Loading...
HomeMy WebLinkAboutIronbridge Phase III Afforadable Housing Agreement,111EMI iftriM+ 5kU1.l,U(,I4ikittr ririii11111 Reception8: 881176 08!1612016 03:51.19 Fi Jean Alborieo 1 of 15 Roc Foe:S0 CO Doe Fee 0.00 GARFIELD COUIITY CO IRONBRIDGE SUBDIVISION AFFORDABLE HOUSING AGREEMENT This AF ORDABLE HOUSING AGREEMENT (hereinafter "Agreement") is made this i� day of 2016, by and between the BLUE HERON DEVELOPMENT COMPANY (the " wner"), GARFIELD COUNTY HOUSING AUTHORITY ("GCHA") and BOARD OF COUNTY COMMISSIONERS OF GARFIELD COUNTY, COLORADO (hereinafter "BOCC"). RECITALS WHEREAS, the Owner is the developer of the Ironbridge Phase III Subdivision (the "Subdivision"), which is the property depicted on the Final Plat of Ironbridge Subdivision Phase 111, Filing 1 ("Final Plat"). WHEREAS, on December 10, 2007, the BOCC, by Resolution No. 2008-42 approved a preliminary plan for the subdivision which, among other things, created 61 single-family and open space common area parcels. WHEREAS, on September 21, 2015 the BOCC approved the Phase III, Filing 1 Final Plat for 34 Lots. WHEREAS, as a condition of approval of the Final Plat submitted to the BOCC, Owner was required to complete six (6) affordable housing units in fulfillment of the Ironbridge PUD affordable housing requirements for all of Phase III. WHEREAS, Owner had submitted an Affordable Housing PIan attached as Exhibit B and which is incorporated herein. • WHEREAS, Owner has entered into an agreement for the sale of the Sanitation Parcel (TBA "Parcel A") as shown on the Final Plat Phase III Filings 1, 2 and 3 with the Roaring Fork School District ("RFSD"). WHEREAS, the Owner and the BOCC (together the "Parties") wish to enter into this Agreement whereby the last six (6) affordable units for the Ironbridge PUD shall be transferred to the Roaring Fork School District in fulfillment of the affordable housing obligations of the Ironbridgc PUD. NOW THEREFORE, in consideration of the foregoing recitals on the mutual covenants and promises contained herein the parties agree as follows: 1. Owner shall on or before, July 1, 2017 have completed construction of six affordable housing units on the Sanitation Parcel in the Ironbridge PUD. 2. The units described in Paragraph 1 shall be owned by RFSD and shall be occupied by RFSD employees subject to the deed restriction attached hereto as Exhibit A. LIElf411,13F'45MIlal«IS1,4,1111 Recept f ontl : 881176 08!16/2016 03:51:19 PM Jean Rlberieo 2 of 15 Ree Fee:$0.00 Dec Fee:0.00 GARFIELD CCLNTY CO 3. The completion and transfer of the six units to RFSD shall fulfill all remaining affordable housing requirements of the Ironbridge PUD as approved. 4. Owner has filed an application to amend the PUD to acknowledge the inclusion of the final six (6) affordable housing units on-site and shall complete on or before March 3I, 20I7 a PUD Amendment acknowledging the inclusion of the six affordable units in the Ironbridge PUD. 5. The Parties acknowledge that construction of the affordable units on the Sanitation Parcel may commence on approval of the PUD Amendment, application number PUAA-06-16-8465; and Amended Final Plat, application number FPAA-06-16-8466. 6. In the event that RFSD does not purchase the Sanitation Parcel, Owner shall complete six (6) affordable units and offer them for sale pursuant to the Garfield County Land Use and Development Code affordable housing guidelines. 