File #: 220092    Version: Name: Ground Lease and Loan Agreement - Octavia RSU Associates, L.P. - 78 Haight Street and 120 Octavia Street - 100% Affordable Housing - Ground Lease with Base Rent of $15,000 - Loan Not to Exceed $26,746,467
Type: Resolution Status: Passed
Introduced: 1/25/2022 In control: Clerk of the Board
On agenda: Final action: 2/25/2022
Enactment date: 2/25/2022 Enactment #: 062-22
Title: 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 78 Haight Street and 120 Octavia Street (“Property”) with the Octavia RSU Associates, L.P. 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, 63-unit multifamily rental housing development affordable to low-income households, including 32 units for Transitional Age Youth, of which 15 units will be targeted to residents who qualify as homeless households under the No Place Like Home Criteria, and including a childcare center (collectively, the “Project”); 2) approving and authorizing a Loan Agreement in an amount not to exceed $26,746,467 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 3) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 4) 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 23.3 of the Administrative Code; 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 and the Loan Agreement, and make certain modifications to such agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors: Mayor, Dean Preston
Attachments: 1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Loan Agreement, 4. DRAFT Deed of Trust, 5. DRAFT Declaration of Restrictions, 6. DRAFT Amended and Restated Secured Promissory Note, 7. DRAFT Promissory Note, 8. Loan Committee Approval Memo 011422, 9. PLN Ntc of Final Approval 022120, 10. Amended RFP 081617, 11. Form 126 - Ground Lease, 12. Form 126 - Loan Agmt, 13. BLA Rpt 020922, 14. Cmte Pkt 020922, 15. Leg Ver2, 16. Board Pkt 021522, 17. Leg Final, 18. Form 126 Final - Ground Lease, 19. Form 126 Final - Loan Agmt
Related files: 240092
Legislation Details
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