City and County of Denver - File #: 21-1228

• File #: 21-1228
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 10/14/2021
• In control: Safety, Housing, Education & Homelessness Committee
• On agenda: 11/8/2021
• Final action: 11/8/2021
• Title: A resolution approving a proposed Loan Agreement between the City and County of Denver, 3501 Chestnut Development, LLC and Shanahan Development LLC for the construction and development of 49 affordable condominium units at the project known as the Chestnut Place Condominiums. Approves a performance loan agreement with 3501 Chestnut Development, LLC for $2,450,000 and for 99 years to construct a 49-unit affordable housing project known as Chestnut Place Condos, serving low to moderate income homebuyers, located at 3501 Chestnut Place in Council District 9 (HOST-202158709). The last regularly scheduled Council meeting within the 30-day review period is on 11-29-21. The Committee approved filing this item at its meeting on 10-20-21.
• Indexes: Emily Lapel

Date	Ver.	Action By	Action	Result
11/8/2021	1	Council President	signed
11/8/2021	1	City Council	adopted	Pass
10/20/2021	1	Safety, Housing, Education & Homelessness Committee	approved for filing	Pass

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 10-14-21

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 Loan Agreement between the City and County of Denver, 3501 Chestnut Development, LLC and Shanahan Development LLC for the construction and development of 49 affordable condominium units at the project known as the Chestnut Place Condominiums.
Approves a performance loan agreement with 3501 Chestnut Development, LLC for $2,450,000 and for 99 years to construct a 49-unit affordable housing project known as Chestnut Place Condos, serving low to moderate income homebuyers, located at 3501 Chestnut Place in Council District 9 (HOST-202158709). The last regularly scheduled Council meeting within the 30-day review period is on 11-29-21. The Committee approved filing this item at its meeting on 10-20-21.
body

Affected Council District(s) or citywide? Council District 9

Contract Control Number: HOST-202158709

Vendor/Contractor Name (including any "DBA"): 3501 Chestnut Development, LLC

Type and Scope of services to be performed:
Shanahan Development, through its entity 3501 Chestnut St LLC, is requesting a $2,450,000 performance loan ($50,000/unit) to develop a 49-unit condominium project with 14 one-bedroom, 27 two-bedroom, 8 three-bedroom unit...