This resolution allows the city to issue a multifamily housing revenue note up to $56 million to finance the acquisition and renovation of a 187-unit rental housing project at 55 Mason and 216 Eddy Streets, known as "Ambassador Ritz." It also approves various agreements and authorizes city officials to take necessary actions to implement the financing.
Resolution authorizing the execution and delivery of a multifamily housing revenue note in one or more series in an aggregate principal amount not to exceed $56,039,857 for the purpose of providing financing for the acquisition and rehabilitation of a 187-unit multifamily rental housing project located at 55 Mason Street and 216 Eddy Street, known as “Ambassador Ritz 4%;” approving the form of and authorizing the execution of a funding loan agreement, providing the terms and conditions of the loan from the funding lenders to the City, and the execution and delivery of the note; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; authorizing the collection of certain fees; approving modifications, changes and additions to the documents, as defined herein; ratifying and approving any action heretofore taken in connection with the back-to-back loan, the note and the Project; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters, as defined herein.
How it got here
The legislation originated from the need to finance the acquisition and rehabilitation of the Ambassador Ritz multifamily housing project in San Francisco.
A notice was published for a public hearing regarding the issuance of multifamily housing revenue bonds for the Ambassador Ritz project, scheduled for May 11, 2020.
The MOHCD held the public hearing where community members could comment on the proposed issuance of bonds for the project.
A notice was published for a second public hearing regarding the issuance of multifamily housing revenue bonds, scheduled for December 7, 2020.
The MOHCD held the second public hearing where community members could comment on the proposed issuance of bonds for the project.
CDLAC allocated up to $56,039,857 in qualified private activity bond volume cap to the Ambassador Ritz project.
The Board adopted a resolution authorizing the execution and delivery of a multifamily housing revenue note for the Ambassador Ritz project.
The Mayor approved the resolution passed by the Board of Supervisors, finalizing the authorization for the financing.
Reconstructed from attached documents & the official record
