Fort Collins URA approves revised loan term sheet to streamline draws for 302 Conifer middle‑income housing

The Fort Collins Urban Renewal Authority on Aug. 26 approved a revised loan term sheet to support the development of a middle‑income housing project proposed at 302 Conifer Street, authorizing the acting executive director to sign the updated terms.

Acting Executive Director Josh Burks told the authority the change was requested by the developer “to consolidate the draw process.” He said staff agreed the consolidation would be “more expedient” and that First National Bank would manage the draws. “IDF, our loan administrator that we've hired, will be reviewing every draw on a monthly basis,” Burks said, and staff will receive monthly and quarterly reports that include interest accrual and draw details.

Why it matters: The shift centralizes the mechanics of releasing construction funds with the lead lender while preserving URA oversight through IDF’s monthly reviews and staff reporting. That arrangement was the substantive change from the term sheet the authority had previously approved as guidance for loan documents.

Details: Burks said the earlier term sheet called for a draw process separate from other lenders so the URA could manage its funds independently. The developer asked to simplify to a single draw process administered by First National Bank; staff supported the request and provided both clean and redline versions of the term sheet in the meeting packet. Burks said URA staff and IDF will retain the ability to raise concerns and correct draws after disbursement if problems arise.

Formal action: A motion to approve the update to the term sheet and to authorize the acting executive director to sign the loan term sheet was moved and seconded and passed on a roll call vote. The meeting record notes the motion passed.

What was not decided here: The authority approved the revised term sheet only; final loan documents and closing remain to be completed. Burks said the project is approaching closing and loan documents are “starting to come together,” but no final closing date was announced.

Next steps: Staff will continue assembling loan documents, IDF will review monthly draws, and the acting executive director is authorized to execute the revised term sheet as the URA proceeds toward closing.