Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 3-16-20
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name:
|
Name: Nick Emenhiser |
|
Email: Nicholas.Emenhiser@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 Kappa Tower II, LLLP to support construction of affordable housing.
Approves a loan agreement with Kappa Tower II, LLLP for $700,000 and sixty years to support construction of 70 units of affordable, age-restricted senior housing located at the corner of Central Park Boulevard and Northfield Boulevard in Council District 8 (OEDEV-201952502). The last regularly scheduled Council meeting within the 30-day review period is on 4-27-20. The Committee approved filing this item at its meeting on 3-25-20.
body
Affected Council District(s) or citywide? Council District 8
Contract Control Number: OEDEV-201952502
Vendor/Contractor Name (including any “DBA”): Kappa Tower II, LLLP
Type and Scope of services to be performed:
Colorado Housing and Finance Authority (CHFA) awarded this project highly-competitive 9% tax credits in 2018. As a non-profit housing developer, Kappa Housing Inc., will be able to build capacity and expertise through this project and further their mission to provide housing to seniors in need. The project is a 70-unit, age-restricted, elevator-served building located at the corner of Central Park Boulevard and Northfield Boulevard in Stapleton. The City’s contribution of $700,000 comes out to $10,000 per unit. The land was donated by FC Brookfield, per the Stapleton Development Agreement. Other funders in this development include Colorado Division of Housing, as well as CHFA as senior lender, and deferred developer fee.
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?
Competitive process
For New contracts
Term of initial contract: 60 years
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: $700,000
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.)