7. INDEMNITY. The Owner shall indemnify and hold the BOCC harmless and defend the BOCC from all claims which may arise as a result of any obligation of Owner, related to development of the Affordable Housing, required pursuant to this Agreement. The Owner, however, does not indemnify the BOCC for claims made asserting that the standards imposed by the BOCC are improper or the cause of the injury asserted, or from claims which may arise from the negligent acts or omissions of the BOCC or its employees. The BOCC shall notify the Owner of receipt by the BOCC of a notice of claim or a notice of intent to sue, and the BOCC shall afford the Owner the option of defending any such claim or action. Failure to notify and provide such written option to the Owner shall extinguish the BOCC's rights under this paragraph. Nothing in this paragraph shall be construed to constitute a waiver of governmental immunity granted to the BOCC by Colorado statutes and case law. 8. BREACH OR DEFAULT OF OWNER. A "breach" or "default" by Owner under this Agreement shall be defined as Owner's failure to fulfill or perform any material obligation of Owner contained in this Agreement. In the event of a breach or default by Owner under this Agreement, the County shall deliver written notice to Owner of such default, at the address specified in paragraph 13 below, and Owner shall have sixty (60) days from and after receipt of such notice to cure such default. If such default is not of a type that can be cured within such 60 -day period and Owner gives written notice to the County within such 60 -day period that it is actively and diligently pursuing such cure, Owner shall have a reasonable period of time given the nature of the default following the end of such 60 -day period to cure such default, provided that Owner is at all times within such additional time period actively and diligently pursuing such cure. 9. BREACH OR DEFAULT OF COUNTY. A "breach" or "default" by the County under this Agreement shall be defined as the County's failure to fulfill or perform any material obligation of the County contained in this Agreement. In the event of a breach or default by the County under this Agreement, Owner shall have the right to pursue any administrative, legal, or equitable remedy to which it may by entitled. /IllNrjrittilifi11Al,Ptt1 MIN, 1l111 Reaeptlonrt: 881176 0a116/2016 03:51'.19 Pr, Joon Rtber[co 3 of 16 Roc Foa SO 00 Doc Foo 0-00 GARFIELD COUNTY CO 10. ENFORCEMENT. In addition to any rights provided by Colorado statute, it is mutually agreed by the BOCC and the Owner, that the BOCC, without making an election of remedies, shall have the authority to bring an action in the Garfield County District Court to compel enforcement of this Agreement. Nothing in this Agreement, however, shall be interpreted to require the BOCC to bring an action for enforcement or to withhold permits or certificates nor shall this paragraph or any other provision of this Agreement be interpreted to permit the purchaser of a lot to file an action against the BOCC. 11. NOTICE BY RECORDATION. This Agreement shall be recorded in the Office of the Garfield County Clerk and Recorder and shall be a covenant running with title to the Sanitation Parcel. Such recording shall constitute notice to prospective purchasers and other interested persons as to the terms and provisions of this Agreement. 12. SUCCESSORS AND ASSIGNS. The obligations and rights contained herein shall be binding upon and inure to the benefit of the successors and assigns of the Owner and the BOCC. 13. CONTRACT ADMINISTRATION AND NOTICE PROVISIONS. The representatives of the Owner and the BOCC, identified below, are authorized as contract administrators and notice recipients. Notices required or permitted by this Agreement shall be in writing and shall be effective upon the date of delivery, or attempted delivery if delivery is refused. Delivery shall be made in person, by certified return receipt requested U.S. Mail, receipted delivery service, or facsimile transmission, addressed to the authorized representatives of the BOCC and the Owner at the address or facsimile number set forth below: Owner: w/copy to: BOCC: Blue Heron Development Company Attn: James W. Light or John Young 430 Ironbridge Drive Glenwood Springs, CO 81601 Phone: 970-384-0630 Fax: 970-384-0634 Karl 1. Hanlon Karp Neu Hanlon, PC P.O. Box 2030 