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Title:
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Resolution 1) approving and authorizing a Loan Purchase Agreement for the purchase of an existing loan in an amount of $63,191,071 for a purchase price not to exceed $48,000,000 from the San Francisco Housing Accelerator Fund (“SFHAF Loan”) related to the rehabilitation of a 214-unit single-room occupancy residential building for permanent supportive housing to homeless households, with two managers units, located at 1000 Sutter Street (the “Project”); 2) authorizing the assumption of obligations under the SFHAF Loan to disburse an amount not to exceed $17,000,000 for rehabilitation of the Project; 3) approving and authorizing an Amended and Restated Loan Agreement with 1000 Sutter LLC (“Borrower”) in an amount not to exceed $71,125,575 for a minimum loan term of 55 years (“City Loan Agreement”) to consolidate the SFHAF Loan with a prior loan from the City to Borrower after completion of the rehabilitation and provide permanent financing for the Project; 4) 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; 5) authorizing the Mayor and the Director of Mayor’s Office of Housing and Community Development (“MOHCD”) to execute the Loan Purchase Agreement and the City Loan Agreement, and make certain modifications to such agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein; and 6) authorizing the Director of MOHCD to enter into any additions, amendments, or other modifications to the Loan Agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of this Resolution.
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