Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 1-1-2024
Requesting Agency: HOST
Division:
Subject Matter Expert Name: Chris Lowell
Email Address: Christopher.lowell@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 Third Amendment and Modification Agreement between the City and County of Denver and 3501 Chestnut Development LLC and Shanahan Development LLC to modify the repayment terms of the loan.
Amends a loan agreement with 3501 Chestnut Development LLC, and Shanahan Development LLC by extending the construction loan term, converting a portion of the construction loan to a performance loan, and exempting one unit from income qualification for the initial homebuyer only for the development of a 49-unit condominium project, in Council District 9. HOST-202371411 (HOST-202158709). The last regularly scheduled Council meeting within the 30-day review period is on 2-5-2024. The Committee approved filing this item at its meeting on 1-3-2024.
body
Affected Council District(s) or citywide?
Council District 9
Contract Control Number:
HOST-202371411 (HOST-202158709)
Vendor/Contractor Name (including any "DBA"):
3501 Chestnut Development LLC, and Shanahan Development LLC
Type and Scope of services to be performed:
1. Approve the conversion of $1,110,000 from a repayable Construction Loan to a performance loan. This conversion will allow for the project to fully fund the cost overruns ($610,000 from HOST) as well as fund the interest rate bu...
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