Glenwood Springs, CO 81602 Phone: 970-945-2261 Fax: 970-945-7336 Garfield County Board of County Commissioners Attn: Community Development Director 108 Eighth Street, Suite 401 Glenwood Springs, Colorado 81601 Phone: (970) 945-8212 Fax: (970) 384-3470 ■IIIPAM WWI !I RIMi' Reception#: 881176 O411612016 03151:19 P11 Jesn Aiberioo A o1 15 Rem Fee:50 CO Doc Fee:0.00 GARFIELD COIFJTY CO GCHA Garfield County Housing Authority Attn: Director 1430 Railroad Ave Unit F Rifle, CO 81650 Phone: (970) 625-3589 Fax: (970) 625-0859 14. AMENDMENT. This Agreement may be modified, but only in writing signed by the Parties hereto, as their interests then appear. Any such amendment, including, by way of example, extension of the Completion Date, substitution of the form of security, or approval of a change in the identity of the security provider/issuer, shall be considered by the BOCC at a scheduled public meeting. Before any extension of Completion Date is considered, Owner shall certify that all taxes and assessments on the real property subject to the Agreement are paid in full. Notwithstanding the foregoing, the Parties may change the identification of notice recipients and contract administrators and the contact information provided in Paragraph 13, above, in accordance with the provisions of that paragraph and without formal amendment of this Agreement and without consideration at a BOCC meeting. 15. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed an original, and alt of which, when taken together, shall be deemed one and the same instrument. 16. VENUE AND JURISDICTION. Venue and jurisdiction for any cause arising out of or related to this Agreement shall lie with the District Court of Garfield County, Colorado, and this Agreement shall be construed according to the laws of the State of Colorado. IN WITNESS WHEREOF, the Parties have signed this Agreement to be effective upon the date of 61..> i5 �D+L ATTEST: BOARD OF rOUNT \COMMISSIONERS F GARFIE D COUNTY, COLORADO 'Klerk to the Board Date: b —) S 02 o I in 4.1sat s.12 •�� Ch irperson HOUS G AUTHORITY 1111 tib rLi MWiN{htlaYL. r iti1151 RcceptionI* • 881176 09115/ 2016 03:51:18 PM Jean R16erleo 5 of 15 Rao Fee•S0 CO Doo Fee:0.00 GPRFIELO COUNTY CO BLUE HERON DEVELOPMENT COMPANY, A COLORADO CORPORATION By its Manager, Blue Heron Management, LLC, a Colorado limited liability company By: am s W. Light, its Man STATE OF COLORADO COUNTY OF GARFIELD The foregoing instrument was acknowledged before me this 1C) day of 2016, by Blue Development Company, LLC by its Manager, Blue Heron anagement, LLC, by its Manager, James W. Light. Witness my hand and official seal. MARIANNE MCGARRY NOTARY PUBLIC STATE OF COLORADO NOTARYMY COMMISSION ID EX1PI9RES SEPT 9, 2019 1 1i Notary Public ■1111111r./l1311,61 i'IN ani 164 'rli01111)11Lity 1 IIIIN Reception#; 881176 06116/2016 03:57:19 P1 Jean Atbarlco 6 or 15 Roc Fee:50.00 Dec Foe O 00 GARFtELD COUNTY CO EXHIBIT A — AFFORDABLE ROUSING AGREEMENT DECLARATION OF MASTER DEED RESTRICTION AND AGREEMENT CONCERNING THE SALE, OCCUPANCY, AND RESALE OF PROPERTY THIS DECLARATION OF MASTER DEED RESTRICTION AND AGREEMENT CONCERNING THE SALE, OCCUPANCY, AND RESALE OF PROPERTY ("Deed Restriction") is entered into this day of , 2016 by the Roaring Fork RE -1 School District ("District"), the Board of County Commissioners of Garfield County, Colorado ("County") and the Garfield County Housing Authority ("GCHA"). RECITALS WHEREAS, the District is the owner of certain property described as Parcel A, Ironbridge Planned Unit Development - Phase II, Filings 1, 2 & 3 as shown on the Amended Final Plat recorded as Reception No. in the Garfield County Clerk and Recorder's Office, County of Garfield, State of Colorado, said parcel containing 0.459 acres, more or Less ("the Property"); and WHEREAS, the District intends to engage a general contractor experienced in the construction of residential