Lease and Amended and Restated Loan Agreement - Balboa Gateway, L.P. - 105 Wisteria Lane - Balboa Reservoir Building A - 100% Affordable Housing - $15,000 Annual Base Rent - Loan Not to Exceed $29,280,757
Summary
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 105 Wisteria Lane (“Property”) known as Balboa Reservoir Building A 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, 158-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 $29,280,757 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.
Motion
- Motion text
- ADOPTED by the following vote: