Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 6-5-2023
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name: Adam Lyons
Email Address: 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 Loan Agreement between the City and County of Denver and Warren Village Inc. to construct 89 income-restricted affordable housing units located at 1390 West Alameda Avenue and 1363 and 1373 West Nevada Place in Council District 7, which will be known known as Warren Village III.
Approves a loan agreement with Warren Village Inc. for $3,810,000 and 60 years to construct 89 income-restricted affordable housing units, 79 of which will include supportive housing, located at 1390 West Alameda Avenue and 1363 and 1373 West Nevada Place in Council District 7, known as Warren Village III, with a focus on serving households that are experiencing, are at risk of experiencing homelessness, citywide (HOST-202368174). The last regularly scheduled Council meeting within the 30-day review period is on 8-21-2023. The Committee approved filing this item at its meeting on 6-7-2023.
body
Affected Council District(s) or citywide?
Council district 7
Contract Control Number:
HOST-202368174
Vendor/Contractor Name (including any “DBA”):
Warren Village Inc
Type and Scope of services to be performed:
Warren Village III is an 89-unit mixed-use development/campus consisting of eight 1-bedroom units, 62 2-bedroom units, and 19 3-bedroom units (21% of the project). All Seventy-nine (79) units will target households that are experiencing, are at risk of experiencing, or exiting homelessness. The project includes two buildings, one fronting Alameda Avenue (the North Building) which includes 79 units of supportive housing. A second, adjacent building, fronting Nevada Place (the South Building) contains ten units serving households at 50-60% AMI. Including several higher-income units allows residents to increase their incomes as they progress through the Warren Village program without causing mandatory displacement.
The site in West Denver is provided via a ground lease through an award from the DHA Delivers for Denver (D3) program. The project-concept consists of two buildings linked with a walking path. The North Building includes the main entrance where front desk staffing will be located as well as meeting areas, a printing/computer station for residents, and a library area. The first floor of the North Building includes a large classroom with a demonstration kitchen for cooking classes, community gatherings, and movable partition wall to host multiple meetings or classes for residents. The South Building will include a 100-child Early Learning Center for children from infant through elementary-aged after school care. The center will include an on-site kitchen, a large gross motor room, classrooms, and multiple age-specific outdoor playgrounds.
There is a bus stop in front of the North Building that serves bus routes 3 and 4. This bus stop is a five-minute bus ride from the Alameda Station that services light rail lines D, E, and H as well as bus routes 1, 3, 4, and 52.
Location (if applicable):
1323 Gilpin Street, Denver, CO 80218
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts): N/A
Are WBE/MBE/DBE goals met (if applicable)?
Is the contract new/a renewal/extension or amendment?
New
Was this contractor selected by competitive process or sole source?
NO
Gap financing for development.
For New contracts
Term of initial contract:
The Loan will mature and be due and payable on the 60th anniversary of the Promissory Note (“Maturity Date”), if not paid sooner. The outstanding principal balance of the Loan shall bear simple interest at a rate of 0% per annum until paid in full or forgiven in accordance with the terms hereof.
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:
$3,810,000
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.)