City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
220431
Name:
Ground Lease and Loan Agreement - 180 Jones
Associates, L.P. - 180 Jones Street - 100%
Affordable Housing - Ground Lease with Base Rent
of $15,000 - Loan Not to Exceed $13,950,000
Status:
Type:
Resolution
Passed
File created:
In control:
4/19/2022
Clerk of the Board
On agenda:
Final action:
5/13/2022
Enactment date:
5/13/2022
175-22
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 located at 180 Jones Street (“Property”) with 180 Jones Associates, L.P. for a lease term of 75
years and one 24-year option to extend, with an annual base rent of $15,000 (“Ground Lease”) in
order to construct a 100% affordable, 70-unit multifamily rental housing development affordable to low
-income households, including 35 supportive housing units available for households experiencing
homelessness, and one resident manager unit (the “Project”); 2) approving and authorizing a Loan
Agreement in an amount not to exceed $13,950,000 for a minimum loan term of 57 years (“Loan
Agreement”) to finance the development and construction of the Project; 3) adopting findings
declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 4)
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 23.3; 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; 6)
authorizing the Director of Property and/or the Director of MOHCD to execute the Ground Lease and
the Loan Agreement, and make certain modifications to such agreements, as defined herein, and take
certain actions in furtherance of this Resolution, as defined herein; and 7) to authorize the Director of
Property and/or Director of MOHCD to enter into any additions, amendments, or other modifications to
the Ground Lease and the Loan Agreement that do not materially increase the obligations or liabilities
to the City and are necessary to effectuate the purposes of the Ground Lease and the Loan
Agreement or this Resolution.
Sponsors:
Mayor, Dean Preston, Hillary Ronen, Ahsha Safai, Gordon Mar
Attachments:
1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Dec of Restrictions & Affordable Housing
Covenants, 4. DRAFT Leasehold Deed of Trust, 5. DRAFT Amended & Restated Loan Agrmt, 6.
DRAFT Amended & Restated Secured Promissory Note, 7. RFQ 031519, 8. PLN Ntc of Final
Approval SB 35 Project 071720, 9. PLN GPR 041222, 10. Form 126 - Ground Lease, 11. Form 126 -
Loan Agrmt, 12. BLA Rpt 050422, 13. Cmte Pkt 050422, 14. Board Pkt 051022, 15. Form 126 - Final -
Ground Lease, 16. Form 126 - Final - Loan Agrmt, 17. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
4/19/2022
1
RECOMMENDED
Budget and Finance Committee
5/4/2022
1
Pass
ADOPTED
Board of Supervisors
5/10/2022
1
Pass
APPROVED
Mayor
5/13/2022
1