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File #: 20-0492    Version: 1
Type: Resolution Status: Adopted
File created: 5/18/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 6/8/2020 Final action: 6/8/2020
Title: A resolution approving a proposed First Amendment and Modification Agreement between the City and County of Denver and ECLT Inca Commons, LLC to amend and modify the terms and conditions of the Loan Agreement. Amends a loan agreement with ECLT Inca Commons LLC to revise the deadline for disbursement of funds from 3-30-20 to 9-30-20 regarding a 92-unit condominium development located in the Lincoln Park neighborhood in Council District 3. No change to agreement amount or duration (OEDEV-201951256). The last regularly scheduled Council meeting within the 30-day review period is on 6-29-20. The Committee approved filing this item at its meeting on 5-27-20.
Indexes: Emily Lapel
Attachments: 1. RR20 0492 HOST La Tela, 2. 20-0492 Filed Resolution_ECLT Inca Commons, LLC 202054432-01 Alfresco 201951256-01, 3. 20-0492 First Amendment and Modification Agreement ECLT Inca Commons, LLC 202054432-01 Alfresco 201951256-01, 4. 20-0492 Filed Resolution_ECLT Inca Commons, LLC, 5. 20-0492 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 5-18-20

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Jennifer Siegel, 720-913-1667
Email: jennifer.siegel@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 between the City and County of Denver and ECLT Inca Commons, LLC to amend and modify the terms and conditions of the Loan Agreement.
Amends a loan agreement with ECLT Inca Commons LLC to revise the deadline for disbursement of funds from 3-30-20 to 9-30-20 regarding a 92-unit condominium development located in the Lincoln Park neighborhood in Council District 3. No change to agreement amount or duration (OEDEV-201951256). The last regularly scheduled Council meeting within the 30-day review period is on 6-29-20. The Committee approved filing this item at its meeting on 5-27-20.
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:
On December 16, 2020, the City executed a loan agreement authorizing a $3,675,000 performance loan ($39,946 per unit) for the development of La Tela, a 92-unit condominium development located in the Lincoln Park neighborhood. The units will be affordable to buyers at or below 80% of the Area Median Income for 99 years thr...

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