Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 11-6-2023
Requesting Agency: HOST
Division:
Subject Matter Expert Name: Chris 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 Loan Agreement between the City and County of Denver and 1900 South, LLC to assist with the development and construction of a 98-unit affordable housing development, located at 1901 S. Navajo Street, Denver, Colorado.
Approves the loan agreement with 1900 South, LLC, in the amount of $4,410,000 located at 1901 S. Navajo Street to assist with the development and construction of 98 dwelling units, 97 of which will be income-restricted, and will be known as Ruby Vista, in Council District 2. HOST-202371005. The last regularly scheduled Council meeting within the 30-day review period is on 12-4-2023. The Committee approved filing this item at its meeting on 11-8-2023.
body
Affected Council District(s) or citywide?
Council District 7
Contract Control Number:
HOST-202371005
Vendor/Contractor Name (including any “DBA”):
1900 South, LLC
Type and Scope of services to be performed:
Construction of a 98-unit project just south of Ruby Hill Park in South Denver with 35% of units family-sized (3 or 4 bedrooms). The project was awarded 4% low-income housing tax credits, along with necessary Private Activity Bonds through CHFA. Primarily affordable at the 50% and 60% AMI levels with 7 units at the 30% AMI level.
The five-story, 98-unit building uses a double loaded corridor and L-shape which wraps around a surface level parking lot on the southwest portion of the 1.45-acre parcel. The site slopes strongly down to the southeast, spans the entire block between S Navajo and S Osage Streets and front W Jewell Ave. The parking lot is split into two sections, one access through S Osage St and the other accessed through S. Navajo.
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?
New
Was this contractor selected by competitive process or sole source?
N/A
For New contracts
Term of initial contract:
If not paid sooner, the entire unpaid balance of principal and accrued interest will be due and payable on the nineteenth (19th) anniversary of the Promissory Note
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:
$4,410,000
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.)