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File #: 19-1170    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 10/21/2019 In control: Business, Arts, Workforce, & Aviation Services Committee
On agenda: 12/16/2019 Final action:
Title: A resolution approving a proposed Sixth Amendment and Modification Agreement between the City and County of Denver and NEWSED Community Development Corporation, Inc. to allow for a 12 month moratorium on loan payments. Amends a loan agreement with NEWSED Community Development Corporation to defer 12 monthly loan payments due to the loss of its largest commercial tenant on property located at 901 West 10th Avenue in Council District 3 (GE2Y004-07). The last regularly scheduled Council meeting within the 30-day review period is on 1-6-20. The Committee approved filing this item at its meeting on 10-30-19.
Indexes: Jonathan Griffin
Attachments: 1. RR19 1170 OED NEWSED Loan Deferment, 2. 19-1170 Filed Resolution_NEWSED Community Development Corporation_GE2Y004-07, 3. 19-1170 NEWSED Community Development Corp Sixth Amendment and Modification Agreement_GE2Y004-07, 4. 19-1170 Filed Resolution_NEWSED Community Development Corporation
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 10-21-19

Requesting Agency: Office of Economic Development
Division:

Subject Matter Expert Name:

Name: Susan Liehe 720-913-1689
Email: susan.liehe@denvergov.org

Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A resolution approving a proposed Sixth Amendment and Modification Agreement between the City and County of Denver and NEWSED Community Development Corporation, Inc. to allow for a 12 month moratorium on loan payments.
Amends a loan agreement with NEWSED Community Development Corporation to defer 12 monthly loan payments due to the loss of its largest commercial tenant on property located at 901 West 10th Avenue in Council District 3 (GE2Y004-07). The last regularly scheduled Council meeting within the 30-day review period is on 1-6-20. The Committee approved filing this item at its meeting on 10-30-19.
body

Affected Council District(s) or citywide? Council District 3

Contract Control Number: GE2Y004-07

Vendor/Contractor Name (including any "DBA"): NEWSED Community Development Corporation

Type and Scope of services to be performed:
EXECUTIVE SUMMARY

This resolution and loan amendment pertains to the commercial portion of a NEWSED-owned, mixed-use property at 901 West 10th Avenue known as the Villa De Barela (VDB). The ground floor is retail/commercial space and the upper floors are affordable hou...

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