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File #:
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241134
Version:
1
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Name:
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Amended and Restated Ground Lease and Amended and Restated Loan Agreement - Casa Adelante SVN Housing, L.P. - 1515 South Van Ness Avenue - 100% Affordable Housing - $15,000 Annual Base Rent - Loan Not to Exceed $45,233,623
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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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12/12/2024
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Enactment date:
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12/12/2024
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Enactment #:
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609-24
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Title:
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Resolution 1) approving and authorizing the Director of Property and the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to enter into an Amended and Restated Ground Lease for real property owned by the City, located at 1515 South Van Ness Avenue (“Property”), with Casa Adelante SVN Housing, L.P. 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 168-unit (including one manager’s unit) multifamily rental housing development affordable to low-income households and including a community-serving commercial space (the “Project”); 2) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $45,233,623 for a minimum loan term of 57 years (“Loan Agreement”) with Casa Adelante SVN Housing, L.P. to finance the development and construction of the Project; 3) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 4) 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; 5) 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 6) authorizing the Director of Property and/or the Director of MOHCD to execute the Amended and Restated Ground Lease and the Loan Agreement, and make certain modifications to such agreements, as defined herein, 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 Ground Lease, 3. DRAFT Amended & Restated Loan Agreement, 4. DRAFT Second Amended and Restated Promissory Note, 5. DRAFT Promissory Note for Construction Financing, 6. DRAFT Amended & Restated Declaration of Restrictions, 7. DRAFT Deed of Trust, 8. NOFA Multisite RFQ, 9. PLN Gen Plan Ref. 051624, 10. PLN Ntc Fnl Approval AB 2162 041924, 11. Form 126 Ground Lease, 12. Form 126 MOHCD Loan, 13. MOHCD Presentation 120424, 14. BLA Rpt 120424, 15. Cmte Pkt 120424, 16. Board Pkt 121024, 17. Leg Final, 18. Form 126 Final Ground Lease, 19. Form 126 Final Loan Agrmt, 20. Final Amended and Restated Ground Lease, 21. Final Amended and Restated Loan Agreement, 22. Final Second Amended and Restated Promissory Note, 23. Final Promissory Note for Constrution Financing, 24. Final Amended and Restated Declaration of Restrictions, 25. Final Deed of Trust
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