City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
240335
Name:
Acquisition of Real Property for $9,600,000 -
Ground Lease with Base Rent of $15,000 - Loan
Not to Exceed $16,956,650 - 2550 Irving
Associates, L.P. - 100% Affordable Housing - 2550
Irving Street
Status:
Type:
Resolution
Passed
File created:
In control:
4/2/2024
Clerk of the Board
On agenda:
Final action:
5/10/2024
Enactment date:
5/10/2024
244-24
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 2550 Irving
Street (“Property") from 2550 Irving Associates, L.P. (“Borrower”) for $9,600,000 under an Agreement
for Purchase and Sale (“Purchase Agreement”); 2) placing the Property under the jurisdiction of
MOHCD for use in constructing affordable housing; 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, 90-unit multifamily rental housing
development affordable to low-income households, including one manager unit, and ancillary
community space for public benefit use (the “Project”); 4) approving and authorizing an Amended and
Restated Loan Agreement in an amount not to exceed $16,956,650 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 23.30 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; 8) and authorizing the Director of Property and/or the Director of MOHCD to enter into
certain amendments or modifications to the Purchase Agreement, Ground Lease, and Loan
Agreement, as defined herein, that do not materially increase the obligations or liabilities to the City
and are necessary to effectuate the purposes of the contract or this Resolution, and take certain
actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor, Joel Engardio, Rafael Mandelman, Myrna Melgar
Attachments:
1. Leg Ver1, 2. DRAFT Amended & Restated Loan Agrmt, 3. DRAFT Amended & Restated Prom
Note, 4. DRAFT Purchase & Sale Agrmt, 5. DRAFT Ground Lease, 6. DRAFT Dec of Restrictions, 7.
DRAFT Deed of Trust, 8. MOHCD NOFA 122719, 9. PLN Ntc of Final Approval SB 35 Proj 081722,
10. PLN GPR 030524, 11. Form 126 - Loan Agrmt, 12. Form 126 - Ground Lease, 13. Form 126 -
Purchase & Sale Agrmt, 14. MOHCD Presentation 042424, 15. BLA Rpt 042424, 16. Cmte Pkt
042424, 17. Public Correspondence, 18. Leg Ver2, 19. Board Pkt 043024, 20. Form 126 Final Loan
Agrmt, 21. Form 126 Final Ground Lease, 22. Form 126 Final Purchase & Sale Agrmt, 23. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
4/2/2024
1
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING NEW TITLE
Budget and Finance Committee
4/24/2024
1
Pass
RECOMMENDED AS AMENDED
Budget and Finance Committee
4/24/2024
2
Pass
Board of Supervisors
4/30/2024
2
APPROVED
Mayor
5/10/2024
2