Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 10-10-2022
Requesting Agency: Department of Finance
Division:
Subject Matter Expert Name: Lisa Lumley
Email Address: Lisa.Lumley@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 Amendment to Lease Agreement between the City and County of Denver and St. Martin Plaza, Inc. to amend and update certain terms in the Lease Agreement for the City-owned property located at 1300 East Bruce Randolph Avenue in Council District 9 so that the tenant may refinance and obtain a HUD-insured loan for the existing affordable housing development.
Amends a lease agreement with St. Martin Plaza, Inc. to update the United States Department of Housing and Urban Develop (HUD) addendum so the tenant may refinance and obtain a HUD-insured loan for the affordable housing units located at 1300 East Bruce Randolph Avenue in Council District 9. No change to lease duration (FINAN-202264817-02). The last regularly scheduled Council meeting within the 30-day review period is on 11-14-2022. The Committee approved filing this item at its meeting on 10-11-2022.
body
Affected Council District(s) or citywide? 9
Contract Control Number: FINAN-202264817-02
Vendor/Contractor Name (including any “DBA”): St. Martin Plaza, Inc.
Type and Scope of services to be performed:
Background
• In 1987, the City entered into a 99-year ground lease with St. Martin Plaza, Inc., a Colorado nonprofit corporation, that commenced on February 1, 1987 to lease a City-owned site located at 1300 E. Bruce Randolph Avenue. The Tenant leased the property in order to construct affordable housing for low- and moderate-income households. FHA financing was used to secure funds for the development of the project and HUD insured the loan. The lease agreement was amended in April 1988 to add a HUD-required addendum to the lease agreement.
• The Tenant wants to refinance to obtain a HUD-insured loan in the amount of $3,858,500. In order to insure the loan, HUD requires the Tenant to revise the lease agreement to include an updated addendum that will be attached to the Amendment to Lease Agreement.
Populations Served
• The property provides 50 units of affordable housing in the Cole Neighborhood.
Associated Agreements
• None
Details
|
Landlord: |
City and County of Denver |
|
Tenant: |
St. Martin Plaza, Inc. a Colorado nonprofit corporation |
|
Property Address: |
1300 E. Bruce Randolph Avenue, Denver, CO |
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Council District: |
9 - Candi CdeBaca |
|
Use: |
Affordable housing |
Terms and Costs
|
Contract Details: |
Amendment to a 99-year ground lease |
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Contract Type: |
Amendment to Lease Agreement |
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Contract Control Number: |
FINAN-202264817-02 |
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Term: |
2/1/1987-1/31/2086 |
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Ground Lease Rent: |
$1/year - $99 paid in full upon execution of the lease. |
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Ground Lease Term: |
99-Years |
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Use: |
Affordable Housing |
|
# Units: |
50 units |
Location (if applicable): 1300 E. Bruce Randolph Avenue, Denver, CO
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?
Amendment
Was this contractor selected by competitive process or sole source?
Sole
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)?
Terms unrelated to time or price
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.)
Compliance with federal law to obtain HUD insurance.