Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 1-29-19
Requesting Agency: Office of Economic Development
Division:
Subject Matter Expert Name:
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Name: Susan Liehe 720-913-1689 |
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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 Amendatory Agreement between the City and County of Denver and Sheridan Station Apartments LLC to provide funds for the development of an affordable housing project.
Amends a loan agreement with Mile High Development, doing business as Sheridan Station Apartments LLC, by clarifying the definition of cash flow in the contract exhibit, to support the construction of 133 units of income-restricted housing at a wide range of income levels, including residents earning below 30% AMI and up to 60% AMI, in a transit-oriented development located at 1079 Ames Street adjacent to the Sheridan light rail station in Council District 3. No change to contract amount or duration (OEDEV-201840082-01). The last regularly scheduled Council meeting within the 30-day review period is on 3-11-19.The Committee approved filing this item at its meeting on 2-6-19.
body
Affected Council District(s) or citywide? CD 3
Contract Control Number: OEDEV-201840082-01
Vendor/Contractor Name (including any “DBA”): Mile High Development, doing business as Sheridan Station Apartments LLC
Type and Scope of services to be performed:
This request is to amend a loan of $1,995,000 ($15,000/unit) in general funds to provide construction and permanent financing on a 133-unit affordable apartment community located at 1079 Ames Street in the Villa Park neighborhood of Denver. This amendment adds no additional funds to the contract. The loan is structured as a surplus cash flow loan with a 40-year term, and recent changes to the definition of surplus cash flow necessitate a change to Exhibit E of the existing loan agreement.
The borrower is leasing the land from the Urban Land Conservancy for 99 years, ensuring very long-term affordability. The subject site measures 26,510 square feet (0.61 acre) and will be improved with an eight-story building containing a total of 133 apartment units (218 units/acre). Of the 133 units, five will be for tenants at or below 30% of AMI, eight units will be for tenants at or below 40% AMI, and 120 will be for tenants at or below the 60% AMI.
The primary developer on this project is Mile High Development. OED has worked with this team on three other projects: Yale Station Apartments, University Station Apartments, and Ash Street Apartments.
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.)
This amendment adds no additional funds to the contract. The loan is structured as a surplus cash flow loan with a 40-year term, and recent changes to the definition of surplus cash flow necessitate a change to Exhibit E of the existing loan agreement.