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File #: 22-1486    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 Archway Montview Manor, LLC for the acquisition and renovation of Montview Manor, a 13-story building consisting of 88 rental units serving seniors with affordable housing needs, located at 1663 Steele Street in Council District 9. Approves a loan agreement with Archway Montview Manor, LLC for $3,400,000, with $1,450,000 as a cash flow loan and $1,950,000 as a performance loan and for 30 and 60-year terms respectively, for the acquisition and renovation of Montview Manor, a 13-story building consisting of 88 rental units serving seniors with affordable housing needs, located at 1663 Steele Street in Council District 9 (HOST-202265493). 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. RR22-1486_HOST_ Montview Manor Loan Agreement, 2. 22-1486_Archway_Montview_Manor_LLC_Loan_Agrmt_202265493-00, 3. 22-1486 Filed Resolution_Archway Montview Manor, LLC_202265493-00, 4. 22-1486 Filed Resolution_Archway Montview Manor, LLC_202265493-00, 5. 22-1486 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 11-14-2022

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name: Justin Hill
Email Address: Justin.Hill@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 Archway Montview Manor, LLC for the acquisition and renovation of Montview Manor, a 13-story building consisting of 88 rental units serving seniors with affordable housing needs, located at 1663 Steele Street in Council District 9.
Approves a loan agreement with Archway Montview Manor, LLC for $3,400,000, with $1,450,000 as a cash flow loan and $1,950,000 as a performance loan and for 30 and 60-year terms respectively, for the acquisition and renovation of Montview Manor, a 13-story building consisting of 88 rental units serving seniors with affordable housing needs, located at 1663 Steele Street in Council District 9 (HOST-202265493). 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-202265493

Vendor/Contractor Name (including any "DBA"): Archway Montview Manor, LLC

Type and Scope of services to be performed:
Archway Montview Manor LLC is acquiring Montview Manor, a 13-story building consisting of 88 rental units in a naturally occurring senior afforda...

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