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RESOLUTION NO. 17 <br />SERIES 2015 <br />A RESOLUTION APPROVING A FINANCIAL ASSISTANCE AGREEMENT <br />FOR BOULDER COUNTY HOUSING AUTHORITY FOR AN AFFORDABLE <br />HOUSING PROJECT IN THE CITY OF LOUISVILLE <br />WHEREAS, the City of Louisville (City) and Boulder County Housing Authority <br />(BCHA) entered into an Intergovernmental Agreement on August 21, 2012, pursuant to <br />which the City is within the boundaries of BCHA and BCHA committed to construct <br />additional affordable housing units in Louisville; and <br />WHEREAS, BCHA has been working to develop and finance an affordable <br />housing project consisting of affordable units and age - restricted units on a 13.4 -acre site <br />owned by BCHA at 245 North 96th Street in Louisville; and <br />WHEREAS, BCHA intends to develop the site for additional affordable and age - <br />restricted housing units; and <br />WHEREAS, the City Council intends and the Agreement provides that such <br />assistance is limited in use to support the construction and long-term affordability of <br />affordable units and age - restricted units and not to be used for development or other costs <br />for units that are not affordable or age - restricted units. <br />WHEREAS, BCHA has requested financial assistance to enable and support the <br />construction and long -term affordability of the affordable and age- restricted housing units <br />proposed to be built on the site; and <br />WHEREAS, the City wishes to provide certain financial assistance to BCHA for <br />such purposes, and there has been proposed a Financial Assistance Agreement between <br />the City and BCHA providing for such assistance, in the form attached hereto as Exhibit <br />A, and <br />WHEREAS, the City and BCHA ate authorized to enter into the Agreement <br />pursuant to applicable law, including without limitation, parts 1, 2 and 5, article 4, title <br />29, C.R.S:; part 2, article 1, title 29, C.R.S.; section 29 -20- 104.5, C.R.S., and the City <br />Charter; and <br />WHEREAS, the City Council finds that the proposed Financial Assistance <br />Agreement is consistent with and in furtherance of the policies of the City, and will serve <br />to provide benefit and advance the public interest and welfare of the City and citizens and <br />businesses within the City; and <br />WHEREAS, the City Council by this Resolution desires to approve the <br />Agreement and authorize its execution. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF LOUISVILLE, COLORADO THAT: <br />Resolution No. 17, Series 2015 <br />Page a of 3 <br />