City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
191265
Name:
Acquisition of Real Property - Turk 500 Associates,
L.P. - 500-520 Turk Street/555 Larkin Street - 100%
Affordable Housing - $0 in Exchange for
$12,250,000 Credit - Ground Lease with Base Rent
of $15,000 - Loan Not to Exceed $32,400,000
Status:
Type:
Resolution
Passed
File created:
In control:
12/10/2019
Clerk of the Board
On agenda:
Final action:
1/17/2020
Enactment date:
1/17/2020
007-20
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property, on behalf of the Mayor’s Office of
Housing and Community Development (“MOHCD”), to acquire real property, located at 500-520
TurkStreet/555 Larkin Street (“Property”) from Turk 500 Associates, L.P. (“Developer”) for $0 in
exchange for a $12,250,000 credit; 2) placing the Property under the jurisdiction of MOHCD for use in
constructing affordable housing for San Franciscans; 3) approving and authorizing an Amended and
Restated Loan Agreement in an amount not to exceed $32,400,000 for a minimum loan term of 57
years (“Loan Agreement”) to finance the construction of a 100% affordable, 108-unit multifamily rental
housing development (plus one staff unit) on the Property for low income households with ancillary
commercial space for public benefit or community-serving purposes (“Project”); 4) approving and
authorizing an Agreement for Purchase and Sale for acquisition of the Property (“Purchase
Agreement”) and a Ground Lease back to the Developer for a lease term of 75 years and one 24-year
option to extend and an annual base rent of $15,000 in order to construct the Project (“Ground
Lease”); 5) adopting findings that the Purchase Agreement, Loan Agreement and Ground Lease are
consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and
6) authorizing the Director of Property to execute the Purchase Agreement, Ground Lease, and
authorize Director of MOHCD to execute the Loan Agreement, make certain modifications to such
agreements, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor
Attachments:
1. Leg Ver1, 2. DRAFT Amended and Restated Loan Agmt, 3. DRAFT 2nd Amended and Restated
Promissory Note, 4. DRAFT Dec of Restrictions, 5. DRAFT Deed of Trust, 6. DRAFT Purchase Sale
Agmt, 7. DRAFT Ground Lease, 8. NOFA 062016, 9. PLN Proj Auth 091819, 10. Form 126 - Amended
and Restated Loan Agrmt, 11. Form 126 - Purchase and Sale Agrmt, 12. Form 126 - Ground Lease,
13. BLA Report 010820, 14. Comm Rpt 010820, 15. Board Pkt 011420, 16. Leg Final, 17. Form 126
Final - Amended and Restated Loan Agrmt.pdf, 18. Form 126 Final - Purchase and Sale Agrmt.pdf,
19. Form 126 Final - Ground Lease.pdf
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
12/10/2019
1
RECOMMENDED
Budget and Finance Committee
1/8/2020
1
Pass
ADOPTED
Board of Supervisors
1/14/2020
1
Pass
APPROVED
Mayor
1/17/2020
1