City and County of Denver - File #: 21-1196

• File #: 21-1196
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 10/4/2021
• In control: Safety, Housing, Education & Homelessness Committee
• On agenda: 10/25/2021
• Final action: 10/25/2021
• Title: A resolution approving a proposed First Amendment and Modification Agreement between the City and County of Denver and Senior Housing Options, Inc. to add additional funds to the Loan Agreement, revise the affordability restrictions, and make other revisions to the term of the Loan Agreement. Amends a loan agreement with Senior Housing Options, Inc. by adding $250,000 for a new total of $1,750,000 for financing of hard and soft costs to preserve the affordability of units at The Olin Hotel Apartments located at 1420 North Logan Street in Council District 10. No change to agreement duration (HOST 202158183). The last regularly scheduled Council meeting within the 30-day review period is on 11-15-21. The Committee approved filing this item at its meeting on 10-13-21.
• Indexes: Emily Lapel

Date	Ver.	Action By	Action	Result
10/25/2021	1	Council President	signed
10/25/2021	1	City Council	adopted	Pass
10/13/2021	1	Safety, Housing, Education & Homelessness Committee	approved by consent

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 10-4-21

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Elvis Rubio
Email: Elvis.Rubio@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 Senior Housing Options, Inc. to add additional funds to the Loan Agreement, revise the affordability restrictions, and make other revisions to the term of the Loan Agreement.
Amends a loan agreement with Senior Housing Options, Inc. by adding $250,000 for a new total of $1,750,000 for financing of hard and soft costs to preserve the affordability of units at The Olin Hotel Apartments located at 1420 North Logan Street in Council District 10. No change to agreement duration (HOST 202158183). The last regularly scheduled Council meeting within the 30-day review period is on 11-15-21. The Committee approved filing this item at its meeting on 10-13-21.
body

Affected Council District(s) or citywide? Council District 10

Contract Control Number: HOST 202158183

Vendor/Contractor Name (including any "DBA"): Senior Housing Options, Inc.

Type and Scope of services to be performed:
The Olin is a very old building and unexpected conditions were expected. Construction costs have rose due to the age of the building and unanticipated COVID costs. Most of the increased co...