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REC. AL COURT/R~AL PLACE INTERGOVERNMENTAL <br /> <br />This Regal Court/Regal Place Intergovernmental Agreement is <br />made among the City of Louisville (~City"), the County of Boulder <br />("County"), the Housing Authority of Boulder County ("County <br />Housing"), and the Housing Authority of the City of Louisville <br /> ("City Housing") (collectively the "Parties") to be effective as <br />of March , 1998. <br /> <br />Section-29-1-201, et. seq., C.R.S., enables the parties to <br />enter into Intergovernmental Agreements to provide any <br />function, service, or facility lawfully authorized to each <br />of the cooperating or contracting units, including the <br />sharing of costs, if such cooperation or contracts are <br />authorized by each of the parties. <br /> <br />County Housing entered into a Residential Contract to Buy <br />and Sell Real Estate dated October 24, 1997 with Ray Shelton <br />and Shirley K. Shelton, as Sellers, which was amended by the <br />Agreement to Amend Contract dated October 24, 1997 (the <br />"Purchase Agreement"). The Purchase Agreement provides for <br />County Housing to purchase Lots 1-12 Louisville North Filing <br />No. 6, City of Louisville, which includes 40 units in 12 <br />separate buildings, co,,~nly known as Regal Place and 'Regal <br />Court. The property which is subject to the Purchase <br />Agreement is referred to herein as ~Regal Place/Court", and <br />is legally described on ~, attached hereto and by <br />this reference made a part of this Agreement. <br /> <br />Co <br /> <br />The parties wish to provide that they will participate in <br />the acquisition an-d management of Regal Place/ Cour=, as set <br />forth herein, to preserve and enhance affordable housing in <br />the City of Louisville. <br /> <br />The acquisition of Regal Place/Court is an opportunity to <br />preserve 20 affordable apartments and 20 market rent <br />apartments. The parties intend to have a mixed-income <br />rental property, where there is a range of income from <br />families receiving Section 8 assistance to affordable flat <br />rent, and 20 units at marke= rent. Existing tenants at <br />Regal Place/Court will continue to reside there, subject to <br />their existing leases, and no residents will be displaced by <br />this Agreement. <br /> <br /> <br />