Resolution 2015-17 - Laserfiche WebLink

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income limits do not exceed those listed for Boulder County in the Colorado Housing and Finance Authority's ( "CHFA ") Income and Rent Tables, as amended, for tenants earning at or below 60% of the Area Median Income ( "AMI "), as adjusted for family size and number of bedrooms. Within such 80 %, no less than sixty (60) of the affordable units shall be age- restricted for occupancy by persons fifty -five years of age or older, to the extent permitted by and developed in accordance with the exemption in the Fair Housing Act that concerns housing for older persons and associated HUD regulations at 24 C.F.R. § 100.300 et seq. Each affordable unit shall be maintained as such for a period of not less than 40 consecutive years from the date of initial occupancy of the unit. 2. Building Permit Fee Rebates. Within 30 days of payment to the City by Owner for building related permit fees for the Project required under Louisville Municipal Code, section 15.04.050 and section 108.2 of the International Building Code as adopted by the City, the City shall rebate to BCHA 100% of such fees. BCHA shall apply the rebates as provided in Section 6 of this Agreement. Rebates under this Section 2 will not be provided for units that are not affordable units as described in Section 1. 3. Impact Fee Rebates. Within 30 days of payment to the City by Owner of the following impact fee amounts, the City shall rebate such fee amounts to BCHA: (i) $62,762 with respect the Parks and Trails Impact Fee payable by the Owner as required under Louisville Municipal Code, Chapter 3.18; (ii) $35,604 with respect to the Municipal Facilities Impact Fee payable by the Owner as required under Louisville Municipal Code, Chapter 3.18; and (iii) $30,015 with respect to the Transportation Impact Fee payable by the Owner as required under Louisville Municipal Code, Chapter 3.18 (collectively, the "Impact Fees "). BCHA shall apply the rebates as provided in Section 6 of this Agreement. Rebates under this Section 3 will not be provided for units that are not affordable units as described in Section 1. 4. Direct Financial Contribution. City shall make a direct financial contribution of $486,121 to BCHA, and BCHA shall use this contribution to provide subordinate financing to the Owner for the Project as provided in Section 6 of this Agreement. The City Manager shall cause the City Finance Department to include $486,121 for the Project as a line item in an annual budget request to City Council no later than the Fiscal Year 2018 budget so that City Council may consider appropriating that amount. If City Council in its discretion makes such appropriation, payment will be made by January 31 of the fiscal year for which the appropriation was made. 5. No Interest; Inspection and Disclosure of Records. No interest shall be paid on any amounts to be rebated or paid under this Agreement. Each party and its agents shall have the right to inspect and audit the applicable records of the other party to verify the amount of any payment under this 2