Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 4-24-2023
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name: Justin Hill
Email Address: Justin.Hill@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 Rahf V Argonaut, LLC to support the rehabilitation of 108 income-restricted units at Argonaut-El Tovar, located at 1505 North Grant Street in Council District 10.
Approves a performance loan agreement with RAHF V ARGONAUT, LLC for $1,165,364 and 60 years to support the rehabilitation of 108 income-restricted units at Argonaut-El Tovar, located at 1505 North Grant Street in Council District 10 (HOST-202367247). The last regularly scheduled Council meeting within the 30-day review period is on 11-20-2023. The Committee approved filing this item at its meeting on 4-26-2023.
body
Affected Council District(s) or citywide? 10
Contract Control Number: HOST-202367247
Vendor/Contractor Name (including any "DBA"): RAHF V ARGONAUT, LLC
Type and Scope of services to be performed:
Jonathan Rose Companies is requesting $1,165,364 in funding to complete the rehabilitation of Argonaut-El Tovar. This property is subject to a project-based Section 8 Housing Assistance Payments (HAP) contract which expires in 2040. Most, if not all residents are seniors on SSI disability income, therefore, all units serve very low-income tenancy, and 108 units are 30% Area Median...
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