Resolution authorizing the Director of Property to execute a Second Amendment to a Lease between the City and La Cocina, Inc. related to the lease of City-owned property located at 101 Hyde Street to extend the lease for an additional five years, from January 1, 2027, for a total term of July 9, 2019, through December 31, 2031, with no change to the annual base rent of $12,000; make certain modifications to the Second Amendment to Lease and take certain actions in furtherance of this Resolution, as defined herein; and to authorize the Director of Property to enter into amendments or modifications to the lease that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the lease or this Resolution.

The City acquired the property at 101 Hyde Street and placed it under the jurisdiction of the Mayor’s Office of Housing and Community Development (MOHCD) for future development as affordable housing.

The Board approved a lease with La Cocina, Inc. for the operation of a food hall and incubator kitchen at 101 Hyde Street, with a term set to expire on December 31, 2025.

The Board approved an amendment to the lease extending the term by one year to December 31, 2026, and made modifications regarding utility costs and approved uses.

The Mayor's Office submitted a proposal to extend the lease for an additional five years, from January 1, 2027, to December 31, 2031.

The Budget and Finance Committee reviewed and recommended the proposed lease extension as amended.

The Board of Supervisors adopted the resolution authorizing the Director of Property to execute the Second Amendment to the lease.

The Mayor approved the resolution for the lease extension.