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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 located at 180 Jones Street (“Property”) with 180 Jones Associates, L.P. for a lease term of 75 years and one 24-year option to extend, with an annual base rent of $15,000 (“Ground Lease”) in order to construct a 100% affordable, 70-unit multifamily rental housing development affordable to low-income households, including 35 supportive housing units available for households experiencing homelessness, and one resident manager unit (the “Project”); 2) approving and authorizing a Loan Agreement in an amount not to exceed $13,950,000 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 Administrative Code, Section 23.3; 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; 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; and 7) to authorize the Director of Property and/or Director of MOHCD to enter into any additions, amendments, or other modifications to the Ground Lease and the Loan Agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Ground Lease and the Loan Agreement or this Resolution.
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