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File #: 20-0449    Version: 1
Type: Resolution Status: Adopted
File created: 5/4/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 6/4/2020 Final action: 6/4/2020
Title: A resolution approving a proposed First Amendment and Modification Agreement with Marycrest Apartments, LLC to allow the City to subordinate its deed of trust and covenant to a land use restriction agreement. Amends a loan agreement with Marycrest Apartments, LLC to add language allowing the City's loan to take a subordinate position to the Colorado Housing and Finance Authority's (CHFA) Land Use Restriction Agreement (LURA) for a recently completed 65-unit affordable rental project located at 2777 West Parkside Place, in Council District 1. No change to agreement amount or duration (OEDEV-201843603). The last regularly scheduled Council meeting within the 30-day review period is on 6-15-20. The Committee approved filing this item at its meeting on 5-13-20.
Indexes: Emily Lapel
Attachments: 1. RR20 0449 HOST Aria Marycrest, 2. 20-0449 Filed Resolution_Marycrest Apartments LLC 202054252-01 Alfresco 201843603-01, 3. 20-0449 First Amendment and Modification Agreement Marycrest Apartments LLC 202054252-01 Alfresco 201843603-01, 4. 20-0449 Filed Resolution_Marycrest Apartments LLC, 5. 20-0449 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 5-4-20

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Megan Yonke
Email: megan.yonke@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 First Amendment and Modification Agreement with Marycrest Apartments, LLC to allow the City to subordinate its deed of trust and covenant to a land use restriction agreement.
Amends a loan agreement with Marycrest Apartments, LLC to add language allowing the City's loan to take a subordinate position to the Colorado Housing and Finance Authority's (CHFA) Land Use Restriction Agreement (LURA) for a recently completed 65-unit affordable rental project located at 2777 West Parkside Place, in Council District 1. No change to agreement amount or duration (OEDEV-201843603). The last regularly scheduled Council meeting within the 30-day review period is on 6-15-20. The Committee approved filing this item at its meeting on 5-13-20.
body

Affected Council District(s) or citywide? Council District 1

Contract Control Number: OEDEV-201843603

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

Type and Scope of services to be performed:
On November 19, 2018, the city executed a loan agreement authorizing a $700,000 loan for the development of Aria Marycrest, a 65-unit project affordable to rental tenants at or below 60% AMI. The construction is completed on this project and is ready to begin leasing unit...

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