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File #:
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210383
Version:
1
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Name:
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Acquisition of Real Property - 4840 Mission Housing Associates LP - 4840 Mission Street - 100% Affordable Housing - $0 in Exchange for $8,150,000 Credit - Ground Lease with Base Rent of $15,000 - Loan Not to Exceed $28,751,450
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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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5/14/2021
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Enactment date:
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5/14/2021
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Enactment #:
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208-21
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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 4840 Mission Street (“Property”) from 4840 Mission Housing Associates LP (“Developer”) for $0 in exchange for a $8,150,000 credit; 2) placing the Property under the jurisdiction of MOHCD for use in constructing affordable housing for San Franciscans; 3) approving and authorizing a Loan Agreement in an amount not to exceed $28,751,450 for a minimum loan term of 57 years (“Loan Agreement”) to finance the construction of a 100% affordable, 137-unit multifamily rental housing development (plus two staff units) on the Property for low income households with 40 parking spaces and an ancillary commercial space of approximately 4,407 square feet for public benefit or community-serving purposes (“Residential Project”) and the construction of the cold shell for a nonprofit community-serving health clinic (“Clinic Project,” and together with the Residential Project, the “Project”); 4) approving and authorizing an Agreement for Purchase and Sale for acquisition of the Property (“Purchase Agreement”); 5) approving and authorizing 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 Residential Project (“Residential Ground Lease”), 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 $5,000 in order to construct the Clinic Project (“Clinic Ground Lease”); 6) adopting findings that the Purchase Agreement, Loan Agreement, Residential Ground Lease, and Clinic Ground Lease are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and 7) authorizing the Director of Property and/or the Director of MOHCD to execute the Purchase Agreement, Loan Agreement, Residential Ground Lease, and Clinic Ground Lease, make certain modifications to such agreements, 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 & Sale Agrmt, 3. DRAFT Residential Ground Lease, 4. DRAFT Clinic Ground Lease, 5. DRAFT Loan Agrmt, 6. PLN Gen Plan Ref 061419, 7. NOFA 041816, 8. Form 126 - Residential Ground Lease, 9. Form 126 - Clinic Ground Lease, 10. Form 126 - Loan, 11. BLA Report 042821, 12. Comm Pkt 042821, 13. Board Pkt 050421, 14. Leg Final, 15. Form 126 Final (Clinic Ground Lease), 16. Form 126 Final (Loan), 17. Form 126 Final (Res. Ground Lease)
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