dwelling units for the purpose of constructing three (3) duplexes consisting of six (6) residential housing units upon the Property ("Units"); and WHEREAS, the District obtained the Property from Blue Heron Development Company ("Blue Heron"), which was required to provide an Affordable Housing Agreement with Garfield County, Colorado, as part of its conditionally approved Final Plat Application for Ironbridge PUD Phase III, Filing 1; and WHEREAS, on July 18, 2016, the County agreed to accept the request from Blue Heron to sell the Property to the District and for the District to administer the rental of affordable housing to employees of the District; and WHEREAS, it is the intent of the District that the Units in the Project be restricted to rental use and occupancy by District employees, preferably teachers; and WHEREAS, any sale of any of the Units shall ensure conformance with the County's Inclusionary Zoning for Housing (Article 8 of the Land Use and Development Code) as described herein. NOW, THEREFORE, in consideration of the promises and covenants 111 WOINIXIIRTA1 '' (4111:41114 Reception#: 881176 778 of 160Rco0Fee1SO 00PnCaceFee 0.00 iGARFIELO COUNTY CO hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledges, the District hereby declares, covenant and agrees as follows: ARTICLE 1 DEFINITIONS 1.1 "County" shall mean the County of Garfield, Colorado. 1.2 "Employee Housing Rental Guidelines" or "Rental Guidelines" shall mean those certain guidelines promulgated by the District, which may contain the eligibility standards for certifying and prioritizing Qualified Residents. 1.3 "Qualified Residents" shall mean one or more natural persons who are certified by the Owner and/or Property Manager as District teachers or other District employees, and in accordance with this Deed Restriction. 1.4 "Property Manager" ("Manager") shall mean the District or a property manager retained by the District to operate the Project in accordance with this Deed Restriction. 1.5 "Unit" shall mean one or more of the residential dwelling units constructed on the Property for rent. 1.5 "Owner" shall mean the current and all future owners of the Project. ARTICLE 2 AGREEMENT BINDS THE PROJECT 2.1 Binding Nature. This Agreement shall constitute a covenant running with the title to the Property as a burden thereon, for the benefit of, and enforceable by, the District. This Agreement shall bind the Owner and all District employees or occupants of the Units. Each and every occupant of a Unit within the Project shall be personally obligated hereunder for the full and complete performance and observance of all covenants, conditions and restrictions contained herein during each occupant's respective period of occupancy of a Unit. Each and every conveyance of the Property or a portion thereof, or interest therein, for all purposes, shall be deemed to include and incorporate by this reference, the covenants contained in this Agreement, even without reference to this Agreement in any document of conveyance. ARTICLE 3 QUALIFIED TENANTS; AFFORDABILITY ■111Kra 11111 Receptiant*: 681176 00/16/2016 03:5119 PM dean Qlberlco 0 of 15 Roo Fee $0.00 Doc Fec.0. 00 GARFIELD COUNTY CO 3.1 Occupancy. The District hereby restricts the occupancy and use of the Units to Qualified Residents, except as expressly permitted by this Deed Restriction. A Qualified Resident may not sublease the Unit or any part thereof. A Qualified Resident may only have a roommate who is not a Qualified Resident with the District's written consent. 