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File #: 19-0132    Version: 1
Type: Resolution Status: Adopted
File created: 2/12/2019 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 4/15/2019 Final action: 4/15/2019
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Colburn LLC for renovation and development of an affordable housing project located at 980 Grant Street, Denver, Colorado. Approves a loan agreement with Colburn LLC for $3,450,000 and for sixty-nine years to support the acquisition and rehabilitation of an existing income-restricted property known as the Colburn Hotel to preserve 91 units of housing for low-income residents, located at 980 Grant Street in Council District 10 (OEDEV-201842018-00). The last regularly scheduled Council meeting within the 30-day review period is on 5-6-19. The Committee approved filing this item at its meeting on 3-27-19.
Indexes: Emily Lapel
Attachments: 1. RR19 0132 OED Colburn Hotel.pdf, 2. COLBURN HOTEL 030419, 3. 19-0132 Filed Resolution_Colburn LLC_201842018-00, 4. 19-0132 Loan Agreement_Colburn LLC_201842018-00, 5. 19-0132 Filed Resolution_Colburn LLC_201842018-00.pdf, 6. 19-0132 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 2-12-19

Requesting Agency: Office of Economic Development
Division:

Subject Matter Expert Name:

Name: Susan Liehe 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 Colburn LLC for renovation and development of an affordable housing project located at 980 Grant Street, Denver, Colorado.
Approves a loan agreement with Colburn LLC for $3,450,000 and for sixty-nine years to support the acquisition and rehabilitation of an existing income-restricted property known as the Colburn Hotel to preserve 91 units of housing for low-income residents, located at 980 Grant Street in Council District 10 (OEDEV-201842018-00). The last regularly scheduled Council meeting within the 30-day review period is on 5-6-19. The Committee approved filing this item at its meeting on 3-27-19.
body

Affected Council District(s) or citywide? CD 10

Contract Control Number: OEDEV-201842018-00

Vendor/Contractor Name (including any "DBA"): Colburn LLC

Type and Scope of services to be performed:
This proposed resolution will authorize a $3,450,000 cash flow loan to Colburn, LLC to support the acquisition and rehabilitation of an existing income-restricted property known as the Colburn Hotel. The developer, G...

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