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Resolution#260426Passed
In plain English

A formal position or approval by the Board: Allow the execution and delivery of multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $30,000,000 for the purpose of providing financing for the construction of a 94-unit multifamily rental housing project known as “1687 Market Residences”. In short: a symbolic stance, not a binding law.

Resolution authorizing the execution and delivery of multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $30,000,000 for the purpose of providing financing for the construction of a 94-unit multifamily rental housing project known as “1687 Market Residences”; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the construction loan from the funding lender to the City, and the execution and delivery of the notes; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the construction loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants for the project; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and sale of residential mortgage revenue notes by the City in an aggregate principal amount not to exceed $30,000,000; approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the funding loan, the borrower loan, the notes and the project; granting general authority to City officials to take actions necessary to implement this Resolution; and related matters, as defined herein.

Introduced: Apr 21, 2026
Final action: May 21, 2026
Official record ↗

How they voted

Legislative journey

PresidentApr 21, 2026
RECEIVED AND ASSIGNED
Budget and Finance CommitteeMay 6, 2026
RECOMMENDEDPass
Board of SupervisorsMay 12, 2026
ADOPTEDPass
MayorMay 21, 2026
APPROVED