3.2 Priority. The District has the right to select all Qualified Residents to occupy the Unit in its sole discretion according to the restrictions contained herein and the Rental Guidelines promulgated by the District. The first priority for Qualified Residents shall be employees of the District. If the District is unable to secure a lease with a first priority tenant, the District may expand its search for a tenant to a natural person employed within Garfield County, and who is approved by GCHA, who will occupy the unit as his or her principal place of residence for a Iease term riot to exceed six (6) months, after which the District must take reasonably diligent steps to lease the Units to an employee of the District. In no event shall a Unit be leased to any resident who will not occupy the Unit as his or her principal place of residence. 3.3 Affordability. The District's Rental Guidelines shall ensure that the Units remain affordable to Qualified Tenants. ARTICLE 4 OCCUPANCY AND LEASE RESTRICTIONS 4.1 Occupancy. No occupants of the Unit shall engage in any business activity on or in a Unit. 4.2 No Discrimination. In the rental and occupancy of the Units, there shall be no discrimination on the basis of age, race, creed, color, sex, sexual orientation, disability, religion, national origin, marital status, gender identity, or affiliation. 4.3 Vacancy. When a Unit becomes vacant, Manager shall promptly make it available and actively market said Unit for lease to another Qualified Tenant in accordance with this Deed Restriction and the Rental Guidelines. 4.4 Principal Residence. Each Unit shall only be Ieased and occupied by residents who will utilize the Unit as his or her principal place of residence. A principal place of residence shall mean the dwelling in which one's habitation is fixed and to which a person, whenever he or she is absent, has a present intention of returning after a departure or absence there from. 4.5 Leases. No Unit shall be leased or otherwise occupied unless the occupant has executed a Iease in a form approved by the Owner. The lease shall contain a statement that incorporates the terms and conditions of this Agreement. ARTICLE 5 CONVERSION TO FOR -SALE AFFORDABLE HOUSING UNIT 1111 ��1lJt�i '4151' r4�rr>���11u+�' S 1111 1101 Receptlnn#: 1131176 00/15/21715 03:55:19 P1 Joan Alberleo 9 of 15 Pec Fao:50.00 Coo Fea:0. CO 6ARFtELD COUNTY CO 5.1. Conversion to Ownership. The District may convert a Unit into an ownership unit for the purposes of use and occupancy. Conversion shall require subdivision approval from the County. In the event RFSD receives subdivision approval to convert one or more Unit(s) to Ownership, RFSD shall record a substitute deed restriction which shall ensure conformance with the County's Inclusionary Zoning for Housing (Article 8 of the Land Use and Development Code), which deed restriction shall be substantially similar to that certain Declaration of Master Deed Restriction and Agreement Concerning the Sale, Occupancy and Resale of Property Described as Lots 199, 200, 222 and 223, Ironbridge Planned Unit Development, Phase II, Garfield County, Colorado recorded on April 29, 2008 as Reception No. 747553 (said future substitute deed restriction shall be referred to herein as the "For Sale Deed Restriction"). Upon recording of such For Sale Deed Restriction, this Deed Restriction as applied to said Unit shall automatically without the requirement of recording further documentation be released from and no longer subject to this Deed Restriction. In such event, the County shall execute a release of such Unit from this Deed Restriction upon request by the District. 5.2.. Administration of Sale. The District shall work with the GCHA to administer any future sale of a Unit. Such Unit shall be sold in accordance with the then - applicable provisions of the Garfield County Code regarding Inclusionary Housing. 