Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 12-6-21
Requesting Agency: Department of Housing Stability
Division:
Subject Matter Expert Name:
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Name: Derek Woodbury |
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Email: Derek.Woodbury@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 Colorado Coalition for the Homeless to finance rehabilitation costs of an 81-unit housing project known as Renaissance Off Broadway Lofts.
Approves a performance loan agreement with Colorado Coalition for the Homeless for $1,250,000 and for 60 years to rehabilitate a 81-unit affordable housing project known as Renaissance Off Broadway Lofts, serving low- to moderate-income households, earning at or below 60% of the area median income located at 2135 Stout Street in Council District 9 (HOST 202161071).The last regularly scheduled Council meeting within the 30-day review period is on 2-7-22. The Committee approved filing this item at its meeting on 12-15-21.
body
Affected Council District(s) or citywide? Council District 9
Contract Control Number: HOST 202161071
Vendor/Contractor Name (including any “DBA”): The Colorado Coalition for the Homeless
Type and Scope of services to be performed:
The Colorado Coalition for the Homeless (CCH), together with its development subsidiary Renaissance Housing Development Corporation, intends to rehabilitate Off Broadway Lofts while increasing the number of dedicated supportive housing units at the property. The 81-unit property (80 affordable and one manager unit), located at 2135 Stout Street, has significant capital needs and deferred maintenance issues that need to be addressed in order to preserve these units. The property currently has 21 supportive housing units that are funded by various grants and served by CCH’s programs. As a part of this redevelopment, CCH plans to increase its number of its project-based vouchers committed by four, for a total of 25 vouchered-units.
Repayment of this loan will be forgiven upon successful completion of the compliance requirements over the 60-year affordability term. Other financing for the renovation includes CCH funding, 4% Low-Income Housing Tax Credit equity, Colorado Division of Housing, and Federal Home Loan Bank funds.
The City and County of Denver supported the original development of the Off Broadway Lofts in 2001 through a performance loan agreement that included a 50-year affordability period. Through a separate resolution request, HOST is seeking to amend the 2001 agreement to reduce the compliance period and allow the agreement to expire. Such amendment would best support this new performance loan agreement, which locks in affordability over a greater span of 60 years into the future.
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: 60 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: $1,250,000
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.)