Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 9-1-21
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name:
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Name: Elvis Rubio |
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Email: Elvis.Rubio@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 between the City and County of Denver and REDI Corporation, for the development and construction of a housing project known as Rhonda’s Place with 49 affordable units and one manager unit that will serve individuals experiencing homeless.
Approves a performance loan agreement with REDI Corporation for $1,500,000 and through 10-31-81 to construct a 50-unit housing project called Rhonda’s Place located at 203 South Federal Boulevard with 49 affordable units and one manager unit serving those experiencing chronic homelessness in Council District 3 (HOST-202160196). The last regularly scheduled Council meeting within the 30-day review period is on 10-18-21. The Committee approved filing this item at its meeting on 9-15-21.
body
Affected Council District(s) or citywide? Council District 3
Contract Control Number: HOST-202160196
Vendor/Contractor Name (including any “DBA”): REDI Corporation
Type and Scope of services to be performed:
REDI Corporation will construct a 50 one-bedroom unit building on South Federal Boulevard as a non-D3 project serving those experiencing homelessness. Forty-nine of these units will be affordable at 30% of AMI, and one unit will be a unit for an on-site manager. The mission of REDI is “to provide special needs persons with affordable housing facilities and services specifically designed to meet their physical, social and psychological needs and to promote their health, security and happiness.” Rhonda’s Place will allow individuals who use wheelchairs to approach, enter, and use all common spaces. The design will comply with UFAS, 24 C.F.R. 40, ADA Standards (where applicable), and Appendix A to 28 C.F.R. 36. The building will offer an elevator, so all floors are accessible. Three units will be reserved for persons with mobility disabilities and 1 unit will be reserved for persons with hearing or visual disabilities. Fifty percent of the unit tenants will be sourced from OneHome. REDI Corporation is contracting with Blueline Development to complete the buildout. REDI Corporation is requesting $1,500,000 in housing development gap financing ($30,612 per unit of the 49 units) and $825,000 in services gap financing ($1,122 per unit per year for 15 years). The total development cost is $16,057,714 ($321,154 per unit for 50 units). REDI will record a 60-year covenant and a collateralized deed of trust.
Construction complete est. Fall 2022 • Residents begin moving in Dec. 2022
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: 11/1/2021 - 10/31/2081
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: $1,500,000
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.)