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File #: 19-1277    Version: 1
Type: Resolution Status: Adopted
File created: 11/12/2019 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 12/9/2019 Final action: 12/9/2019
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and ECLT Inca Commons, LLC to provide construction financing for affordable for-sale condominium homes in the Lincoln Park neighborhood. Approves a loan agreement with ECLT Inca Commons, LLC for $3,675,000 to support the construction of 92 units of income-restricted for-sale housing for residents earning less than 80% of area median income, affordable for 99 years through land lease with the Elevations Community Land Trust, located at 603 North Inca Street in Council District 3 (OEDEV-201951256). The last regularly scheduled Council meeting within the 30-day review period is on 12-23-19. The Committee approved filing this item at its meeting on 11-20-19.
Indexes: Emily Lapel
Attachments: 1. RR19 1277 HOST La Tela, 2. 2019 11 13_La Tela_SAFEHOUSE, 3. 19-1277 Filed Resolution ECLT Inca Commons_201951256-00, 4. 19-1277 ECLT Inca Commons_Loan Agreement_2019_#3675000_MC_HSG_GF_financing 92 for-sale condominium homes_201951256-00, 5. 19-1277 Filed Resolution ECLT Inca Commons, 6. 19-1277 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 11-12-19

Requesting Agency: Department of Housing Stability
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 ECLT Inca Commons, LLC to provide construction financing for affordable for-sale condominium homes in the Lincoln Park neighborhood.
Approves a loan agreement with ECLT Inca Commons, LLC for $3,675,000 to support the construction of 92 units of income-restricted for-sale housing for residents earning less than 80% of area median income, affordable for 99 years through land lease with the Elevations Community Land Trust, located at 603 North Inca Street in Council District 3 (OEDEV-201951256). The last regularly scheduled Council meeting within the 30-day review period is on 12-23-19. The Committee approved filing this item at its meeting on 11-20-19.

body

Affected Council District(s) or citywide? Council District 3

Contract Control Number: OEDEV-201951256

Vendor/Contractor Name (including any "DBA"): ECLT INCA COMMONS, LLC

Type and Scope of services to be performed:
This request is for $3,675,000 in dedicated fund property tax revenues ($39,946 per unit) to provide construction financing on 92 affo...

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