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Title:
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Resolution 1) approving and authorizing the Director of Property and the Mayor’s Office of Housing and Community Development (“MOHCD”) to enter into a Commercial Ground Lease for Real Property owned by the City and located at 683 Florida Street and 2070 Bryant Street (together, the “Commercial Property”) with 681 Florida Street Commercial LLC, for a lease term of 75 years and one 24-year option to extend and an annual base rent of $1 (“Commercial Ground Lease”), in order to develop two adjoining ground floor commercial spaces for public benefit or community-serving uses (“Commercial Project”); 2) approving and authorizing the Director of Property and the Director of MOHCD to enter into a First Amendment to Residential Ground Lease to remove the Commercial Property from the leased premises under the Residential Ground Lease between the City and 681 Florida Housing Associates, L.P.; 3) 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; 4) determining that the less than market rent payable under the Commercial Ground Lease will serve a public purpose by providing commercial spaces for community-serving spaces, in accordance with Administrative Code, Section 23.3; and 5) authorizing the Director of Property and/or the Director of MOHCD to execute the Commercial Ground Lease and the First Amendment to Residential Ground Lease 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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