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File #: 20-0913    Version: 1
Type: Resolution Status: Adopted
File created: 8/31/2020 In control: Business, Arts, Workforce, & Aviation Services Committee
On agenda: 9/21/2020 Final action: 9/21/2020
Title: A resolution approving a proposed Seventh Amendment and Modification Agreement between the City and County of Denver and NEWSED Community Development Corporation, Inc. to modify the repayment terms of a loan. Amends a loan agreement with NEWSED Community Development Corporation, Inc. to extend its current loan deferment through 12-31-20 on its commercial condo property at 901 West 10th Avenue in Council District 3 (GE2Y004-07). The last regularly scheduled Council meeting within the 30-day review period is on 10-12-20. The Committee approved filing this item at its meeting on 9-9-20.
Indexes: John Mahoney
Attachments: 1. RR20 0913 DEDO NEWSED, 2. 20-0913 FIled Resolution_Newsed Community Development Corporation Inc. 202055030-07, 3. 20-0913 Agreement_Newsed Community Development Corp 202055030-07, 4. 20-0913 FIled Resolution_Newsed Community Development Corporation Inc., 5. 20-0913 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 8-31-20

Requesting Agency: Denver Economic Development and Opportunity
Division:

Subject Matter Expert Name:

Name: Susan Liehe 720-480-3481
Email: susan.liehe@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 Seventh Amendment and Modification Agreement between the City and County of Denver and NEWSED Community Development Corporation, Inc. to modify the repayment terms of a loan.
Amends a loan agreement with NEWSED Community Development Corporation, Inc. to extend its current loan deferment through 12-31-20 on its commercial condo property at 901 West 10th Avenue in Council District 3 (GE2Y004-07). The last regularly scheduled Council meeting within the 30-day review period is on 10-12-20. The Committee approved filing this item at its meeting on 9-9-20.
body

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

Contract Control Number: GE2Y004-07

Vendor/Contractor Name (including any "DBA"): NEWSED Community Development Corporation, Inc.

Type and Scope of services to be performed:
This resolution and loan amendment pertains to the commercial portion of a NEWSED-owned, mixed-use property at 901 West 10th Avenue known as the Villa De Barela. The ground floor is retail/commercial space and the upper floors are affordable housing.

In 1993, DEDO originally financed a $1,0...

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