarded on
January 1, 2022, $1,789,050 (the “2022 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 Lakewood, Colorado d/b/a Metro
West Housing Solutions (the “Assignee”) is authorized to issue housing revenue bonds
constituting private activity bonds pursuant to the Housing Authorities Law, Part 2 of Article 4
of 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 Statutes, as amended, (the
“Supplemental Act”); and
WHEREAS, the City desires to assign and transfer to the Assignee all of the City’s 2022
Allocation, which the City and the Assignee will commit and reserve for the issuance of such
private activity bonds; and
WHEREAS, the City and the Assignee intend that the 2022 Allocation be utilized for a
multifamily project located at 9235-9355 W. 48th Avenue, Wheat Ridge, Colorado known as the
Caesar Square Apartments (or such other name as designated by the Jefferson County Housing
Authority or CSA LIHTC, LLC, who will be the borrower for the private activity bond
transaction) (the “Project”); 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, dated as of March 28, 2022
(the “Assignment”), by and between the City and the Assignee; and
WHEREAS, the Assignee proposes to issue its housing revenue bonds pursuant to the
Act and the Supplemental Act, to finance “projects” under the Act (the “Project”).
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
WHEAT RIDGE, COLORADO THAT:
Section 1. In order to finance the Project, the City hereby (i) assigns and transfers to
the Assignee an amount equal to the 2022 Allocation and (ii) approves, and authorizes and
directs the Mayor or City Manager of the City, or in the absence of the Mayor or the City
Manager, any other council member of the City Council (the “City Council”), to execute and
deliver and the City Clerk to attest and deliver, the Assignment in substantially the form
presented to the City Council, with such changes, not inconsistent herewith, as are approved by
the person executing the Assignment (whose execution thereof shall constitute conclusive
evidence of such approval). 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. The Mayor or the City Manager of the City or any other member of the
City Council and all appropriate City officers are hereby authorized and directed to execute and
deliver and the City Clerk is hereby authorized and directed to attest and deliver such other
agreements and certificates and to take such other actions as may be necessary or convenient to
carry out and give effect to the Assignment and this Resolution.
Section 3. All actions not inconsistent with the provisions of this Resolution
heretofore taken by the City Council and the officers of the City directed toward the assignment
of the 2022 Allocation and the authorization of the Assignment hereby are ratified, approved,
and confirmed.
Section 4. Nothing contained in this Resolution or the Assignment shall constitute a
debt, indebtedness or multiple-fiscal year direct or indirect debt or other financial obligation of
the City within the meaning of the Constitution or statutes of the State or the home rule charter of
any political subdivision thereof, nor give rise to a pecuniary liability of the City or a charge
against its general credit or taxing powers.
Section 5. If any section, paragraph, clause or provision of this Resolution shall for
any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Resolution.
Section 6. This Resolution shall be in full force and effect upon its passage and
approval.
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INTRODUCED, READ, PASSED AND ADOPTED this 28th day of March 2022.
CITY OF WHEAT RIDGE, COLORADO
Bud Starker, Mayor
[SEAL]
ATTEST:
Steve Kirkpatrick, City Clerk