This resolution approves a loan of up to $52,362,512 to fund the third phase of infrastructure improvements and housing development for the Sunnydale Project, which aims to create up to 1,770 units of various types of housing. It also confirms that the loan 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 Phase 3 Infrastructure, LLC, a California limited liability company, for a total loan amount not to exceed $52,362,512 to finance the third phase of infrastructure improvements and housing development related to the revitalization and master development of up to 1770 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 the third phase of infrastructure improvements for the Sunnydale HOPE SF Development, a project aimed at revitalizing public housing.
The San Francisco Housing Authority issued a Request for Qualifications to redevelop public housing sites, including Sunnydale, as part of the HOPE SF initiative.
The Board of Supervisors approved a Development Agreement with Sunnydale Development Co., LLC, which was formed by Mercy Housing California and Related Companies to develop the Sunnydale HOPE SF project.
The Board of Supervisors adopted amendments to the General Plan related to the Sunnydale HOPE SF project, ensuring compliance with environmental regulations.
MOHCD provided a $4 million loan to Sunnydale Phase 3 Infrastructure, LLC for predevelopment activities related to the project.
An additional loan of $5,975,000 was provided to support further predevelopment work for the Sunnydale project.
The committee recommended approval of a loan not to exceed $52,362,512 to finance the third phase of infrastructure improvements for the Sunnydale project.
The Board of Supervisors adopted a resolution approving the amended loan agreement with Sunnydale Phase 3 Infrastructure, LLC to finance the project.
Reconstructed from attached documents & the official record
