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File #: 22-0367    Version: 1
Type: Resolution Status: Adopted
File created: 3/27/2022 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 4/18/2022 Final action: 4/18/2022
Title: A resolution approving a proposed First Amendment and Modification Agreement between the City and County of Denver and 3501 Chestnut Development, LLC to increase the loan to support the development and construction of a 49-unit affordable housing project known as Chestnut Place Lofts in Council District 9. Amends a performance loan agreement with 3501 Chestnut Development, LLC by adding $735,000 for a new total loan amount of $3,185,000 to address project cost escalation in the development of a 49-unit affordable housing project known as Chestnut Place Lofts in Council District 9, providing homeownership opportunities to low-to moderate-income home buyers. No change to loan duration (HOST-202262289). The last regularly scheduled Council meeting within the 30-day review period is on 5-9-22. The Committee approved filing this item at its meeting on 4-6-22.
Indexes: Emily Lapel
Attachments: 1. RR22 0367 HOST Chestnut Place Lofts - Amendment 032522, 2. 22-0367 Filed Resolution_3501ChestnutDevelopmentLLC_202262289-01, 3. 22-0367 1stAmendAgr_3501ChestnutDevelopmentLLC_202262289-01, 4. 22-0367 Filed Resolution_3501ChestnutDevelopmentLLC
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 3/28/22

Requesting Agency: HOST
Division:

Subject Matter Expert Name: Jack Wylie
Email Address: jack.wylie@denvergov.org
Phone Number:

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 3501 Chestnut Development, LLC to increase the loan to support the development and construction of a 49-unit affordable housing project known as Chestnut Place Lofts in Council District 9.
Amends a performance loan agreement with 3501 Chestnut Development, LLC by adding $735,000 for a new total loan amount of $3,185,000 to address project cost escalation in the development of a 49-unit affordable housing project known as Chestnut Place Lofts in Council District 9, providing homeownership opportunities to low-to moderate-income home buyers. No change to loan duration (HOST-202262289). The last regularly scheduled Council meeting within the 30-day review period is on 5-9-22. The Committee approved filing this item at its meeting on 4-6-22.
body

Affected Council District(s) or citywide? District 9

Contract Control Number: HOST-202262289

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 Development, LLC is requesting an additional $735,000 to supplement the approved $2,450,000 performance loan to develop a 49-unit condominium...

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