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Resolution#221172Passed
In plain English

This resolution authorizes an increase in a loan for the Maceo Project, a 100% affordable housing development for low and moderate-income veterans on Treasure Island, raising the total loan amount to $39,238,000 to cover additional construction costs. It also confirms that this amendment aligns with the city's General Plan and planning policies.

Resolution approving and authorizing the execution of a First Amendment to the Amended and Restated Loan Agreement with Maceo May Apts, L.P., a California limited partnership, to increase the loan amount by $14,983,000 for a new total loan amount not to exceed $39,238,000 to finance additional construction costs and loss of permanent financing related to the 100% affordable, 105 unit multifamily rental housing development (plus one staff unit) for low and moderate income veteran households located at 55 Cravath Street (formerly 401 Avenue of the Palms) on Treasure Island (“Maceo Project”); and adopting findings that the First Amendment to the Amended and Restated Loan Agreement is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.

Introduced: Nov 15, 2022
Final action: Dec 16, 2022
Sponsors: Matt Dorsey
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How it got here

Related / predecessor legislation
↑ predecessor#110228— not yet in database
↑ predecessor#110328— not yet in database
↑ predecessor#191300— not yet in database
Document trail
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BLA Report 113022
Budget and Legislative Analyst
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How they voted

AMENDED, AN AMENDMENT OF THE WHOLE BEARING SAME TITLE
Budget and Finance Committee · Nov 30, 2022Pass
1-0
RECOMMENDED AS AMENDED
Budget and Finance Committee · Nov 30, 2022Pass
1-0

Legislative journey

PresidentNov 15, 2022
RECEIVED AND ASSIGNED
Budget and Finance CommitteeNov 30, 2022
RECOMMENDED AS AMENDEDPass
AMENDED, AN AMENDMENT OF THE WHOLE BEARING SAME TITLEPass
Board of SupervisorsDec 6, 2022
ADOPTEDPass
MayorDec 16, 2022
APPROVED