BOARD OF COUNTY COMMISSIONERS
The Board of County Commissioners (BoCC) has previously authorized the donation of a land parcel on Hot Springs Blvd. to the Archuleta County Housing Authority (ACHA) for the construction of an affordable housing development. The ACHA has proposed to include office space in this development for the County Department of Human Services. This letter of commitment from the BoCC commits to provide up to $1.2 million in funding to assist in the construction as well as to enter into a long term fully net lease for a term of 35 years with a lease rate of $50,000 per year. The lease payments will be utilized to secure permanent financing for the development of the Human Services Building. The BoCC will also provide the ACHA with a long term land lease on the property to be occupied by the Human Services Building according to the terms listed in the land lease of the residential parcel. Both land and improvements will revert back to Archuleta County ownership at the conclusion of the 35 year building lease term. The commitment is conditioned on the ACHA receiving an allocation of Low Income Housing Tax Credits from the Colorado Housing and Finance Authority in the amount requested. Neither the BoCC nor the ACHA will be bound by this agreement if the Tax Credit application is not approved.