City and County of Denver - File #: 23-0423

• File #: 23-0423
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 4/11/2023
• In control: Finance & Governance Committee
• On agenda: 5/1/2023
• Final action: 5/1/2023
• Title: A resolution approving a proposed Purchase and Sale Agreement between the City and County of Denver and ACM Loretto VI LLC to purchase a theater and library on the Loretto Heights campus located at 3200 West Cornell Drive. Approves a purchase and sale agreement with ACM Loretto VI LLC, for $3,500,000 to purchase property in support of a theater and library on the Loretto Heights campus, located at 3200 West Cornell Drive in Council District 2 (FIN-202367684). The last regularly scheduled Council meeting within the 30-day review period is on 5-22-2023. The Committee approved filing this item at its meeting on 4-18-2023.
• Indexes: Lucas Palmisano

Date	Ver.	Action By	Action	Result
5/1/2023	1	Council President	signed
5/1/2023	1	City Council	adopted	Pass
4/18/2023	1	Finance & Governance Committee	approved for filing	Pass

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 4-10-2023

Requesting Agency: Finance
Division:

Subject Matter Expert Name: Lisa Lumley
Email Address: Lisa.Lumley@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 Purchase and Sale Agreement between the City and County of Denver and ACM Loretto VI LLC to purchase a theater and library on the Loretto Heights campus located at 3200 West Cornell Drive.
Approves a purchase and sale agreement with ACM Loretto VI LLC, for $3,500,000 to purchase property in support of a theater and library on the Loretto Heights campus, located at 3200 West Cornell Drive in Council District 2 (FIN-202367684). The last regularly scheduled Council meeting within the 30-day review period is on 5-22-2023. The Committee approved filing this item at its meeting on 4-18-2023.
body

Affected Council District(s) or citywide? 2

Contract Control Number: FIN - 202367684

Vendor/Contractor Name (including any "DBA"): ACM Loretto VI LLC

Type and Scope of services to be performed:

EXECUTIVE SUMMARY



In June 2021, the City and ACM Loretto Heights VI LLC ("Seller") entered into a Development Agreement whereby the Seller agreed to convey to the City the May Bonfils Stanton Theater ("Theater") and a specific parcel of land to be used for a parking garage pursuant to a Contribution Agreement for $10.00. The renovation and construction of the Theater and garage were approved in the RISE Denver Bond package.

Subsequent to ...