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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 Ground Lease for Real Property owned by the City and located at 600-7th Street (“Property”) with Mercy Housing California 97, 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, 221-unit multifamily rental housing development affordable to very-low and low-income households, with 120 units set aside for households experiencing homelessness, and 4,223 square feet of commercial space for community-serving purposes; 2) approving and authorizing a Loan Agreement in an amount not to exceed $84,277,411 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 3) approving and authorizing a Light, Air, Maintenance, and Access Easements Agreement between the City, Archstone Concourse LLC, and the Developer for $0 to benefit the Project and maintain compliance with the Building Code and Fire Code (“LAMA Easement”); 4) approving and authorizing the Director of Property and MOHCD to enter into a Commercial Ground Lease for the Commercial Space with 600-7th Street Mercy Commercial LLC at or prior to permanent financing; 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 Ground Lease, Loan Agreement, and LAMA Easement, make certain modifications to such agreements, and take certain actions in furtherance of this Resolution, as defined herein.
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