Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 10-17-17
Requesting Agency: Economic Development
Division:
§ Name: Susan Liehe
§ Phone: (720) 913-1689
§ Email: susan.liehe@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 Denver Leased Housing Associates VI, LLLP for a loan for the development of new affordable housing.
Approves a loan agreement with Leased Housing Associates VI, LLLP in the amount of $3 million through 4-30-19, to support the acquisition and construction of 252 units of affordable, income-restricted rental housing at 5810 Argonne Street in Council District 11 (OEDEV-201735583-00). The last regularly scheduled Council meeting within the 30-day review period is on 11-27-17. The Committee approved filing this resolution at its meeting on 10-25-17.
body
Affected Council District(s) or citywide? Council District 11
Contract Control Number: OEDEV-201735583-00
Vendor/Contractor Name (including any “DBA”): Dominium
Type and Scope of services to be performed:
Dominium, an integrated affordable housing development and property management firm based in Minneapolis, is proposing to develop a 252-unit affordable, income-restricted rental community adjacent to Pena Station, to be known as East Range Crossings. East Range Crossings will be located at 5810 Argonne Street. The City’s cash flow loan will support the acquisition of the property and construction of the development; in addition to OED financing, the development leverages $32.5 million in senior debt and $25.9 million in 4% low-income housing tax credit (LIHTC) equity allocated by the Colorado Housing and Finance Authority.
East Range Crossings will be a multifamily development comprised of ten residential buildings, each incorporating a mix of one-, two-, and three-bedroom units available to households earning at or below 60% of area median income (AMI). The development will place an emphasis on housing for families with children through its mix of unit types; in total, the property will provide 12 one-bedroom, 120 two-bedroom, and 120 three-bedroom units.
To supplement the apartments, the community will also provide a range of common amenities designed to support residents, including covered parking, a community kitchen and clubroom, a business center, a fitness center, a yoga room, on-site management, a fire pit and grill stations, a pool, and two playgrounds intended for children at a range of ages. The development will be located approximately one mile from Pena Station, so is intended to provide housing proximate to transit for those working at Denver International Airport, downtown, or along the light rail route.
The developer, Dominium, was founded in 1972 and is the fifth largest owner, developer, and manager of affordable housing in the country. Dominium has strong experience developing affordable housing, and this will be the firm’s first new development Denver. Currently, the firm’s property management arm, Dominium Management Services, LLC, manages two income-restricted properties in Denver as part of its 26,000-unit portfolio that spans 23 states.
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: 10-15-17 - 04-30-19
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: $3,000,000
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.)