The Colorado Supreme Court (the “Court”) has now weighted-in on the requirements for foreign courts to create enforceable charging orders against Colorado LLCs.  In JPMorgan Chase Bank N.A. v. McClure (2017 CO 22. No. 15SC816 (Colo. 2017)), the Court ruled that to be enforceable, foreign charging orders against a Colorado LLC must be either (i) procedurally domesticated in Colorado, or (ii) issued by a court with proper jurisdiction over the LLC or the membership interest in question. Continue Reading Enforcing Foreign Charging Orders against Colorado LLCs

 

Last week the U.S. House of Representatives passed a bill that seeks to delineate what causes a commercial real estate loan to be classified as a “high volatility commercial real estate loan,” or, as it’s more commonly referred to, as a “HVCRE loan.”  Since the rule regarding HVCRE loans was promulgated, there’s been much debate and confusion around that fundamental question.  A synopsis of HVCRE loans and the implications of HVCRE classification can be found here. Continue Reading House Passes Bill to Clarify HVCRE Rule

On Thursday, the Denver Election Division released the final unofficial vote totals for the 2017 municipal election, and it appears that Initiative 300 will pass with 54% of the vote.  We discussed the Green Roof Initiative in a post on October 24, but now that the measure has passed, we need to take another look at how its requirements will affect real estate development in Denver moving forward:

  • The Ordinance only applies to buildings of 25,000 square feet or more of Gross Floor Area, a term defined in the Denver Zoning Code.
  • “Industrial buildings” have a lesser coverage requirement than other buildings.
  • “Residential buildings” less than four stories are exempt.
  • The ordinance only applies to “building permit application[s]” and “site plan[s]” submitted on or after January 1, 2018. Because neither of these terms is defined in the Zoning Code, we expect the Community Planning and Development Department to provide some guidance as to which applications and site plans qualify.  When the City passed the Affordable Housing Fee in 2016, the City did not impose the fee for projects that had Concept Plans officially logged with the City by December 29.
  • The ordinance applies to all “roof replacements” for buildings with 25,000 square feet or more of Gross Floor Area. The ordinance does not define “roof replacement,” so again we will be looking to Community Planning and Development for guidance on this provision.

We will closely follow the implementation of this ordinance and provide updated information as it becomes available.

Last week, Denver voters received their ballots for the November 7 municipal election.  In addition to considering a $937 million bond issuance and a Denver Public Schools Board election that has garnered national attention, Denver voters will decide whether to mandate the construction of “green roofs” on large buildings throughout the city.  The proposed ordinance would apply to all new construction and every “roof replacement” on buildings of 25,000 square feet or more beginning in January 2018. Continue Reading Denver Voters to Decide Fate of Green Roof Initiative in Upcoming Election