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Title:
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Resolution approving and authorizing the execution of a First Amendment to the Amended and Restated Loan Agreement with TURK 500 ASSOCIATES, L.P., a California limited partnership, to increase the loan amount by $4,266,311 for a new total loan amount not to exceed $23,805,311 to finance additional construction costs and loss of permanent financing related to the 100% affordable, 108-unit multifamily rental housing development (plus one staff unit) for low and moderate income households located at 555 Larkin Street in the Tenderloin neighborhood (“Project”); adopting findings that the First Amendment to the Amended and Restated Loan Agreement is consistent with the General Plan, and the priority policies of Planning Code, Section 101.1; and to authorize the Mayor and the Director of Mayor’s Office of Housing and Community Development to enter into amendments or modifications to the First Amendment that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the agreement or this Resolution.
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