Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 6-12-2023
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name: Adam Lyons
Email Address: adam.lyons@denvergov.org <mailto:adam.lyons@denvergov.org>
Phone Number:
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 First Amendment to Loan Agreement between the City and County of Denver and EC Wildhorse LLC to increase the loan amount and revise the number of Low HOME Units being provided at Wildhorse Ridge development, located near Tower Road and 58th Avenue in Council District 11.
Amends a loan agreement with EC Wildhorse LLC and Envolve Communities, LLC by adding $718,000 for a new total of $1,168,000 to cover increased construction costs and an additional three HOME units at Wildhorse Ridge development, located near Tower Road and 58th Avenue in Council District 11. No change to contract duration. (HOST-202160903 / HOST-202367972-01). The last regularly scheduled Council meeting within the 30-day review period is on 8-28-2023. The Committee approved filing this item at its meeting on 6-14-2023.
body
Affected Council District(s) or citywide?
Council district 11
Contract Control Number:
HOST-202160903 / HOST-202367972-01
Vendor/Contractor Name (including any “DBA”):
EC Wildhorse LLC
Envolve Communities, LLC
Type and Scope of services to
be performed:
In consideration of the additional funds, three additional Low HOME Units will be provided.
• The $1,168,000 HOST loan still accounts for just 2.5% of the total capital stack.
• The HOST loan will be fully repaid within 17 years, although Senior Lender requestions (HUD 221(d)(4)) requires a 40-year term. The initial loan anticipated a 12-year repayment schedule.
• The Project Sponsor, Envolve Communities LLC, provided guaranty for the HOST loan.
• Project is 60% complete, on track to complete construction late summer 2023.
• Project is still within the window to allocate additional HOME funds.
• No further environmental review actions are needed.
• Additional funding is contingent on all City and federal compliance requirements being up to date and to HOST satisfaction.
Location (if applicable):
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts):
N/A
Are WBE/MBE/DBE goals met (if applicable)?
N/A
Is the contract new/a renewal/extension or amendment?
Amendment
Was this contractor selected by competitive process or sole source?
For New contracts
Term of initial contract:
Options for Renewal:
How many renewals (i.e. up to 2 renewals)?
Term of any renewals (i.e. 1 year each):
Cost of initial contract term:
Cost of any renewals:
Total contract value council is approving if all renewals exercised:
For Amendments/Renewals Extensions:
Is this a change to cost/pricing; length of term; terms unrelated to time or price (List all that apply)?
cost
If length changing
What was the length of the term of the original contract?
What is the length of the extension/renewal?
What is the revised total term of the contract?
If cost changing
What was the original value of the entire contract prior to this proposed change?
$450,000
What is the value of the proposed change?
$718,000
What is the new/revised total value including change?
$$1,168,000
If terms changing
Describe the change and the reason for it (i.e. compliance with state law, different way of doing business etc.)