City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
210503
Name:
Ground Lease and Loan Agreement - Balboa Park
Housing Partners, L.P. - 100% Affordable Housing -
2340 San Jose Avenue - Ground Lease with Annual
Base Rent of $15,000 - Loan Not to Exceed
$24,459,458
Status:
Type:
Resolution
Passed
File created:
In control:
5/4/2021
Clerk of the Board
On agenda:
Final action:
6/17/2021
Enactment date:
6/17/2021
278-21
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property and the Mayor’s Office of Housing
and Community Development (“MOHCD”) to enter into a Ground Lease for Real Property owned by
the City and located at 2340 San Jose Avenue (“Property”) with the Balboa Park Housing Partners,
L.P. (“Developer”) 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 100% affordable, 131-unit multifamily rental
housing development affordable to very-low and low-income households, with 39 units set aside for
HOPE SF residents voluntarily relocating, and 10,791 sq. ft of commercial space, with an early
childhood education center, community space and resource center, community bike space, and two
additional spaces for public benefit purposes or community-serving purposes (the “Project”); 2)
approving and authorizing a Loan Agreement in an amount not to exceed $24,459,458 for a minimum
loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project;
3) approving and authorizing a Declaration of Restrictions and Reservations of Easements between
the City, the San Francisco Bay Area Rapid Transit District (“BART”), and the Developer for $0 for a
no-build area to benefit the Project (“No-Build Easement”); 4) approving and authorizing an Easement
Agreement between the City and BART for $0 to relocate an existing storm drain lateral (“Storm Drain
Easement”); 5) 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; and 6) authorizing the
Director of Property and/or the Director of MOHCD to execute the Ground Lease, Loan Agreement,
No-Build Easement, and Storm Drain Easement, make certain modifications to such agreements, as
defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor, Ahsha Safai
Attachments:
1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Dec of Restrictions & Reservation of Easements, 4.
DRAFT Storm Drain Easement Agrmt, 5. DRAFT 2nd Amended & Restated Promissory Note, 6.
DRAFT Amended & Restated Loan Agrmt, 7. DRAFT Dec of Restrictions & Affordable Housing
Covenants, 8. DRAFT Deed of Trust, 9. RFQ 041116, 10. PLN Gen Plan Ref 051917, 11. PLN Ntc of
Final Approval 101118, 12. Form 126 - Ground Lease, 13. Form 126 - Loan Agrmt, 14. Pres Action
Memo 052021, 15. BLA Rpt 060321, 16. Comm Pkt 060321, 17. Comment Ltr, 18. MOHCD
Presentation 060321, 19. Comm Rpt Rqst 060321, 20. Board Pkt 060821, 21. Post-Packet Comm
060821, 22. Leg Final, 23. Form 126 Final (Ground Lease), 24. Form 126 Final (Loan Agreement)
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
5/4/2021
1
TRANSFERRED
President
5/20/2021
1
REFERRED WITHOUT
RECOMMENDATION AS AMENDED AS
A COMMITTEE REPORT
Government Audit and Oversight
Committee
6/3/2021
1
Pass
ADOPTED
Board of Supervisors
6/8/2021
1
Pass
APPROVED
Mayor
6/17/2021
1