HomeMy WebLinkAbout1303 - AUTHORIZING THE CITY OF BOULDER, COLORADO TO EXECUTE A PUBLIC APPROVAL CERTIFICATE RELATING TO THE ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF BOULDER, COLORADO, D/B/A BOULDER HOUSING PARTNERS, A BODY CORPORATE AND POLITIC OF THE STARESOLUTION 1303
A RESOLUTION AUTHORIZING THE CITY OF BOULDER, COLORADO TO
EXECUTE A PUBLIC APPROVAL CERTIFICATE RELATING TO THE
ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF
BOULDER, COLORADO, D/B/A BOULDER HOUSING PARTNERS, A BODY
CORPORATE AND POLITIC OF THE STATE OF COLORADO FOR THE
PURPOSE OF FINANCING THE TANTRA LAKE APARTMENTS PROJECT.
WHEREAS, the Housing Authority of the City of Boulder, Colorado, d/b/a Boulder
Housing Partners (the “Authority”), a body corporate and politic of the State of Colorado, intends
to issue its Multifamily Housing Revenue Bonds (Tantra Lake Apartments, LLLP Project), in one
or more series (the “Bonds”), in a principal amount not to exceed $44,000,000 for the following
plan of finance: (a) fund the acquisition, construction, improvement, rehabilitation, equipping and
placing in service of an approximately 185-unit multifamily housing project located at 1000 W.
Moorhead Circle, in Boulder, CO 80305 known or to be known as Tantra Lake Apartments, or
such other name as designated by the Borrower (“Tantra Lake Apartments”); (b) fund a reserve or
capitalized interest fund, if any; and (c) pay certain costs of issuing the Bonds (collectively, the
“Project”); and
WHEREAS, Tantra Lake Apartments will be owned, operated and principally used by
Tantra Lake Apartments, LLLP, a Colorado limited liability limited partnership (or any other
affiliate or subsidiary created by the Authority and referred to herein as the “Borrower”) and will
consist of the real property, improvements and equipment described above, which are all located
within the City of Boulder, Colorado (the “City”) and include the following addresses: 880 West
Moorhead Circle, 900 West Moorhead Circle, 909 West Moorhead Circle, 930 West Moorhead
Circle, 939 West Moorhead Circle, 979 West Moorhead Circle, 990 West Moorhead Circle, 999
West Moorhead Circle, 807 East Moorhead Circle, 817 East Moorhead Circle, 847 East Moorhead
Circle, 877 East Moorhead Circle, 897 East Moorhead Circle, 903 East Moorhead Circle, 933 East
Moorhead Circle, and 993 East Moorhead Circle, and will benefit the citizens of the City; and
WHEREAS, in connection with the adoption of this Resolution, the Authority provided to
the City Council a Report on Public Hearing, dated February 23, 2022 (attached hereto as
Exhibit A) (the “Report on Public Hearing”), setting forth the details of the Authority’s compliance
with the public notice and approval requirements of Section 147(f) of the Internal Revenue Code,
as amended (the “Code”), required in connection with the issuance of the Bonds; and
WHEREAS, based on its review of the Report on Public Hearing, the City Council desires
to authorize the execution and delivery of a Public Approval Certificate as required under the Code
in accordance with the terms set forth herein;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER, COLORADO, THAT:
Section 1. To satisfy certain conditions required by the Code for the issuance of the
Bonds by the Authority to finance the Project, the City Council of the City of Boulder, Colorado
(the “City Council”), hereby ratifies, acknowledges and approves the holding of the public hearing
for the Bonds and the Project as described in the Report on Public Hearing and declares its intent
to execute and deliver that certain Public Approval Certificate attached hereto as Exhibit B (the
“Public Approval Certificate”). The Mayor of the City is authorized to enter into, execute and
deliver documentation necessary to implement this Resolution, including but not limited to the
Public Approval Certificate. In connection therewith, the Public Approval Certificate is hereby
approved, including any such changes, modifications, additions and deletions therein as shall
seem, to the Mayor of the City executing such document, necessary, desirable or appropriate.
Section 2. The City Council hereby finds, determines, recites and declares that neither
the issuance of the Bonds by the Authority nor the execution and delivery of the Public Approval
Certificate shall constitute any multiple-fiscal year direct or indirect debt or other financial
obligation whatsoever of the City, the State of Colorado (the “State”) or any political subdivision
of the State within the meaning of any provision or limitation of the State Constitution or statutes,
and the Bonds shall not constitute or give rise to a pecuniary liability of the City or a charge against
the City’s general credit or taxing powers, or ever be deemed to be an obligation or agreement of
any City Council member, officer, director, agent or employee of the City in such person’s
individual capacity, and none of such persons shall be subject to any personal liability by reason
of the issuance of the Bonds.
Section 3. As the highest elected legislative body of the City, the City Council hereby
ratifies, acknowledges and approves the plan of finance, the issuance of the Bonds in the principal
amount of not to exceed $44,000,000 and the financing of the Project on behalf of the Borrower.
Section 4. The City Council hereby finds, determines, recites and declares the City’s
intent that this Resolution constitute an official indication of the present intention of the City to
take the actions described herein.
Section 5. All actions not inconsistent with the provisions of this Resolution heretofore
taken by the City Council or any officer or employee of the City in furtherance of this delegation
and the execution and delivery of the Public Approval Certificate are hereby ratified, approved
and confirmed.
Section 6. All prior acts, orders or resolutions, or parts thereof, of the City in conflict
with this Resolution are hereby repealed, except that this repealer shall not be construed to revive
an act, order or resolution, or part thereof, heretofore repealed.
Section 7. If any section, paragraph, clause or provision of this Resolution shall be
adjudged to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses
or provisions of this Resolution.
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Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
ADOPTED this March 1, 2022.
By
Mayor of the City of Boulder, Colorado
Attest:
By
City Clerk