File #: 240704    Version: 1 Name: Ground Lease - Casa Adelante SVN Housing, L.P. - 1515 South Van Ness Avenue, 3251-3255 26th Street, and 1214 Shotwell Street - 100% Affordable Housing - $15,000 Annual Base Rent
Type: Resolution Status: Passed
Introduced: 6/18/2024 In control: Clerk of the Board
On agenda: Final action: 8/1/2024
Enactment date: 8/1/2024 Enactment #: 422-24
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 1515 South Van Ness Avenue, 3251-3255 26th Street, and 1214 Shotwell Street (“Property”) with Casa Adelante SVN Housing, 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 168-unit (including one manager’s unit) multifamily rental housing development affordable to low-income households and including community-serving commercial space (the “Project”); 2) 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; 3) 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 23.30; and 4) authorizing the Director of Property and the Director of MOHCD to execute the Ground Lease, and make certain modifications and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors: Mayor, Hillary Ronen, Myrna Melgar, Rafael Mandelman
Attachments: 1. Leg Ver1, 2. DRAFT Ground Lease, 3. PLN Approval Ltr 041924, 4. PLN General Plan Ref 051624, 5. Form 126, 6. BLA Rpt 071724, 7. Cmte Pkt 071724, 8. Board Pkt 072324, 9. Form 126 Final, 10. Leg Final
Legislation Details
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