File #: 230524    Version: Name: Ground Lease and Amended and Restated Loan Agreement - 730 Stanyan Street - 100% Affordable Housing - Base Rent of $15,000 - Loan Not to Exceed $69,528,927
Type: Resolution Status: Passed
Introduced: 5/2/2023 In control: Clerk of the Board
On agenda: Final action: 5/26/2023
Enactment date: 5/26/2023 Enactment #: 269-23
Title: Resolution 1) approving and authorizing the Director of Property and Director of 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 730 Stanyan Street (“Property”) with 730 Stanyan 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 160 unit multifamily rental housing development affordable to very low- and low-income households (the “Project”); 2) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $69,528,927 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 3) 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; 4) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 5) 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; and 6) authorizing the Director of Property and/or the Director of MOHCD to execute the Ground Lease and the Amended and Restated 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 Amended & Restated Loan Agrmt, 4. DRAFT Amended & Restated Secured Promissory Note, 5. DRAFT Secured Promissory Note, 6. DRAFT Deed of Trust, 7. DRAFT Dec of Restrictions, 8. PLN Appr SB 35 Proj 061522, 9. PLN Gen Pln Ref 011018, 10. MYR Memo 050223, 11. Form 126 - Ground Lease, 12. Form 126 - Ground Lease Supplemental, 13. Form 126 - Loan Agrmt, 14. Form 126 - Loan Agrmt Supplemental, 15. MOHCD Presentation 051723, 16. BLA Rpt 051723, 17. Cmte Pkt 051723, 18. Leg Ver2, 19. Board Pkt 052323, 20. Leg Final, 21. Form 126 Final 4 Contracts
Related files: 230509, 171319
Legislation Details
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