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File #: 20-0642    Version: 1
Type: Resolution Status: Adopted
File created: 6/22/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 8/3/2020 Final action: 8/3/2020
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Atlantis Community Foundation for a loan to support the construction of 84 affordable housing units. Approves a performance loan agreement with Atlantis Community Foundation for $2,300,000 and for 60 years to support construction of 84 affordable rental units at Atlantis II located at 420 West Cedar Avenue in Council District 7 (HOST-202054229). The last regularly scheduled Council meeting within the 30-day review period is on 8-24-20. The Committee approved filing this item at its meeting on 7-22-20.
Indexes: Emily Lapel
Attachments: 1. RR20 0642 HOST Atlantis II, 2. HOST_Atlantis II Safety Committee, 3. 20-0642 Filed Resolution_Atlantis Community Foundation 202054229-00, 4. 20-0642 Loan Agreement Atlantis Community Foundation 202054229-00, 5. 20-0642 Filed Resolution_Atlantis Community Foundation, 6. 20-0642 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 6-22-20

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 Atlantis Community Foundation for a loan to support the construction of 84 affordable housing units.
Approves a performance loan agreement with Atlantis Community Foundation for $2,300,000 and for 60 years to support construction of 84 affordable rental units at Atlantis II located at 420 West Cedar Avenue in Council District 7 (HOST-202054229). The last regularly scheduled Council meeting within the 30-day review period is on 8-24-20. The Committee approved filing this item at its meeting on 7-22-20.
body

Affected Council District(s) or citywide? Council District 7

Contract Control Number: HOST-202054229

Vendor/Contractor Name (including any "DBA"): Atlantis Community Foundation

Type and Scope of services to be performed:
This is the second phase of the Atlantis Apartments project, on the south end of the Baker neighborhood. Project includes a total of 84 units, including five studio units, 50 one-bedroom units, and 37 two-bedroom units. Conversely, 24 are designated for 30% area median income (AMI), and 60 are designated for 60% AMI. All units are expected to be accessible for individuals with disabilities. The project has received a 4% LIHTC ...

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