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.
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.
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.
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.
The resolution declaring the intent to reimburse expenditures from future bonded indebtedness was introduced and assigned to the Board.
The Budget and Finance Committee recommended the resolution for passage.
The Board of Supervisors adopted the resolution to authorize the issuance of bonds for the Kelsey Civic Center.
The Mayor approved the resolution, allowing the City to proceed with the bond issuance process.
Reconstructed from attached documents & the official record