Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 11-21-17
Requesting Agency: Finance
Division: Real Estate
§ Name: Jeffrey Steinberg or Lisa Lumley
§ Phone: 720.865.7505 or 720.913.1515
§ Email: Jeffrey.steinberg@denvergov.org <mailto:Jeffrey.steinberg@denvergov.org> or lisa.lumley@denvergov.org <mailto:lisa.lumley@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 bill for an ordinance approving a proposed Purchase and Sale Agreement between the City and County of Denver and KRF Holly, LLC to sell property located at 2000 S. Holly Street.
Approves a purchase and sale agreement with KRF Holly, LLC for $243,000 to sell the property located at 2000 South Holly Street with plans to develop 225 housing units to be sold at market rate and an additional 50-80 units for senior housing in Council District 6. The last regularly scheduled Council meeting within the 30-day review period is on 1-22-18. The Committee approved filing this bill at its meeting on 12-12-17.
body
Affected Council District(s) or citywide? Council District 6
Contract Control Number:
Vendor/Contractor Name (including any “DBA”): KRF Holly, LLC
Type and Scope of services to be performed: The property is approximately 11.11 acres. The City’s purpose for entering into this transaction with KRF Holly, LLC is the development of the property consistent with existing neighborhood, area plans, and economic and job development within the City and County of Denver. Buyer plans to develop 225 walk up housing units to be sold at market rate and develop 50-80 units for senior housing. The City will advance $243k (refundable) at execution to be paid with Real Estate funds with KRF Holly, LLC placing $210,000 in escrow. Contract amount is $5,250,000. The closing will be simultaneous with the State of Colorado closing.
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:
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: $243,000
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.)