5.3. Sales Price; Appreciation. The initial sales price of each Unit was calculated by Blue Heron and the District, and is set forth on Exhibit A. During the District's ownership, the Units shall be entitled to appreciate above the initial sales price, but such annual appreciation shall be no more than 3% simple interest or CPI whichever is less, plus the cost of Permitted Capital Improvements, as defined by Garfield County Land Use and Development Code Section 8-304 (2016). ARTICLE 6 GENERAL PROVISIONS 6.1. Notices. All notices and demands required or permitted under this Agreement shall be in writing as follows: (1) by actual delivery of the notice to the party entitled to receive it; (2) by mailing such notice by certified mail, return receipt requested, in which case the notice shall be deemed to be given three days after the date of its mailing; or (3) by Federal Express or any other overnight carrier, in which case the notice shall be deemed to be given as of the date it is sent. All notices which concern this Agreement shall be sent or delivered, as the case may be, to the address of the appropriate party as set forth below, except if changed by a party by notice pursuant hereto: If addressed to Owner: Roaring Fork RE -1 School District NJCARCO 0'HIM 41 'INl ttiliki 5 111 Recept anti: 881176 08118/2018 03.51:I9 PM 1esr: plberkca 10 of 15 Reo Fee:SO 00 Doc Fee.0 00 GARFIELO COUNTY CO 1405 Grand Avenue Glenwood Springs, CO 81601 With a copy to: Balcomb & Green, P.C. Attn: Chad J. Lee, Esq. P.O. Drawer 790 Glenwood Springs, CO 81601 clee@balcombgreen.com If to County: Garfield County Commissioners 109 8th Street, Suite 213 Glenwood Springs, CO 81601 6.2 Severability. Whenever possible, each provision of this Agreement and any other related document shall be interpreted in such a manner as to be valid under applicable laws, ordinances, rules, regulations, rulings, orders, requirements and guidelines of federal, state and local authorities and agencies applicable to the Project; but if any provision of any of the foregoing shall hold to be invalid or otherwise prohibited under said laws, ordinances, rules, regulations, rulings, orders, requirements or guidelines of federal, state and local authorities and agencies applicable to the Project, such provisions shall be ineffective to the extent of such invalidity or prohibition without invalidating the remaining provisions of the Agreement. 6.3 Choice of Law. This Agreement and each and every related document are to be governed and construed in accordance with the laws of the State of Colorado. 6.4 Waiver. No claim of waiver, consent or acquiescence with respect to any provision of this Agreement shall be valid against any party hereto except on the basis of a written instrument executed by the Parties to this Agreement. However, the party whose benefit a condition is inserted herein shall have the unilateral right to waive such condition. IN WITNESS WHEREOF, the parties hereto have executed this Deed Restriction on the day and year first written above. RFSD: Roaring Fork RE -1 School District By: Mary Elizabeth Geiger 1111iF,4114111K 1r111111.1011HIP UMIP NriiY ti,ii l Rcceptlong : 881175 08/16/2016 03:55;19 Art Jean Rlberioc 11 or 15 Rac Fen $O 00 Cao Foa:0.00 GARFIELD COUNTY CO Board President STATE OF COLORADO COUNTY OF ) ss. The foregoing instrument was acknowledged before me 2016, by Mary Elizabeth Geiger, President of the Roaring Fork RE -1 School District Board of Education. WITNESS my hand and official seal. My commission expires: Notary Public I f 1 Nor fitlICIAPAY Wilidf1' liillUl&JLC Nfliti.1111 Reeeptlonit: 881176 08!18!2018 03:51:19 PM Joan AlWrico 12 01 15 Reo Fer:50.03 Occ Fee. 0.00 GARFIELD COUNTY 00 ACCEPTANCE BY THE GARFIELD COUNTY HOUSING AUTHORITY AND THE BOARD OF COUNTY COMMISSIONERS OF GARFIELD COUNTY The foregoing Declaration of Master Deed Restriction and Agreement concerning the Sale, Occupancy and Resale of Property and its terms are hereby adopted and declared by the Garfield County Housing Authority and the Board of County Commissioners of Garfield County. BOARD OF COUNTY COMMISSIONERS FOR THE COUNTY OF GARFIELD, STATE OF COLORADO By: John Martin, Chairman ATTEST: Jean AIberico, CIerk and Recorder Garfield County, Colorado