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Resolution#211152Passed
In plain English

This resolution allows San Francisco to reimburse certain expenses related to the Kelsey Civic Center project using up to $73.4 million from future bonds. It also authorizes the Mayor's Office of Housing and Community Development to apply for residential mortgage revenue bonds to support this project.

Resolution declaring the intent of the City and County of San Francisco (“City”) to reimburse certain expenditures from proceeds of future bonded indebtedness in an aggregate principal amount not to exceed $73,400,000 in one or more series of bonds on a tax-exempt or taxable basis; authorizing the Director of the Mayor’s Office of Housing and Community Development (“Director”) to submit an application and related documents to the California Debt Limit Allocation Committee (“CDLAC”) to permit the issuance of residential mortgage revenue bonds in an aggregate principal amount not to exceed $73,400,000 for 240 Van Ness Avenue (The Kelsey Civic Center); authorizing and directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed $100,000 in accordance with CDLAC procedures; authorizing the Director to certify to CDLAC that the City has on deposit the required amount; authorizing the Director to pay an amount equal to such deposit to the State of California if the City fails to issue the residential mortgage revenue bonds; authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein; and ratifying and approving any action heretofore taken in connection with the Project, as defined herein, and the Application, as defined herein.

Introduced: Nov 2, 2021
Final action: Dec 22, 2021
Official record ↗

How it got here

The legislation originated from the need to finance the Kelsey Civic Center, an affordable housing project at 240 Van Ness Avenue, through the issuance of residential mortgage revenue bonds.

1
Establishment of Residential Mortgage Revenue Bond Law
City and County of San Francisco

The City enacted the Residential Mortgage Revenue Bond Law to facilitate the issuance of bonds aimed at providing affordable housing for low and moderate-income residents.

Leg Final
2
Request for Financing Assistance
The Kelsey Civic Center, L.P.

The Kelsey Civic Center, L.P. requested the City to assist in financing the construction of a 112-unit affordable housing development at 240 Van Ness Avenue through the issuance of bonds.

Leg Final
3
Introduction of Resolution2021-11-02
Board of Supervisors

The resolution declaring the intent to reimburse expenditures from future bonded indebtedness was introduced and assigned to the Board.

Action history
4
Committee Recommendation2021-12-08
Budget and Finance Committee

The Budget and Finance Committee recommended the resolution for passage.

Action history
5
Adoption of Resolution2021-12-14
Board of Supervisors

The Board of Supervisors adopted the resolution to authorize the issuance of bonds for the Kelsey Civic Center.

Action history
6
Approval of Resolution2021-12-22
Mayor

The Mayor approved the resolution, allowing the City to proceed with the bond issuance process.

Action history

Reconstructed from attached documents & the official record

Document trail
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How they voted

ADOPTED
Board of Supervisors · Dec 14, 2021Pass
4-0

Legislative journey

PresidentNov 2, 2021
RECEIVED AND ASSIGNED
Budget and Finance CommitteeDec 8, 2021
RECOMMENDEDPass
Board of SupervisorsDec 14, 2021
ADOPTEDPass
MayorDec 22, 2021
APPROVED