Title
A RESOLUTION APPROVING FIRST AMENDMENT TO AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT LOANING FUNDS FROM THE CITY OF COMMERCE CITY TO THE URBAN RENEWAL AUTHORITY OF THE CITY OF COMMERCE CITY FOR THE MILE HIGH GREYHOUND PARK URBAN RENEWAL PROJECT
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Summary and Background Information:
The Jan 6, 2020 Amended and Restated Loan Agreement from the City to the Commerce City Urban Renewal Authority superseded and replaced all past loans into one:
Loan: $13,531,590.00
- $4M purchase of property
- $2.85M environmental abatement and demo
- $3.75M affordable housing funds
- $431,590 owner’s rep lump sum payment
- $2.5M regional stormwater facility
Interest Rate: 4% on unpaid principal balance each year (accrued not compound)
Payments: 10 annual installments
Repayment Begins: Two years from January 6, 2020, OR date first building permit pulled (January 6, 2021)
Interest begins accruing: One year from January 6, 2020, OR date first building permit pulled (January 6, 2021)
Consideration: Deferment of interest by the City in exchange for the URA paying for the City's obligation towards the regional stormwater facility
Prior Loan Summary
2011 IGA and Note: $4M loan to purchase property and other authorized uses
2012 IGA and Note: $2.5M loan for environmental abatement, and demolition
- 2014 Amendment to add $250,000 for further environmental abatement and demolition
- 2016 Second Amendment to add $100k further environmental abatement and demolition
2020: Additional $6,681,590 for affordable housing and the CCURA's Owner’s Representative payout
Need to Amend 2020 Agreement
This loan is meant to be repaid for project TIF. At his time, there is not TIF to pledge to repayment. Once the project is generating TIF, the CCURA has other upcoming loan obligations that should be repaid sooner than the loan to the City. The new amendment structures repayment with these considerations.
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