City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
240884
Name:
Acquisition of Real Property - 3300 Mission Partners
L.P. - 3300, 3306, and 3308 Mission Street - 100%
Affordable Housing - $4,151,000 - Ground Lease
with Annual Base Rent of $1 - Loan NTE
$12,440,242 - Limited Payment Guaranty Not to
Exceed $1,000,000
Status:
Type:
Resolution
Passed
File created:
In control:
9/10/2024
Clerk of the Board
On agenda:
Final action:
10/7/2024
Enactment date:
10/7/2024
494-24
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property, on behalf of the San Francisco
Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire real property located
at 3300, 3306, and 3308 Mission Street (“Property") from 3300 Mission Partners L.P. (“Borrower”) for
$4,151,000 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 $1 (“Ground Lease”) in order to construct a 100% affordable, 35-unit multifamily
rental housing development affordable to low-income households, including one manager unit, and
ground floor commercial space (the “Project”); 4) approving and authorizing an Amended and
Restated Loan Agreement in an amount not to exceed (NTE) $12,440,242 for a minimum loan term of
57 years (“Loan Agreement”) to finance the development and construction of the Project; 5) approving
and authorizing a limited payment guaranty in an amount not to exceed $1,000,000 from MOHCD for
the benefit of Wincopin Circle LLLP (“Limited Payment Guaranty”); 6) adopting findings declaring that
the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 7) 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; 8) 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 9)
authorizing the Director of Property and/or the Director of MOHCD to make certain modifications to
the Purchase Agreement, Ground Lease, Loan Agreement, and Limited Payment Guaranty, as
defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor, Hillary Ronen, Rafael Mandelman
Attachments:
1. Leg Ver1, 2. DRAFT Purchase and Sale Agreement, 3. DRAFT Ground Lease, 4. DRAFT Amended
and Restated Loan Agreement, 5. DRAFT Amended and Restated Promissory Note, 6. DRAFT Deed
of Trust, 7. DRAFT Funding Agmt, 8. DRAFT Pledge Agmt, 9. DRAFT Demand Note, 10. CAHL Cmt
Approval 081624, 11. PLN Ntc of Proj Eligible for AB2011 Approval 122023, 12. PLN Ntc of Proj
Eligible for AB2011 Approval 021224, 13. Form 126, 14. MOHCD Presentation 092524, 15. BLA Rpt
092524, 16. Cmte Pkt 092524, 17. DRAFT Dec of Restrictions, 18. Executed Loan Agrmt - Acquisition
122123, 19. Executed Prom Note - Acquisition 122123, 20. Leg Ver2, 21. Board Pkt 100124, 22. Form
126 Final, 23. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
9/10/2024
1
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING SAME TITLE
Budget and Finance Committee
9/25/2024
1
Pass
RECOMMENDED AS AMENDED
Budget and Finance Committee
9/25/2024
1
Pass
ADOPTED
Board of Supervisors
10/1/2024
2
Pass
APPROVED
Mayor
10/7/2024
2