The resolution approves a loan agreement of up to $25,072,111 to finance the second phase of infrastructure improvements and housing development for the Sunnydale HOPE SF Project, which aims to create up to 1,770 units of various types of housing. It also confirms that the agreement aligns with environmental and planning regulations.
Resolution approving and authorizing the Director of the Mayor’s Office of Housing and Community Development to execute an Amended and Restated Loan Agreement with Sunnydale Infrastructure Phase 1A3 LLC, a California limited liability company, for a total loan amount not to exceed $25,072,111 to finance the second phase of infrastructure improvements and housing development related to the revitalization and master development of up to 1,770 units of replacement public housing, affordable housing and market rate housing, commonly known as the Sunnydale HOPE SF Development (“Sunnydale Project”); and adopting findings that the loan agreement is consistent with the adopted Mitigation Monitoring and Reporting Program under the California Environmental Quality Act, the General Plan, and the priority policies of Planning Code, Section 101.1.
How it got here
The legislation originated from the need to finance infrastructure improvements for the Sunnydale HOPE SF Development, a large-scale public housing transformation project in San Francisco.
The San Francisco Housing Authority issued a Request for Qualifications to redevelop public housing sites, including Sunnydale, as part of the HOPE SF initiative aimed at revitalizing distressed public housing.
The Housing Authority received submissions from developers in response to the RFQ, including proposals for the Sunnydale site.
Mercy Housing Corporation and Related Companies were selected as the developers for the Sunnydale project, establishing Sunnydale Development Co., LLC.
The Board of Supervisors approved a Development Agreement with the developer for the Sunnydale project, which included plans for 1,770 housing units.
The committee recommended approval of a loan to Sunnydale Infrastructure Phase 1A3 LLC for the second phase of the Sunnydale project, amounting to $25,072,111.
The Budget and Finance Committee recommended the resolution to approve the loan agreement for infrastructure improvements at Sunnydale.
The Board of Supervisors adopted the resolution approving the loan agreement, allowing the Mayor’s Office of Housing and Community Development to execute the agreement.
Reconstructed from attached documents & the official record
This resolution approves an increase in a loan by nearly $1.5 million for the Sunnydale Project, which aims to finance additional construction costs for infrastructure improvements and housing development. It also allows the Director of the Mayor's Office of Housing and Community Development to make necessary amendments to the loan agreement without increasing the city's obligations.
