File #: 230063    Version: 1 Name: Ground Lease and Loan Agreement - The Kelsey Civic Center, L.P. - 100% Affordable Housing - 240 Van Ness Avenue - Ground Lease with Base Rent of $15,000 - Loan Not to Exceed $24,684,459
Type: Resolution Status: Passed
Introduced: 1/24/2023 In control: Clerk of the Board
On agenda: Final action: 2/24/2023
Enactment date: 2/24/2023 Enactment #: 060-23
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 located at 240 Van Ness Avenue (“Property”) with The Kelsey Civic Center, 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, 112-unit multifamily rental housing development affordable to low-income households, including 28 units for people with disabilities who are eligible to receive home and community-based services, and two resident manager units (the “Project”); 2) approving and authorizing a Loan Agreement in an amount not to exceed $24,684,459 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 to execute the Ground Lease and the Director of MOHCD to execute 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 respectively, 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.
Sponsors: Mayor, Dean Preston, Ahsha Safai, Rafael Mandelman
Attachments: 1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Amended & Restated Loan Agrmt, 4. DRAFT Leasehold Deed of Trust, 5. DRAFT Dec of Restrictions & Affordable Housing Covenants, 6. DRAFT Amended & Restated Secured Promissory Note, 7. Executed Exclusive Negotiating Rights Agrmt 113019, 8. BOS Reso No. 95-21 and Exchange and Conveyance Agrmt, 9. PLN Ntc Final Approval SB 35 Proj 060321, 10. PLN GPR 012521, 11. Form 126 - Ground Lease, 12. Form 126 Loan Agrmt, 13. MOHCD Presentation 020823, 14. BLA Rpt 020823, 15. Cmte Pkt 020823, 16. Board Pkt 021423, 17. Form 126 final - Ground Lease, 18. Form 126 Final Loan Agrmt, 19. Leg Final
Related files: 191111, 210118
Legislation Details
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