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Title:
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Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development to execute a First Amendment to the Loan Agreement with 2530 18th, LLC, a California limited liability company relating to a loan for the acquisition of real property located at 2530-18th Street intended for the development of a 100% affordable multifamily rental building for families (the “Project”), for a new total loan amount not to exceed $6,900,000 and an aggregate funding amount not to exceed $11,846,900 for the Project; approving the form of the loan agreement and ancillary documents; ratifying and approving any action heretofore taken in connection with the Project; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and finding that the loan is consistent the General Plan, and the eight priority policies of Planning Code, Section 101.1.
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