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2004-43

A RESOLUTION

AUTHORIZING JEFFERSON COUNTY HOUSING AUTHORITY TO BECOME A TENANT IN COMMON WITH LAKEWOOD HOUSING AUTHORITY ON REAL PROPERTY LOCATED IN LAKEWOOD, COLORADO

WHEREAS, Lakewood Housing Authority ("LHA") and Jefferson County Housing Authority("JCHA"), as purchasers, have entered into a certain Contract to Buy and Sell Real Estate (Commercial)(Seller or Private Financing) dated January 9, 2004 (as amended, the "Purchase Agreement") with the Flower Family Partnership LLP, as seller, for the purchase of properties known as 6980 & 5990 West Cedar Avenue, Lakewood, Colorado ("Cedar Gardens Apartments") and 7010 & 7030 West Cedar Avenue, Lakewood, Colorado ("Cedar Avenue Apartments"); and

WHEREAS, it is the intent of LHA and JCHA to own the Cedar Gardens Apartments and the Cedar Avenue Apartments (collectively, the "Properties") as joint tenants, and to operate Properties through a joint tenancy agreement; and

WHEREAS, the Properties are being purchased to provide affordable housing for residents of the City of Lakewood; and

WHEREAS, C.R.S. § 29-4-508 states that the boundary for county housing authorities cannot extend to the whole or part of any city within such county except, when approved by the resolution of such city; and

WHEREAS, City Council hereby finds it to be in the best interest of the City of Lakewood to consent to and agree to allow JCHA the right to include its undivided interest in the Properties, as tenant in common with LHA, within its jurisdictional boundary in order to allow the Properties to be purchased; and

WHEREAS, City Council further finds it to be in the best interest of the City of Lakewood to limit this authorization to the Properties only for so long as JCHA has an interest in such Properties.

NOW THEREFORE BE IT RESOLVED by the City Council of the City of Lakewood, Colorado that:
The City Council of the City of Lakewood, Colorado hereby authorizes Jefferson County Housing Authority to own, as tenant in common with Lakewood Housing Authority, certain real property known as 6980 & 5990 West Cedar Avenue, Lakewood, Colorado and 7010 & 7030 West Cedar Avenue, Lakewood, Colorado. SUCH PROPERTY INTERESTS SHALL BE INCLUDED WITHIN THE BOUNDARIES OF JEFFERSON COUNTY HOUSING AUTHORITY UNTIL SUCH TIME AS JEFFERSON COUNTY HOUSING AUTHORITY NO LONGER RETAINS AN INTEREST AS TENANT IN COMMON IN THE PROPERTIES, WHEREUPON THIS AUTHORIZATION SHALL TERMINATE WITHOUT FURTHER ACTION BY THIS CITY COUNSEL.

INTRODUCED, READ AND ADOPTED by vote of 11 for and 0 against at a regular meeting of the City Council on April 12, 2004, at 7:00 o'clock p.m., at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk