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File #:
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240335
Version:
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Name:
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Acquisition of Real Property for $9,600,000 - Ground Lease with Base Rent of $15,000 - Loan Not to Exceed $16,956,650 - 2550 Irving Associates, L.P. - 100% Affordable Housing - 2550 Irving Street
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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Final action:
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5/10/2024
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Enactment date:
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5/10/2024
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Enactment #:
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244-24
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Title:
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Resolution 1) approving and authorizing the Director of Property, on behalf of the Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire Real Property located at 2550 Irving Street (“Property") from 2550 Irving Associates, L.P. (“Borrower”) for $9,600,000 under an Agreement for Purchase and Sale (“Purchase Agreement”); 2) placing the Property under the jurisdiction of MOHCD for use in constructing affordable housing; 3) approving and authorizing the Director of Property and the Director of MOHCD to enter into a Ground Lease to lease the Property back to the Borrower for a term of 75 years and one 24-year option to extend and an annual base rent of $15,000 (“Ground Lease”) in order to construct a 100% affordable, 90-unit multifamily rental housing development affordable to low-income households, including one manager unit, and ancillary community space for public benefit use (the “Project”); 4) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $16,956,650 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 5) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 6) determining that the less than market rent payable under the Ground Lease will serve a public purpose by providing affordable housing for low-income households in need, in accordance with Section 23.30 of the Administrative Code; 7) adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; 8) and authorizing the Director of Property and/or the Director of MOHCD to enter into certain amendments or modifications to the Purchase Agreement, Ground Lease, and Loan Agreement, as defined herein, that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the contract or this Resolution, and take certain actions in furtherance of this Resolution, as defined herein.
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Attachments:
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1. Leg Ver1, 2. DRAFT Amended & Restated Loan Agrmt, 3. DRAFT Amended & Restated Prom Note, 4. DRAFT Purchase & Sale Agrmt, 5. DRAFT Ground Lease, 6. DRAFT Dec of Restrictions, 7. DRAFT Deed of Trust, 8. MOHCD NOFA 122719, 9. PLN Ntc of Final Approval SB 35 Proj 081722, 10. PLN GPR 030524, 11. Form 126 - Loan Agrmt, 12. Form 126 - Ground Lease, 13. Form 126 - Purchase & Sale Agrmt, 14. MOHCD Presentation 042424, 15. BLA Rpt 042424, 16. Cmte Pkt 042424, 17. Public Correspondence, 18. Leg Ver2, 19. Board Pkt 043024, 20. Form 126 Final Loan Agrmt, 21. Form 126 Final Ground Lease, 22. Form 126 Final Purchase & Sale Agrmt, 23. Leg Final
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