City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
231199
Name:
Loan Agreement - Grove Street Development, L.P. -
650 Divisadero Street - 100% Affordable Housing -
Not to Exceed $15,000,000
Status:
Type:
Resolution
Passed
File created:
In control:
11/14/2023
Clerk of the Board
On agenda:
Final action:
12/15/2023
Enactment date:
12/15/2023
581-23
Enactment #:
Title:
Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and
Community Development to execute loan documents relating to a loan to provide financing for the
acquisition of real property located at 650 Divisadero Street (the “Property”), and predevelopment
activities for a 100% affordable multifamily rental building, in an aggregate amount not to exceed
$15,000,000; approving the form of the loan agreement and ancillary documents; ratifying and
approving any action heretofore taken in connection with the property, as defined herein; granting
general authority to City officials to take actions necessary to implement this Resolution, as defined
herein; and finding that the loan is consistent the General Plan, and the priority policies of Planning
Code, Section 101.1.
Sponsors:
Mayor, Dean Preston
Attachments:
1. Leg Ver1, 2. DRAFT Loan Agmt, 3. DRAFT Declaration of Restrictions, 4. DRAFT Promissory Note
- Acquisition, 5. DRAFT Promissory Note - Predevelopment, 6. DRAFT Deed of Trust - Assignment of
Rents, 7. NOFA 012723, 8. Ntc of Amend to NOFA 053023, 9. PLN GPR 110623, 10. Form 126, 11.
MOHCD Presentation 112923, 12. BLA Rpt 112923, 13. Cmte Pkt 112923, 14. Leg Ver2, 15. Board
Pkt 120523, 16. Form 126 Final, 17. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
11/14/2023
1
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING SAME TITLE
Budget and Finance Committee
11/29/2023
1
Pass
RECOMMENDED AS AMENDED
Budget and Finance Committee
11/29/2023
2
Pass
ADOPTED
Board of Supervisors
12/5/2023
2
Pass
APPROVED
Mayor
12/15/2023
2