A resolution approving a proposed Second Amendment and Modification Agreement between the City and County of Denver and OPG Green Valley Ranch Partners, LLC to increase the loan amount to support the construction of The Reserves at Green Valley Ranch, comprised of 144 affordable housing units located at 17800 Green Valley Ranch Boulevard. Amends a loan agreement with OPG Green Valley Ranch Partners, LLC by adding $60,000 for a new cash flow loan total of $2,160,000 to address escalating construction costs at The Reserves at Green Valley Ranch, comprised of 144 affordable apartments units in Council District 11. No change to contract duration (HOST-202161347-02). The last regularly scheduled Council meeting within the 30-day review period is on 4-4-22. The Committee approved filing this item at its meeting on 3-2-22.
11 eyes council resolution 22 dash to 14 has been adopted. Madam Secretary, would you please put the next item up on our screens? Council members say to Barca, Please go ahead with your questions on resolution 251. Thank you. I saw host here. Can you let me know if this new development is in the H-2A area that has been recently in the news? Britta Fischer, executive director for the Department of Housing Stability. And this is a rental housing development. So it is not a member of the WHO. It is it in the metro district. Yeah. I'm not sure. When you say the Metro, are any of the metro districts. I would have to get back to you on that one. Okay. Is there a way for us to if we don't know if it's in the Metro District, do we? Have we ever built our affordable housing in a metro district and been able to. Avoid the tax increases that sometimes come when it's built out. When a metro district is built out in levying a higher tax. So if I understand your question correctly, you're asking, is affordable housing within a metro district able to avoid cost increases from metro district that it's within? Yes. I'd have to do some research on that. In particular, I don't know that it pertains to this particular contract, but we could certainly get back to you on that. How long is this project supposed to be affordable? Uh, I mean. Just check here. Rene, do you happen to know that? I want to ask my colleague, Rene Gallego to join me. She's the deputy director of housing and Opportunity. Good evening, counsel. We should verify this in going back, but I believe it's our typical affordability terms of 60 years. The covenant terms of 60 years. Okay. I'm I'm a little bit nervous just given the media around the HRA and the metro districts and how eventually the tax increases in the Metro District get passed on to even affordable housing payers . And so I'm curious about what we're doing to mitigate that. Obviously, we want affordable housing, but I would love to make sure that host has a plan when we're building in metro districts, given that that's becoming more common to make sure that we're not letting those people who are in those units suffer when that cost increases. So I'll support this. But I do want to raise that issue because it is becoming more and more of a hot topic nowadays. It seems like our metro districts wait a little while before they impose the higher taxes. And so now that some people are experiencing that, I want to make sure that we're also mitigating for that on our side. So if you guys could get back to me with that information and perhaps our plans to ensure that we always protect our affordable housing residents from those Metro District increases, that would be really helpful. Thank you. Thank you. Next up, we've got Councilmember Flynn. Thank you, Madam President. I don't want to step on the toes of the council president because this is her district and I am in the exact opposite end of the city from it. But I believe that the Green Valley Ranch Metropolitan District, which has existed I think, since 1972, covers the entirety of Green Valley Ranch. Sorry, I. Can correct that. So we have more metro districts in District 11 than anywhere else in the city. And so we can certainly share a map out to councilmembers about the different metro districts. The issue that has been covered in the media lately is not necessarily related to a metro district. It's related to a homeowners association that is perhaps employed and paid for through some of those additional mills that come through the Metro District. But it's not the metro district that we're looking into. It's the practices of the homeowners association, right? Yes. Because I read those articles and it it's the way that is involved in the foreclosure, not the metro district. Correct. Brita, if you're still available, I don't know if you can answer this, but my recollection is that an affordable housing developer, typically that's in a metro district typically would negotiate some sort of what we call pilot . Another acronym for those playing acronym bingo payment in lieu of taxes as part of their development. Does that do we know if that's the case here? Thank you, Councilman, for your question. And I don't know what is in play on this one without some further research, so we'll have to get back to you. But you're correct. There are often agreements that would be in. All right. Thank you. All right. Thank you, Brita. And thank you, Councilmember Flynn. See no other questions. We'll go ahead and move on tonight. Madam Secretary, would you please put the next item up on our screens? Thank you, counsel. Pro Tem Torres, please go ahead with your questions on resolution 252, please.