City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
230524
Name:
Ground Lease and Amended and Restated Loan
Agreement - 730 Stanyan Street - 100% Affordable
Housing - Base Rent of $15,000 - Loan Not to
Exceed $69,528,927
Status:
Type:
Resolution
Passed
File created:
In control:
5/2/2023
Clerk of the Board
On agenda:
Final action:
5/26/2023
Enactment date:
5/26/2023
269-23
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property and Director of 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 730 Stanyan Street (“Property”) with 730 Stanyan Associates, L.P. 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 160 unit multifamily rental housing development affordable to
very low- and low-income households (the “Project”); 2) approving and authorizing an Amended and
Restated Loan Agreement in an amount not to exceed $69,528,927 for a minimum loan term of 57
years (“Loan Agreement”) to finance the development and construction of the Project; 3) 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; 4) adopting findings declaring that the Property
is “exempt surplus land” pursuant to the California Surplus Lands Act; 5) 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;
and 6) authorizing the Director of Property and/or the Director of MOHCD to execute the Ground
Lease and the Amended and Restated Loan Agreement, and make certain modifications to such
agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined
herein.
Sponsors:
Mayor, Dean Preston
Attachments:
1. Leg Ver1, 2. DRAFT Ground Lease, 3. DRAFT Amended & Restated Loan Agrmt, 4. DRAFT
Amended & Restated Secured Promissory Note, 5. DRAFT Secured Promissory Note, 6. DRAFT
Deed of Trust, 7. DRAFT Dec of Restrictions, 8. PLN Appr SB 35 Proj 061522, 9. PLN Gen Pln Ref
011018, 10. MYR Memo 050223, 11. Form 126 - Ground Lease, 12. Form 126 - Ground Lease
Supplemental, 13. Form 126 - Loan Agrmt, 14. Form 126 - Loan Agrmt Supplemental, 15. MOHCD
Presentation 051723, 16. BLA Rpt 051723, 17. Cmte Pkt 051723, 18. Leg Ver2, 19. Board Pkt
052323, 20. Leg Final, 21. Form 126 Final 4 Contracts
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
5/2/2023
1
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING SAME TITLE
Budget and Finance Committee
5/17/2023
1
Pass
RECOMMENDED AS AMENDED
Budget and Finance Committee
5/17/2023
1
Pass
ADOPTED
Board of Supervisors
5/23/2023
2
Pass
APPROVED
Mayor
5/26/2023
2