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File #:
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210503
Version:
1
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Name:
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Ground Lease and Loan Agreement - Balboa Park Housing Partners, L.P. - 100% Affordable Housing - 2340 San Jose Avenue - Ground Lease with Annual Base Rent of $15,000 - Loan Not to Exceed $24,459,458
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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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6/17/2021
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Enactment date:
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6/17/2021
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Enactment #:
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278-21
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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 2340 San Jose Avenue (“Property”) with the Balboa Park Housing Partners, 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, 131-unit multifamily rental housing development affordable to very-low and low-income households, with 39 units set aside for HOPE SF residents voluntarily relocating, and 10,791 sq. ft of commercial space, with an early childhood education center, community space and resource center, community bike space, and two additional spaces for public benefit purposes or community-serving purposes (the “Project”); 2) approving and authorizing a Loan Agreement in an amount not to exceed $24,459,458 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 3) approving and authorizing a Declaration of Restrictions and Reservations of Easements between the City, the San Francisco Bay Area Rapid Transit District (“BART”), and the Developer for $0 for a no-build area to benefit the Project (“No-Build Easement”); 4) approving and authorizing an Easement Agreement between the City and BART for $0 to relocate an existing storm drain lateral (“Storm Drain Easement”); 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, No-Build Easement, and Storm Drain Easement, 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 Ground Lease, 3. DRAFT Dec of Restrictions & Reservation of Easements, 4. DRAFT Storm Drain Easement Agrmt, 5. DRAFT 2nd Amended & Restated Promissory Note, 6. DRAFT Amended & Restated Loan Agrmt, 7. DRAFT Dec of Restrictions & Affordable Housing Covenants, 8. DRAFT Deed of Trust, 9. RFQ 041116, 10. PLN Gen Plan Ref 051917, 11. PLN Ntc of Final Approval 101118, 12. Form 126 - Ground Lease, 13. Form 126 - Loan Agrmt, 14. Pres Action Memo 052021, 15. BLA Rpt 060321, 16. Comm Pkt 060321, 17. Comment Ltr, 18. MOHCD Presentation 060321, 19. Comm Rpt Rqst 060321, 20. Board Pkt 060821, 21. Post-Packet Comm 060821, 22. Leg Final, 23. Form 126 Final (Ground Lease), 24. Form 126 Final (Loan Agreement)
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