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File #: 22-1484    Version: 1
Type: Resolution Status: Adopted
File created: 11/7/2022 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 11/28/2022 Final action: 11/28/2022
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Pennrose Holdings, LLC to provide gap financing for the construction and long-term operation of housing reserved for 56 chronically homeless transition-aged youth in Denver at 2700 Wewatta Way in Council District 9. Approves a loan agreement with Pennrose Holdings, LLC for $3,000,000 and 60 years from the maturity date, to provide gap financing for the construction and long-term operation of housing reserved for 56 chronically homeless transition-aged youth in Denver at 2700 Wewatta Way in Council District 9 (HOST-202265484). The last regularly scheduled Council meeting within the 30-day review period is on 12-19-2022. The Committee approved filing this item at its meeting on 11-16-2022.
Indexes: Anne Wallace
Attachments: 1. RR22-1484_HOST_2700 Wewatta Loan Agreement, 2. 2022-11-16 2700 Wewatta revised final, 3. 22-1484 Filed Resolution_Pennrose Holdings, LLC_202265484-00, 4. 22-1484_Pennrose_Holdings_LLC_2022_Loan_Agreement_202265484-00, 5. 22-1484 Filed Resolution_Pennrose Holdings, LLC_202265484-00, 6. 22-1484 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 11-14-2022

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name: Jennifer Balkcom
Email Address: Jennifer.Balkcom@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 Loan Agreement between the City and County of Denver and Pennrose Holdings, LLC to provide gap financing for the construction and long-term operation of housing reserved for 56 chronically homeless transition-aged youth in Denver at 2700 Wewatta Way in Council District 9.
Approves a loan agreement with Pennrose Holdings, LLC for $3,000,000 and 60 years from the maturity date, to provide gap financing for the construction and long-term operation of housing reserved for 56 chronically homeless transition-aged youth in Denver at 2700 Wewatta Way in Council District 9 (HOST-202265484). The last regularly scheduled Council meeting within the 30-day review period is on 12-19-2022. The Committee approved filing this item at its meeting on 11-16-2022.
body

Affected Council District(s) or citywide? 9

Contract Control Number: HOST-202265484

Vendor/Contractor Name (including any "DBA"): Pennrose Holdings, LLC

Type and Scope of services to be performed:
Scope of work:
This loan will provide gap financing for the construction and long-term operation of the project. The community will be built on a 0.54-acre site in the Five Points neighborhood of Denver, which is also in the RiNo Arts District and in ...

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