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File #:
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240884
Version:
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Name:
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Acquisition of Real Property - 3300 Mission Partners L.P. - 3300, 3306, and 3308 Mission Street - 100% Affordable Housing - $4,151,000 - Ground Lease with Annual Base Rent of $1 - Loan NTE $12,440,242 - Limited Payment Guaranty Not to Exceed $1,000,000
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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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10/7/2024
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Enactment date:
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10/7/2024
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Enactment #:
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494-24
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Title:
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Resolution 1) approving and authorizing the Director of Property, on behalf of the San Francisco Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire real property located at 3300, 3306, and 3308 Mission Street (“Property") from 3300 Mission Partners L.P. (“Borrower”) for $4,151,000 under an Agreement for Purchase and Sale (“Purchase Agreement”); 2) placing the Property under the jurisdiction of MOHCD for use in constructing affordable housing; 3) approving and authorizing the Director of Property and the Director of MOHCD to enter into a Ground Lease to lease the Property back to the Borrower for a term of 75 years and one 24-year option to extend and an annual base rent of $1 (“Ground Lease”) in order to construct a 100% affordable, 35-unit multifamily rental housing development affordable to low-income households, including one manager unit, and ground floor commercial space (the “Project”); 4) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed (NTE) $12,440,242 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 5) approving and authorizing a limited payment guaranty in an amount not to exceed $1,000,000 from MOHCD for the benefit of Wincopin Circle LLLP (“Limited Payment Guaranty”); 6) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 7) 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; 8) 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 9) authorizing the Director of Property and/or the Director of MOHCD to make certain modifications to the Purchase Agreement, Ground Lease, Loan Agreement, and Limited Payment Guaranty, 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 Purchase and Sale Agreement, 3. DRAFT Ground Lease, 4. DRAFT Amended and Restated Loan Agreement, 5. DRAFT Amended and Restated Promissory Note, 6. DRAFT Deed of Trust, 7. DRAFT Funding Agmt, 8. DRAFT Pledge Agmt, 9. DRAFT Demand Note, 10. CAHL Cmt Approval 081624, 11. PLN Ntc of Proj Eligible for AB2011 Approval 122023, 12. PLN Ntc of Proj Eligible for AB2011 Approval 021224, 13. Form 126, 14. MOHCD Presentation 092524, 15. BLA Rpt 092524, 16. Cmte Pkt 092524, 17. DRAFT Dec of Restrictions, 18. Executed Loan Agrmt - Acquisition 122123, 19. Executed Prom Note - Acquisition 122123, 20. Leg Ver2, 21. Board Pkt 100124, 22. Form 126 Final, 23. Leg Final
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