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Title:
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Resolution 1) approving and authorizing the Director of Property, on behalf of the Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire real property, located at 500-520 TurkStreet/555 Larkin Street (“Property”) from Turk 500 Associates, L.P. (“Developer”) for $0 in exchange for a $12,250,000 credit; 2) placing the Property under the jurisdiction of MOHCD for use in constructing affordable housing for San Franciscans; 3) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $32,400,000 for a minimum loan term of 57 years (“Loan Agreement”) to finance the construction of a 100% affordable, 108-unit multifamily rental housing development (plus one staff unit) on the Property for low income households with ancillary commercial space for public benefit or community-serving purposes (“Project”); 4) approving and authorizing an Agreement for Purchase and Sale for acquisition of the Property (“Purchase Agreement”) and a Ground Lease back to the Developer for a lease term of 75 years and one 24-year option to extend and an annual base rent of $15,000 in order to construct the Project (“Ground Lease”); 5) adopting findings that the Purchase Agreement, Loan Agreement and Ground Lease are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and 6) authorizing the Director of Property to execute the Purchase Agreement, Ground Lease, and authorize Director of MOHCD to execute the Loan Agreement, make certain modifications to such agreements, and take certain actions in furtherance of this Resolution, as defined herein.
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