Grants a 10 year loan in the amount of $1.5 million to 48Race, LLC (real estate holding company of the Urban Land Conservancy) for acquisition of 4800 Race Street and 4800 Vine Street in Council District 9.     (BUSINESS DEVELOPMENT) Grants a 10 year loan in the amount of $1.5 million to 48Race, LLC (real estate holding company of the Urban Land Conservancy) for acquisition of 4800 Race Street and 4800 Vine Street in Council District 9
All right. Thank you. Okay. Got those three? All right. Madam Secretary, you ante up the first one. Council Bill 0009. Councilwoman Montero. Councilwoman Brooks, do either one of you want to put this on the floor or do you have comments or questions? I just have a. Question or comment. Councilmember. Same cattle. Montero. You can go ahead and begin. Thank you. This bill is a proposed loan agreement between the city and county of Denver and 48 Race LLC for land acquisition for a loan at 4800 Race Street and 4800 Vine Street. And I wanted to ask a member of OED, I'm not sure who's here tonight representing that agency to explain how it came, how it came out of committee in one way, and some changes were made. If you could come up to the podium and talk about it and see. Many. Council President Herndon Members of council. I'm Jeff Romaine and with the Office of Economic Development and I'm somewhat the project lead on this right now as we're moving forward on the land acquisition with you all see we presented to committee as you know this proposals we're working through some of the final deliberations. There was a tight timeframe as far as the negotiations. The borrower, you'll see in this case, continue the conversation with the land seller and negotiated the various terms and working through at the same time, there was a senior lender that was coming to for for this particular purchase and that senior lender asked for certain terms to be part of our contract in our part of our loan. So as you know, we're subordinated to that senior lender and we've worked through it at the same time. If you recall in the council, the council committee meeting originally we thought the land was going to cost come in at $6 million and that was going to be the purchase price as it worked out our, our, our borrower and as they've negotiated, actually, we're got the purchase price to be lowered. And so both of those things caused a little bit of change in the contract. Primarily, most of the contract changed of what we originally discussed and we thought we were going to move forward to no change because the senior lender. Mr. President, may I ask one more question? Is there someone from ULC that would come up to the podium, please, and talk about the project. Good evening. Urban Land Conservancy was, you know, been partnering with the city of Denver on this project. It's a six acre site that's located at 48th and raise. And it is that the primary purpose of this project is to address some of the housing needs that will result as in as a result of the I-70 realignment project. Basically, there will be about 53 or so households that will be displaced as a result of this, the I-70 realignment. And so this project is intended to replace that housing. It's also intended to serve as an economic development opportunity to create jobs. And that's actually one of the conditions of the financing that's being proposed by the OED, is that we will create, at a minimum, 26 jobs. Could you just say your name for the record? Oh, I apologize. Deborah Bustos, vice president of real estate for Urban Land Conservancy. Thank you. Thank you. Well, thank you. Thank you. Councilman Montero. Councilman Brooks. Thank you, Mr. President. Deborah, can you stay at the at the mic? I appreciate you answering that question. Can you can you go on and specify the number of units or. I know you got all this is in design right now and we're really excited this is moving forward. But I'd love to see how close of a guesstimate you have. Sure. And actually, I would ask my coworker, Tony Pickett, who's our vice president of master site development, to join me because I'm on the acquisition side and do the negotiations with the seller. And then Tony gets to play with all of the designs. So I'll. Councilman, I. Can tell you our initial. Yield study shows just over 400. Units would be on the. Site with another approximately 25,000 square. Feet of commercial space. But that's not fixed. We still intend to have a very robust community engagement. Planning process to determine that. And and can you do your best to tell us what am I levels that these these housing units would be? I would say 60% of mine below. Okay. Okay, great. So I want to give just a little credit right now, because Councilwoman Monteiro is being shy over here. But she, the Urban Land Conservancy and OED worked really hard to make sure that we had affordable housing where a ton of public and private investment is going. And Glover, Lurie, Swansea with the stock show, the I-70 Realignment and the the community conversation is what does community sustainability look like? And here we have 400 units, potentially 400 units going in, 53 of which of the displacement of I-70 in its current form is going to happen. And so this is I think this is a huge, huge coup for the city and for these neighborhoods. And I want to thank everybody who's been involved in this. Councilwoman Monteiro, obviously OED and ULC for being the leaders and making this come to fruition. Now, can we have a date when this is going to be. As. Well? No, no. As far as people moving in. I can tell you we're having some intense conversation about that. But subject to rezoning of the property and the completion of that community. Engagement. Planning process. I think we're about. December of 2016. Before we can actually see anything really happening on the site. Okay. Thank you so much. Thank you. Councilman Brooks. Councilman Monteiro. I. I'm good. You good? All right. Thank you. Well, that in another comments or questions on 0009, Madam Secretary, you want to tee up the next one, which I believe was 91, 2020. All right, Councilman Ortega, what would you like for us to do with this? I just have a question. Garnet. Seem as far Chadwick in the audience. I believe she's the point person on this one. It's my recollection that when the Denver portion of the construction of the 16th Street Mall went before the RTD board, they required full payment up front.