Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 3-23-20
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name:
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Name: Nick Emenhiser |
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Email: Nicholas.Emenhiser@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 Loan Agreement with NDHC Affordable Communities, Inc. for a loan to support construction of Central Park Urban Living comprised of 132 affordable condominium units in Stapleton.
Approves a loan agreement with NDHC Affordable Communities, Inc. for $2,640,000 and for fifteen years to support construction of Central Park Urban Living comprised of 132 affordable condominium units located at the corner of Wabash Street and Central Park Boulevard in Council District 8 (HOST-202053148). The last regularly scheduled Council meeting within the 30-day review period is on 5-4-20. The Committee approved filing this item at its meeting on 4-1-20.
body
Affected Council District(s) or citywide? Council District 8
Contract Control Number: HOST-202053148
Vendor/Contractor Name (including any “DBA”): NDHC Affordable Communities, Inc.
Type and Scope of services to be performed:
This is a 132-unit, affordable condominium development at the corner of Wabash Street and Central Park Boulevard in Stapleton. The developer, Northeast Denver Housing Center, Inc., has developed multiple other income-restricted rental and for-sale developments in Stapleton, and the land was donated by FC Brookfield, pursuant to the Stapleton Development Agreement. The site is located near the Central Park RTD Station.
The 132 condominium units are comprised of 81 two-bedroom units and 51 one-bedroom units. The project will break ground immediately following closing of the City loan, as other financing commitments have been made. The City’s loan of $2,640,000, or $20,000 per unit, will be forgiven after 15 years of compliance with the City covenant. Other funding sources include the State of Colorado Division of Housing, FC Brookfield equity, NDHC equity, and sale proceeds.
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: Through 3/2035
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: $2,640,000
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.)