City and County of Denver - File #: 23-0293

• File #: 23-0293
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 3/12/2023
• In control: Safety, Housing, Education & Homelessness Committee
• On agenda: 4/3/2023
• Final action: 4/3/2023
• Title: A resolution approving a proposed Second Amendment and Modification Agreement between the City and County of Denver and 3501 Chestnut Development, LLC to provide additional loan funding on a 49-unit affordable housing project known as Chestnut Place Lofts, located at 3501 Chestnut Place Council District 9. Amends a loan agreement with 3501 Chestnut Development, LLC to add $5,000,000 construction loan funding for a new total of $8,185,000 and 1 year repayment term, as well as bifurcating the repayment structure, to address increased construction interest costs on a 49-unit affordable housing project known as Chestnut Place Lofts, located at 3501 Chestnut Place Council District 9 (HOST-202262289/HOST-202367135). The last regularly scheduled Council meeting within the 30-day review period is on 4-24-2023. The Committee approved filing this item at its meeting on 3-22-2023.
• Indexes: Anne Wallace

Date	Ver.	Action By	Action	Result
4/3/2023	1	Council President	signed
4/3/2023	1	City Council	adopted	Pass
3/22/2023	1	Safety, Housing, Education & Homelessness Committee	approved by consent	Pass

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 3/12/23

Requesting Agency: HOST
Division:

Subject Matter Expert Name: Jack Wylie
Email Address: jack.wylie@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 Second Amendment and Modification Agreement between the City and County of Denver and 3501 Chestnut Development, LLC to provide additional loan funding on a 49-unit affordable housing project known as Chestnut Place Lofts, located at 3501 Chestnut Place Council District 9.
Amends a loan agreement with 3501 Chestnut Development, LLC to add $5,000,000 construction loan funding for a new total of $8,185,000 and 1 year repayment term, as well as bifurcating the repayment structure, to address increased construction interest costs on a 49-unit affordable housing project known as Chestnut Place Lofts, located at 3501 Chestnut Place Council District 9 (HOST-202262289/HOST-202367135). The last regularly scheduled Council meeting within the 30-day review period is on 4-24-2023. The Committee approved filing this item at its meeting on 3-22-2023.
body

Affected Council District(s) or citywide? District 9

Contract Control Number: HOST-202262289/HOST-202367135

Vendor/Contractor Name (including any "DBA"): 3501 Chestnut Development, LLC

Type and Scope of services to be performed:

This request is to add an additional $5,000,000 in construction loan funding to the current $3,185,000 performance loan. The additional funds are intended to bring ...