File #: 230927    Version: 1 Name: Loan Agreement - 440 Geary LLC - 440 Geary Street - 100% Permanent Supportive Housing - Loan Not to Exceed $47,390,000
Type: Resolution Status: Passed
Introduced: 9/5/2023 In control: Clerk of the Board
On agenda: Final action: 9/28/2023
Enactment date: 9/28/2023 Enactment #: 442-23
Title: Resolution approving and authorizing a Loan Agreement with 440 Geary LLC in an amount not to exceed $47,390,000 for a minimum loan term of 55 years (“Loan Agreement”) to provide permanent financing for a 122-unit single-room occupancy residential building consisting of 121 units of permanent supportive housing to homeless households, one manager unit, and two ancillary ground floor commercial units (the “Project”) located at 440 Geary Street, 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; authorizing the Mayor and the Director of Mayor’s Office of Housing and Community Development (“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 authorizing the Director of MOHCD to enter into any additions, amendments, or other modifications to the Loan Agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Loan Agreement or this Resolution.
Sponsors: Mayor
Attachments: 1. Leg Ver1, 2. Executed Std Agrmt 112320, 3. DRAFT Loan Agrmt, 4. DRAFT Deed of Trust, 5. DRAFT Dec of Restrictions, 6. DRAFT Secured Promissory Note, 7. PLN Gen Plan Ref 083023, 8. Form 126, 9. Comm Rpt request signed 091423, 10. HSH PPT 092223, 11. Comm Pkt 092223, 12. Board Pkt 092623, 13. Leg Final, 14. Form 126 Final
Related files: 201193
Legislation Details
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