This resolution allows the City to lease land at 11 Frida Kahlo Way to Balboa Lee Avenue, L.P. for 75 years to build a 127-unit affordable housing development, while also approving a loan of up to $28 million to finance the project. It ensures that the development aligns with the city's planning policies and authorizes city officials to finalize the agreements.
Resolution approving and authorizing the Director of Property and the Mayor’s Office of Housing and Community Development (“MOHCD”) to enter into a Ground Lease for Real Property owned by the City and located at 11 Frida Kahlo Way (“Property”) with Balboa Lee Avenue, L.P. (“Developer”) for a lease term of 75 years and one 24-year option to extend and an annual base rent of $15,000 (“Ground Lease”) in order to construct a 100% affordable, 127-unit multifamily rental housing development affordable to very-low and low-income households, plus one manager’s unit; approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $28,000,000 for a minimum loan term of 57 years (“Loan Agreement”) to finance the development and construction of the Project; adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing the Director of Property and/or the Director of MOHCD to execute the Ground Lease, Loan Agreement, and make certain modifications to such agreements, and take certain actions in furtherance of this Resolution, as defined herein.
How it got here
The legislation originated from the need to develop affordable housing at the Balboa Reservoir site, following a series of prior agreements and community planning efforts.
The SFPUC issued a Request for Proposals for the development of the Balboa Reservoir site, seeking qualified housing developers.
The Planning Commission recommended amendments to the General Plan to facilitate the Balboa Reservoir Project, including findings of consistency with the General Plan.
The Board approved a Development Agreement with Reservoir Community Partners, LLC, allowing for the development of affordable housing at the Balboa Reservoir.
The Board approved the sale of approximately 16.4 acres of the Balboa Reservoir site to Reservoir Community Partners, LLC for development.
The Committee recommended approval of a Loan Agreement for the Balboa Reservoir Project, providing up to $28,000,000 in financing.
The Board adopted a resolution approving the Ground Lease and Loan Agreement with Balboa Lee Avenue, L.P. for the construction of 127 affordable housing units.
Reconstructed from attached documents & the official record
