City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
230102
Name:
Acquisition of Real Property - 4200 Geary
Associates, L.P. - 4200 Geary Boulevard - 100%
Affordable Housing - $11,064,369 - Ground Lease
with Base Rent of $15,000 - Loan Not to Exceed
$20,537,592
Status:
Type:
Resolution
Passed
File created:
In control:
1/31/2023
Clerk of the Board
On agenda:
Final action:
3/2/2023
Enactment date:
3/2/2023
072-23
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 4200 Geary
Boulevard (“Property") from 4200 Geary Associates, L.P. (“Borrower”) for $11,064,369 under an
Agreement for Purchase and Sale (“Purchase Agreement”); 2) placing the Property under the
jurisdiction of MOHCD for use in constructing affordable housing for San Franciscans; 3) approving
and authorizing the Director of Property and the Director of MOHCD to enter into a Ground Lease to
lease the Property back to the Borrower for a 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, 98-unit
multifamily rental housing development affordable to low-income senior households, including one
manager unit and ancillary commercial space (the “Project”); 4) approving and authorizing an
Amended and Restated Loan Agreement in an amount not to exceed $20,537,592 for a minimum loan
term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; 5)
adopting findings declaring that the Property is “exempt surplus land” pursuant to the California
Surplus Lands Act; 6) 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 Section 23.3 of the Administrative Code; 7) 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 8) authorizing the Director of Property and/or the Director of MOHCD to
make certain modifications to the Purchase Agreement, Ground Lease, and Loan Agreement, as
defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor, Connie Chan, Rafael Mandelman, Ahsha Safai
Attachments:
1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Amended & Restated Loan Agrmt, 4. DRAFT
Purchase & Sale Agrmt, 5. DRAFT Amended & Restated Promissory Note, 6. DRAFT Leasehold
Deed of Trust, 7. PLN Ntc of Final Approval of SB 35 Project 012021, 8. PLN Gen Pln Ref 030521, 9.
MOHCD NOFA 122719, 10. Form 126 - Purchase & Sale Agrmt, 11. Form 126 - Ground Lease, 12.
Form 126 - Contract Loan, 13. MOHCD Presentation 021523, 14. BLA Rpt 021523, 15. Cmte Pkt
021523, 16. Board Pkt 022823, 17. Leg Final, 18. Form 126 Final (3 contracts)
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
1/31/2023
1
RECOMMENDED
Budget and Finance Committee
2/15/2023
1
Pass
ADOPTED
Board of Supervisors
2/28/2023
1
Pass
APPROVED
Mayor
3/2/2023
1