Join us for the Finance and Business Committee starting now.

All right.

Good morning, everyone, and welcome to the Finance and Business Committee.

Today is Tuesday, April 14th.

My name is Sedana Gonzalez Gutiérrez, and I'm one of your council members at large.

We'll start with uh introductions from council members and then we'll go into what's on the agenda for today.

I'll start to my right.

Morning, Stacey Gilmore, District 11.

Good morning, Paul Cashman, South Denver District 6.

Good morning, Matthew, Northwest Denver District 1.

Good morning, Darrell Watson, fine district nine.

Good morning, Diana Romero Campbell, Southeast Denver District 4.

All right.

I don't know that we have it doesn't look like we have anybody participating virtually right now.

And if they do, we'll um we'll patch them in.

Um with that said, we have three items up for action today.

Um we'll be starting with Department of Finance presenting on a real estate acquisition in District 10, and then we'll have again Department of Finance uh presenting on the five points bid renewal, and then we have the janitory services contracts with general services.

So we'll kick it off with Department of Finance.

If you all can introduce yourselves and proceed with your presentation.

Sure, great.

Hi, I'm Molly Scarborough with a Vibrant Denver Bond program.

Patrick Riley, Vibrant Denver Bond.

Lutha Lumley, Director of Real Estate.

And Lia Mitchell from the Department of Housing Stability, Director of Development and Catalytic Partnerships.

Thanks.

So we'll just jump right in.

Super.

Well, thank you for um hearing us today.

Uh as you know, November of last year, Denver voters voted overwhelmingly to support the Vibrant Denver bond ballot questions, including funding for housing and sheltering.

So today I'll describe the vibrant housing investment process for allocation of the 45 million for the affordable housing project developments.

Lisa Lumley will be here to discuss our first recommended investment opportunity at 251 East 12th Avenue.

And then we are asking you to decide if you approve to move this forward to the bull council.

I understand you have a full agenda, so we're going to walk through this quickly, but we will open um things up for questions later.

So our vibrant housing goals focus on the mitigation of displacement of existing residents by providing affordable housing in proximity to city investments or other projects that could otherwise have the potential to spur displacement.

We are targeting investment in five to seven properties, site improvements or building acquisitions to support as many units as housing as possible with requirements for long-term affordable housing within each project.

Our housing investment process, first I want to thank all council members for helping us revise uh this process to get to you today.

So thanks for all that feedback along the way.

Our process starts with our Department of Finance Real Estate Office, identify opportunities.

So the district in which that opportunity resides.

For the housing recommendations, we also bring in executive directors from host from DITO and CPD to join our VOLT or Vibrant Oversight Leadership Team.

If they concur that the recommendation should move forward, then we bring it to the executive sponsors for the Vibrant program, which includes the CFO, Nicole Dohaney, as well as Mayor's Office, Jeff Dolan.

And the council president, again, the district in which that property resides, as well as the council president.

If they concur, we bring it uh here to committee and then to the council process.

Um council approve uh this acquisition, then we would have 90 days to issue an RFP for housing partners to provide the affordable housing.

That 90 days is sort of our max time.

We hope to get those out sooner if possible.

Oops.

And so the advisory committee really focuses on project and site selection criteria as they are reviewing the projects.

Um I'm not going to go into this in detail just because I we did present this at Mayor Council.

I understand you're on um uh interest in moving forward quickly, but really focusing on um sites that are in proximity to services, um sites that could potentially have the uh opportunity disfer displacement, um, making sure that no more than two vibrant bond funded affordable housing projects are in one districts, um, and then some site criteria.

Um should this property um be acquired, uh council agree, then uh we have some housing RFP criteria that we would pursue.

Um all proposals are required to include the development of long-term affordable housing.

Um we have uh various options for those development types.

Um they could be affordable housing only, mixed or minimal income housing, mixed use buildings, and we really want to provide um opportunities that are right for that site in that area.

And now I'm gonna turn it over to Lisa.

Thank you.

So we are going to look at the 251 East 12th Avenue building.

This is owned by the state of Colorado.

Um it is the parcel itself is just under an acre at 43,200 square feet.

The building itself is 91,470 square feet.