5/26/2022
INTER-OFFICE MEMORANDUM
TO: Councilor Benton, City Council President
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Villa Agave Development Agreement
body
In September 2021, the Metropolitan Redevelopment Agency (“MRA”) released the Downtown Housing RFP (RFP #01-2021) soliciting proposals for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas. Developers were invited to propose projects that required gap funding in the face of rapidly escalating construction costs, caused by downstream effects of COVID-19. Total funding available from MRA was $2.2M. MRA received two responses to the RFP, including Villa Agave. Financial analysis indicated both projects required gap funding to be financially feasible, and available funding could cover both projects. On May 19, 2022, the Albuquerque Development Commission awarded Villa Agave as one recipient of the funds from the RFP #01-2021, and recommended to the City Council approval of the Villa Agave Development Agreement.
MRA staff have negotiated a mutually-agreeable Development Agreement with Villa Agave, LLC (“Developer”). The project, located in Downtown on the corner of 7th & Copper, will convert a former convent nursing facility into a multifamily project offering at least 14 housing units. MRA will provide $400,000 to support the project.
Approved: Recommended:
Lawrence Rael Date Karen Iverson Date
Interim Chief Administrative Officer MRA Manager