Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 11-5-21
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name:
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Name: Elvis Rubio |
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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, and Northeast Denver Housing Center, Inc., for the construction and development of a 127-unit affordable housing project known as Central Park III Apartments.
Approves a loan agreement with Northeast Denver Housing Center, Inc. for $1,985,000 and for 18.5 years, to construct a 127-unit affordable housing project known as Central Park III Apartments, serving low- to moderate-income households, earning at or below 60% of the area median income, located at the northwest corner of Central Park Boulevard and East 35th Avenue in Council District 8 (HOST 202160940). The last regularly scheduled Council meeting within the 30-day review period is on 12-20-21. The Committee approved filing this item at its meeting on 11-17-21.
body
Affected Council District(s) or citywide? Council District 8
Contract Control Number: HOST 202160940
Vendor/Contractor Name (including any “DBA”): Northeast Denver Housing Center, Inc.
Type and Scope of services to be performed:
Central Park III Apartments, a 127-unit affording housing development, is located at the northwest corner of Central Park Blvd. and E. 35th Ave. in the Central Park neighborhood in a transit-oriented development site just one block from the Central Park light rail station, new Sprouts grocery, employment centers, commercial services, and retail, highly rated schools, and healthy living amenities. Central Park III Apartments will provide a variety of apartments suitable for households of varying sizes including family and single households. Of the 127 units, 11 will be restricted at 30% AMI, 18 at 40% AMI, 82 at 50% AMI and 16 at 60% AMI. The project has a range of unit sizes, comprised of 12 studios, 33 one-bedrooms, 76 two-bedrooms, and 6 three-bedrooms. As with all of NDHC LIHTC developments in Central Park, NDHC will provide an on-site case manager, in collaboration with service providers, to implement healthy living and wellness programs such as self-development education, educational youth programs, after-school tutoring, nutrition classes, healthy cooking, gardening classes, access to food banks, job training, resume development, mental health services and financial literacy classes. The loan review committee conditionally approved a $1,985,000 cash-flow loan for this development, which has a total development cost of roughly $27,000,000.
Location (if applicable):
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts):
Are WBE/MBE/DBE goals met (if applicable)?
Is the contract new/a renewal/extension or amendment?
Was this contractor selected by competitive process or sole source?
For New contracts
Term of initial contract: 18.5 years
Options for Renewal:
How many renewals (i.e. up to 2 renewals)?
Term of any renewals (i.e. 1 year each):
Cost of initial contract term: $1,985,000
Cost of any renewals:
Total contract value council is approving if all renewals exercised:
For Amendments/Renewals Extensions:
Is this a change to cost/pricing; length of term; terms unrelated to time or price (List all that apply)?
If length changing
What was the length of the term of the original contract?
What is the length of the extension/renewal?
What is the revised total term of the contract?
If cost changing
What was the original value of the entire contract prior to this proposed change?
What is the value of the proposed change?
What is the new/revised total value including change?
If terms changing
Describe the change and the reason for it (i.e. compliance with state law, different way of doing business etc.)