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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 4200 Geary Boulevard (“Property") from 4200 Geary Associates, L.P. (“Borrower”) for $11,064,369 under an Agreement for Purchase and Sale (“Purchase Agreement”); 2) placing the Property under the jurisdiction of MOHCD for use in constructing affordable housing for San Franciscans; 3) approving and authorizing the Director of Property and the Director of MOHCD to enter into a Ground Lease to lease the Property back to the Borrower for a 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, 98-unit multifamily rental housing development affordable to low-income senior households, including one manager unit and ancillary commercial space (the “Project”); 4) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $20,537,592 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 5) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 6) 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; 7) 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 8) authorizing the Director of Property and/or the Director of MOHCD to make certain modifications to the Purchase Agreement, Ground Lease, and Loan Agreement, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
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