GARFIELD COUNTY HOUSING AUTHORITY By: Linda Hansen, Chairwoman 1111 flratiRrLIN'Gnf; lial ialWilrlllilM1i 1l ll1 Recepllonfi: 881176 08/1612016 03--51:19 PM Jath Alberlco 13 of 15 Ree Fee -50.00 0a, Fe4:0 00 GARFIELO COUNTY CO EXHIBIT A INITIAL SALES PRICE OF UNITS 5260,000.00 iilll14oilienilm row migAriushimai /! ill Receptiank: 8B1176 141 of 15 50.00 Doc Fee000 l Rao Fee Jean COUNTY CO Exhibit 13— Affordable Housing Agreement IRONBRIDGE SUBDIVISION AFFORDABLE HOUSING PLAN PURSUANT TO LUDC 8-201 PHASE III — IRONBRIDGE PUD 1. LOCATION (8-201.4.1). Parcel A (formerly Sanitation Parcel) PA 22, Ironbridge PUD. NUMBER AND MIX OF UNITS (8-201 .A.3). Free Market Lots: Sixty-onc (61) (including both Phase III, Filing I and 2) Affordable Units (8-30I.A): Six (6) Minimum bedrooms required (8-301.13): 6 x 2.6 = 15.6 15.6 _ 1.5 = 10.4 (rounded up to 112 Mix of Units: Detached or attached two (2) or three (3) bedroom Units with a total of eleven (II) or more bedrooms. 2. SCHEDULE FOR CONSTRUCTION (8-201.A.3). Timing is controlled by the LUDO and is anticipated to coincide with Building Permit issuance unless security is provided to ensure completion. Owner will comply with to Resolution 2008-42, which requires construction of affordable units equal to 10%e of the unrestricted units which have been sold, or made available for sale. If the units are sold to the Roaring Fork School District ("RFSD") this schedule will have been met upon issuance of Building Permits for construction of the six (6) units. 3. UNITS BY CATEGORY (8-201.4.4). Six (6) detached or attached two (2) or three (3) bedroom units with a minimum square footage of 950 sq. It. Lot size will be as shown on the Phase 11, Filing 3, Second Amended Final Plat. in the event the units arc not sold to RFSD, the Plat amendment is anticipated to be processed upon completion of foundations so that subdivision lines match actual construction of attached units. 4. PROPOSED HOA DUES (8-201.4.5). Current IPOA fees for existing affordable units are 5125.00 per month plus 530 per month to access all amenities other than golf and fitness. It is anticipated that the same rates will apply to these units. The IPOA will also be responsible for all onsite maintenance. It should be noted that while LUDC § 8-302(5) requires specific amounts for affordable units, when, as in this case, the location of the units is in a pre- existing development not subject to developer control there is no authority for the developer to force the IPOA to comply with the regulations. 5. FORM OF DEED RESTRICTION (8-201.A.6). The then current Garfield County Housing Authority ("GCHA") approved form of deed restriction will be used at the time of sate of the affordable housing units. LUDC 8.303 requires GCHA approval of the form of Dedication. Prior to that the form of deed restriction attached to the Affordable Housing ommfdrorowt OfiOilliVilifLIMFtitilki111f 1 Reccptlonti• 881176 115ro ,15 Roc Fee:$0, CO Doc Feel 0 00 CORFiELD COUNTY CO Agreement and approved by the GCHA for sale of the units to the Roaring Fork School District shall be used. 6. FINANCIAL SECRUITY (8-201.A.8). Section 8-201.A.8 provides that financial security is not needed if the developer complies with providing one affordable unit for every ten completed free market units. Owner intends to comply with this requirement. 7. RENTAL HOUSING (8-201.7). In the event that the units are sold to RFSD, RFSD shall be responsible for administering the rental of units to RFSD employees and, if all units are not rented to rent those available to units to GCIIA approved tenants on a short term (less than a year) basis. 8. COMPLIANCE WITH AFFORDABLE HOUSING GUIDELINES (8- 201.A.10). Owner has worked closely with GCHA on Phase [I affordable unit sales and is familiar with the regulations and process. The Affordable Housing Agreement provides a mechanism to ensure compliance.