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File #: 20-0643    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 First Amendment and Modification Agreement between the City and County of Denver and Walnut Street Lofts, LLLP to amend and modify the terms and conditions of the Loan Agreement. Amends a loan agreement with Walnut Street Lofts, LLLP 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 soon-to-be completed 66-unit affordable rental project located at 3733 Walnut Street in Council District 9 (OEDEV-201844238-01). 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 0643 HOST Walnut Street Lofts-LURA subordination, 2. Amendment re CHFA LURA 07222020_mby (3), 3. 20-0643 Filed Resolution_Walnut Street Lofts LLLP 202054235-01 Alfresco 201844238-01, 4. 20-0643 First Amendment and Modification Agreement Walnut Street Lofts LLLP 202054235-01 Alfresco 201844238-01, 5. 20-0643 Filed Resolution_Walnut Street Lofts LLLP, 6. 20-0643 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 6-22-20

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 between the City and County of Denver and Walnut Street Lofts, LLLP to amend and modify the terms and conditions of the Loan Agreement.
Amends a loan agreement with Walnut Street Lofts, LLLP 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 soon-to-be completed 66-unit affordable rental project located at 3733 Walnut Street in Council District 9 (OEDEV-201844238-01). 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 9

Contract Control Number: OEDEV-201844238-01

Vendor/Contractor Name (including any "DBA"): Walnut Street Lofts, LLLP

Type and Scope of services to be performed:
On December 5, 2018, the city executed a loan agreement authorizing a $1,350,000 loan for the development of Walnut Street Lofts, a 66-unit project affordable to rental tenants at or below 60% of the area median income. Construction is almost completed on this project, and the borrower will soon be ready to ...

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