Contract Request Template (Contracts; IGAs; Leases)
Date Submitted:10-2-2023
Requesting Agency: HOST
Division:
Subject Matter Expert Name: Christopher Lowell
Email Address: Christopher.lowell@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 Warren Village Inc. to amend the subordination limit terms for the affordable housing development known as Warren Village at Alameda, in Council District 7.
Approves an amendment of the Loan Agreement (HOST-202368174) with Warren Village Inc. to increase the subordinate debt limit by $4,000,000 from $26,000,000 to $30,000,000, in Council District 7. (HOST-202370262). The last regularly scheduled Council meeting within the 30-day review period is on 11-20-2023. The Committee approved filing this item at its meeting on 10-4-2023.
body
Affected Council District(s) or citywide?
Council District 7
Contract Control Number:
HOST-202370262,
Vendor/Contractor Name (including any “DBA”):
Warren Village Inc.
Type and Scope of services to be performed:
Give signature authority to HOST’s Executive Director or authorized assignee to subordinate up to an amount not to exceed $30,000,000 in senior construction debt provided by ANB Bank.
The HOST loan to the project remains unchanged at $3,810,000 and the requested amendment does not otherwise change the HOST loan terms.
The request to increase the subordinate debt limit is not due to an increase in project costs. It's due to the fact that the borrower took out a bridge loan of $4M from ANB bank due to concerns of delayed funding from the State. When the developer picked up this 2nd loan the total of the construction financing exceeded the limit established in the HOST loan agreement. It is a stop gap measure to cover for any delays in the State funding portion to the project. This bridge loan will be taken out by the State funds once they close, reducing the total construction financing back down to the original amount required.
Location (if applicable):
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts):
Are WBE/MBE/DBE goals met (if applicable)?
Is the contract new/a renewal/extension or 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)?
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?
What is the value of the proposed change?
What is the new/revised total value including change?
If terms changing
Describe the change and the reason for it (i.e. compliance with state law, different way of doing business etc.)
Increase to the subordinate debt limit