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City of Albuquerque
File #: EC-22-102   
Type: Executive Communication Status: Approved
File created: 8/1/2022 In control: City Council
Final action: 9/7/2022
Enactment date: Enactment #:
Title: Villa Agave Development Agreement
Attachments: 1. EC-102
Date Action ByActionResultAction Details
9/7/2022 City Council ApprovedPass Action details
8/15/2022 City Council Accepted with a recommendation Be Approved  Action details
8/10/2022 Land Use, Planning, and Zoning Committee Sent to Council with a recommendation of Be ApprovedPass Action details
8/1/2022 City Council Received and Referred  Action details
8/1/2022 President Referred  Action details

 

 

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