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File #:
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250461
Version:
1
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Name:
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Ground Lease, Easement Agreements, and Amended and Restated Loan Agreement - 160 Freelon Housing Partners, L.P. - 160 Freelon Street - 100% Affordable Housing - $15,000 Annual Base Rent - Loan Not to Exceed $22,577,900
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Type:
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Resolution
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Status:
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Pending Committee Action
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Enactment date:
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Enactment #:
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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 a Ground Lease for real property owned by the City located at 160 Freelon Street (“Property”) with 160 Freelon Housing Partners, 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, 84-unit multifamily rental housing development affordable to low-income households, plus one manager’s unit, including 22 LOSP units reserved for formerly homeless households and five units for referrals from the City’s Plus Housing List (the “Project”); 2) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $22,577,900 for a minimum loan term of 57 years (“Loan Agreement”) with Developer to finance the development and construction of the Project; 3) approving and authorizing easement agreements between the City, 598 Brannan Street Phase 1, L.L.C., and the Developer to benefit the Project and maintain compliance with the Building Code and Fire Code (“Easement Agreements”); 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 Administrative Code, Section 23.30; 5) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 6) 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 7) authorizing the Director of Property and/or the Director of MOHCD to execute the Ground Lease, Loan Agreement, and Easement Agreements, make certain modifications to such agreements, 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 Amend Restated Loan Agrmt, 3. DRAFT Ground Lease, 4. DRAFT Amend Restated Promissory Note, 5. DRAFT Declaration of Restrictions, 6. DRAFT Deed of Trust, 7. DRAFT Door Swing & Cornice Encroachment Easements Agmt, 8. DRAFT Joint Trench Easement Agmt, 9. DRAFT Light, Air, and Access Easement Agmt, 10. DRAFT Public Access and Trash Pick Up Easement Agmt, 11. DRAFT Temp and Perm Emerg Vehicle Access Easement Agmt, 12. RFQ 113020, 13. PLN GPR 020623, 14. PLN Ntc of Appr 020923, 15. MYR Memo 042925, 16. Form 126 (2)
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