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Title:
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Resolution approving and authorizing the Director of Property and the Mayor’s Office of Housing and Community Development (“MOHCD”) to enter into a Ground Lease for Real Property owned by the City and located at 11 Frida Kahlo Way (“Property”) with Balboa Lee Avenue, L.P. (“Developer”) for a lease 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, 127-unit multifamily rental housing development affordable to very-low and low-income households, plus one manager’s unit; approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $36,000,000 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 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; and authorizing the Director of Property and/or the Director of MOHCD to execute the Ground Lease, Loan Agreement, and make certain modifications to such agreements, and take certain actions in furtherance of this Resolution, as defined herein.
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