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File #: 20-0586    Version: 1
Type: Resolution Status: Adopted
File created: 6/15/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 7/9/2020 Final action: 7/13/2020
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Morrison Road, LLC doing business as Gorman Morrison Road, LLC to support construction of an affordable housing development known as Avenida del Sol. Approves a loan agreement with Morrison Road, LLC, doing business as Gorman Morrison Road, LLC, for $1,415,000 and for 60 years to support construction of Avenida del Sol comprised of 80 affordable apartment units located at 5048 Morrison Road in Council District 3 (HOST-202054179). The last regularly scheduled Council meeting within the 30-day review period is on 7-27-20. The Committee approved filing this item at its meeting on 6-24-20.
Indexes: Emily Lapel
Attachments: 1. RR20 0586 HOST Avenida del Sol, 2. HOST_Avenida del Sol Safety Committee 062420--2, 3. 20-0586 Filed Resolution_Morrision Road LLC doing business as Gorman Morrison Road LLC 202054179-00, 4. 20-0586 Loan Agreement Morrison Road LLC 202054179-00, 5. 20-0586 Filed Resolution_Morrision Road LLC doing business as Gorman Morrison Road LLC, 6. 20-0586 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 6-15-20

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 Morrison Road, LLC doing business as Gorman Morrison Road, LLC to support construction of an affordable housing development known as Avenida del Sol.
Approves a loan agreement with Morrison Road, LLC, doing business as Gorman Morrison Road, LLC, for $1,415,000 and for 60 years to support construction of Avenida del Sol comprised of 80 affordable apartment units located at 5048 Morrison Road in Council District 3 (HOST-202054179). The last regularly scheduled Council meeting within the 30-day review period is on 7-27-20. The Committee approved filing this item at its meeting on 6-24-20.
body

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

Contract Control Number: HOST-202054179

Vendor/Contractor Name (including any "DBA"): Morrison Road, LLC a Wisconsin LLC dba in Colorado as Gorman Morrison Road, LLC

Type and Scope of services to be performed:
This project is requesting $1,415,000 ($17,687 per unit) in gap subsidy to complete an affordable housing development with State and 4% tax credits. The borrower is requesting a cash flow loan with a 1% interest rate, with approximately $11,135,000 in debt senior to the proposed HOST financing...

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