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File #: 20-1040    Version: 1
Type: Resolution Status: Adopted
File created: 9/21/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 10/20/2020 Final action: 10/20/2020
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and OPG Green Valley Ranch Partners, LLC to support the development of 144 affordable units in Green Valley Ranch. Approves a loan agreement with OPG Green Valley Ranch Partners, LLC for $3,000,000 and for 60 years to support the construction of The Reserves at Green Valley Ranch, comprised of 144 affordable apartments units located at 17800 Green Valley Ranch Boulevard in Council District 11 (HOST-202055465). The last regularly scheduled Council meeting within the 30-day review period is on 11-9-20. The Committee approved filing this item at its meeting on 9-30-20.
Indexes: Emily Lapel
Attachments: 1. RR20 1040 HOST Reserves at GVR, 2. GVR Reserves 093020, 3. 20-1040 Filed Resolution_OPG Green Valley Ranch Partners, LLC 202055465-00, 4. 20-1040 Loan Agreement OPG Green Valley Ranch Partners, LLC 202055465-00, 5. 20-1040 Filed Resolution_OPG Green Valley Ranch, 6. 20-1040 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 9-21-20

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 OPG Green Valley Ranch Partners, LLC to support the development of 144 affordable units in Green Valley Ranch.
Approves a loan agreement with OPG Green Valley Ranch Partners, LLC for $3,000,000 and for 60 years to support the construction of The Reserves at Green Valley Ranch, comprised of 144 affordable apartments units located at 17800 Green Valley Ranch Boulevard in Council District 11 (HOST-202055465). The last regularly scheduled Council meeting within the 30-day review period is on 11-9-20. The Committee approved filing this item at its meeting on 9-30-20.
body

Affected Council District(s) or citywide? Council District 11

Contract Control Number: HOST-202055465

Vendor/Contractor Name (including any "DBA"): OPG Green Valley Ranch Partners, LLC

Type and Scope of services to be performed:
This project is requesting $3,000,000 ($20,833 per unit) in gap subsidy to complete an affordable housing development with 4% tax credits. As a for-profit entity, the borrower is proposing to pay the City back within 40 years at a 1% interest rate, rather than a performance loan. Execution of the City's 60-year covenant and subordinate Deed of Trust will a...

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