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Title:
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Resolution approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $35,076,507 for a minimum loan term of 57 years (“Loan Agreement”) to finance the construction of a 100% affordable, 130-unit multifamily rental housing development (plus one staff unit) at 681 Florida Street (the “Property”) for low income households with space for Production, Design and Repair uses (“Project”); approving and authorizing a Ground Lease to 681 Florida Housing Associates, L.P., a California limited partnership, for a lease term of 75 years and one 24-year option to extend, with an estimated commencement date in October 2020, and an annual base rent of $15,000 in order to construct and operate the Project; 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 to execute the Ground Lease, and authorize the Director of Mayor’s Office of Housing and Community Development 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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