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Title:
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Resolution approving and authorizing the Director of the Mayor’s Office of Housing and Community Development to execute an amended and restated Loan Agreement and a long term Ground Lease with 1064 Mission, L.P., a California limited partnership, in a loan amount not to exceed $74,408,049 for a minimum loan term of 57 years to finance the construction of a 100% affordable, 256-unit multifamily rental housing development (plus two staff units) for low income adults and seniors experiencing homelessness with ancillary commercial space for public benefit and community serving purposes for a culinary job training program (“Project”) and a lease term of 75 years with one 24-year option to extend, and with an annual base rent of $1 in order to construct the Project once the site is transferred to the City (“Ground Lease”); adopting findings that the Loan Agreement and Ground Lease are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing the Director of Property and the Director of the Mayor’s Office of Housing and Community Development to execute documents, make certain modifications, and take certain actions in furtherance of this Resolution, as defined herein.
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