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2003-52

A RESOLUTION

AUTHORIZING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITIES OF LAKEWOOD, DENVER, ARVADA AND LITTLETON TO AUTHORIZE AND FORM THE MMC ASSOCIATION FOR THE PURPOSE OF PROMOTING THE FINANCING OF TRANSIT-ORIENTED AFFORDABLE MULTIFAMILY RENTAL HOUSING PROJECTS THROUGH THE USE OF PRIVATE ACTIVITY BONDS

WHEREAS, Part 2 of Article 1 of Title 29 of the Colorado Revised Statutes, as amended, authorizes and enables governments of the State of Colorado to enter into cooperative agreements or contracts; and

WHEREAS, the Members desire to form an association to be known as the Metro Mayors Caucus Multifamily Tax-Exempt Bond Allocation Association (the "MMC Association") for the purposes of promoting the financing of transit oriented affordable multifamily rental housing projects (a "Project" or "Projects"); and

WHEREAS, affordable multifamily rental housing projects are benefited from tax-exempt bond financing which provides developers with lower borrowing costs; and

WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), restricts the amount of tax-exempt bonds ("Private Activity Bonds") which may be issued in the State to finance such Projects and for certain other purposes (the "State Ceiling"); and

WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes (the "Allocation Act"), providing for the allocation of the State Ceiling among governmental units in the State, and further providing for the assignment of allocations to other governmental units; and

WHEREAS, pursuant to Section 24-32-1706 of the Allocation Act each Member hereto has, and expects to continue to qualify for, an allocation of the State Ceiling; and

WHEREAS, each Member has or shall agree to transfer all or a portion of its allocation of the State Ceiling to the Colorado Housing and Finance Authority (the "Authority") for the purpose of creating an allocation pool to be allocated as further provided in this Agreement; and

WHEREAS, the Authority has agreed to administer the pooled allocation for the purposes described herein at the direction of the MMC Association; and

WHEREAS, the MMC Association shall review applications for and shall select Projects to be financed substantially in accordance with the provisions set forth herein.

NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:

Section 1. The Mayor is hereby authorized to execute and City Clerk to attest an Intergovernmental Agreement by and between the Cities of Lakewood, Denver, Arvada and Littleton to form the MMC association for the purpose of promoting the financing of transit-oriented affordable housing multifamily rental housing projects through the use of Private Activity Bonds.

INTRODUCED, READ AND ADOPTED by a vote of 11 for and 0 against at a regular meeting of the City Council on July 14, 2003, at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk