City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
160325
Name:
Multifamily Housing Revenue Bonds - 510 Folsom
Street (also known as Transbay Block 9) - Not to
Exceed $175,000,000
Status:
Type:
Resolution
Passed
File created:
In control:
4/5/2016
Clerk of the Board
On agenda:
Final action:
5/6/2016
Enactment date:
5/6/2016
156-16
Enactment #:
Title:
Resolution declaring the intent of the City and County of San Francisco (the “City”) to reimburse
certain expenditures from proceeds of future bonded indebtedness; authorizing the Director of the
Mayor’s Office of Housing and Community Development (the “Director”) to submit an application and
related documents to the California Debt Limit Allocation Committee (“CDLAC”) to permit the issuance
of tax exempt residential rental housing bonds in an aggregate principal amount not to exceed
$175,000,000 to finance costs of the construction of 311 rental housing units to be located on the first
21 floors of a 42 story mixed use building to be constructed at 510 Folsom Street (also known as
Transbay Block 9), and related parking and other improvements (the “Project”); authorizing and
directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed
$100,000 in accordance with CDLAC procedures; authorizing the Director to certify to CDLAC that the
City has on deposit the required amount; authorizing the Director to pay an amount equal to such
deposit to the State of California if the City fails to issue the tax exempt residential rental housing
bonds; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and
sale of tax exempt residential rental housing bonds by the City in an aggregate principal amount not to
exceed $175,000,000; authorizing and directing the execution of any documents necessary to
implement this Resolution, as defined herein; and ratifying and approving any action heretofore taken
in connection with the Project, as defined herein, and the Application, as defined herein.
Sponsors:
Jane Kim
Attachments:
1. Leg Ver1, 2. Project Description, 3. MOHCD Hearting Notice 031816, 4. MOHCD Ltr 033016, 5. Ad
Notice 030116, 6. Comm Pkt 042016, 7. Board Pkt 042616, 8. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
4/5/2016
1
RECOMMENDED
Budget and Finance Sub-
Committee
4/20/2016
1
Pass
ADOPTED
Board of Supervisors
4/26/2016
1
Pass
APPROVED
Mayor
5/6/2016
1