City and County of Denver - File #: 20-0265

• File #: 20-0265
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 3/9/2020
• In control: Safety, Housing, Education & Homelessness Committee
• On agenda: 3/31/2020
• Final action: 3/31/2020
• Title: A resolution approving a proposed Seventh Amendment and Modification Agreement between the City and County of Denver and 2300 Welton, LLC to amend and modify the terms and conditions of the loan for a 223-unit affordable housing project at 2300 Welton Street. Amends a loan agreement with 2300 Welton, LLC to allow for administrative changes that supports refinancing of their permanent loan for a 223-unit affordable housing project at 2300 Welton Street in Council District 9. No change to agreement amount or duration (OEDEV-CE63028-07). The last regularly scheduled Council meeting within the 30-day review period is on 4-20-20. The Committee approved filing this item at its meeting on 3-18-20.
• Indexes: Emily Lapel

Date	Ver.	Action By	Action	Result
4/1/2020	1	Council President	signed
3/31/2020	1	City Council	adopted	Pass
3/18/2020	1	Safety, Housing, Education & Homelessness Committee	approved by consent

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 3-9-20

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Megan Yonke
Email: megan.yonke@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 Seventh Amendment and Modification Agreement between the City and County of Denver and 2300 Welton, LLC to amend and modify the terms and conditions of the loan for a 223-unit affordable housing project at 2300 Welton Street.
Amends a loan agreement with 2300 Welton, LLC to allow for administrative changes that supports refinancing of their permanent loan for a 223-unit affordable housing project at 2300 Welton Street in Council District 9. No change to agreement amount or duration (OEDEV-CE63028-07). The last regularly scheduled Council meeting within the 30-day review period is on 4-20-20. The Committee approved filing this item at its meeting on 3-18-20.
body

Affected Council District(s) or citywide? Council District 9

Contract Control Number: OEDEV-CE63028-07

Vendor/Contractor Name (including any "DBA"): 2300 Welton, LLC

Type and Scope of services to be performed:
EXECUTIVE SUMMARY
In 2006, the City made a loan of HOME funds to Glenarm Residences, LLC, later assigned to 2300 Welton, LLC, to finance the acquisition of land at 2300 Welton Street for the construction of affordable housing units. In 2015, the borrower closed construction financing, including Low-Income Housing Tax Credit (LIHTC) equity, and beg...