forward item number 5 to the full board with positive recommendation? i ll make that motion. okay. and can we take that without objection? that will be the order. [gavel] ~ ~ item number 2. time number 2 is ordinance amending the subdivision code, by adding section 1396.4, to adopt a condominium conversion impact fee applicable to buildings participating but not being selected in the 2012 or 2013 condominium conversion lotteries only, subject to specified requirements, including lifetime leases for non-purchasing tenants; and adopting environmental findings. okay, i ll give a moment for some folk to clear out of the hearing room. if people who are not here for item number 2 who are not speaking can maybe go out in the hallway. okay. item number 2 has been called relating to the condo conversion lottery and impact fee. as i ve indicated before ~ supervisor farrell who is the lead author of this legislation has requested that the committee continue item number 2 unt
to my right is supervisor jane kim, the committee vice-chair and to my left is supervisor david chiu. sfgtv staff who are recording today s meeting are jessie larson and nona markonian. thank you to sfgtv. ms. miller, are are there any announcements? please make sure cell phones and electronic devices are. completed cards [speaker not understood]. items acted upon today will be on the march 19th board of supervisors agenda unless otherwise stated. thank you. madam clerk, will you please call item number 1? item number 1 is an ordinance approving exceptions to requirements of the seismic safety loan program under the administrative code and the sslp program regulations, regarding a $2,379,464 loan for an existing affordable housing project at the hotel isabel located at 1091 mission street. thank you. and supervisor kim is the author of this legislation. thank you, chair wiener. this is basically we are asking for an exception to our seismic safety loan program d
supervisors agenda unless otherwise stated. thank you. madam clerk, will you please call item number 1? item number 1 is an ordinance approving exceptions to requirements of the seismic safety loan program under the administrative code and the sslp program regulations, regarding a $2,379,464 loan for an existing affordable housing project at the hotel isabel located at 1091 mission street. thank you. and supervisor kim is the author of this legislation. thank you, chair wiener. this is basically we are asking for an exception to our seismic safety loan program deferred extended loan program. hotelies isabel is one of our affordable housing units here in district 6 on the south of market. currently has 72 units affordable housing and it s owned by the hotel [speaker not understood] a limited partnership with who is general partner is todd koh who is here today and we re just ready to ask for an exemption from the loan to value ratio requirement and other underwriti
guarantees, listing them here. significant guarantees included a guarantee as a $3 million land payment. guarantee of the replacement parking remedy, termination fee guarantee that obligates the developer to pay for a liquidated some of $250,000 should be dda and psa terminate before escrow. finally, completion guarantee for the lead-free public improvement. because of the competition from commuter parking in this area, parking for visitors is an important consideration for poor attendance in the ferry building and nearby areas of the northeast waterfront. since the opening of the ferry building, parking resources have been lost, including ferry plaza, and the july 2008 closure of the pier which had 40 spaces capacity. since the closure, the port has made many changes to parking in the vicinity, including expanding valet service in front of the ferry building, expanding the availability of street parking by adding additional spaces on davis street, moving farmers trucks off
the project documents have many guarantees, listing them here. significant guarantees included a guarantee as a $3 million land payment. guarantee of the replacement parking remedy, termination fee guarantee that obligates the developer to pay for a liquidated some of $250,000 should be dda and psa terminate before escrow. finally, completion guarantee for the lead-free public improvement. because of the competition from commuter parking in this area, parking for visitors is an important consideration for poor attendance in the ferry building and nearby areas of the northeast waterfront. since the opening of the ferry building, parking resources have been lost, including ferry plaza, and the july 2008 closure of the pier which had 40 spaces capacity. since the closure, the port has made many changes to parking in the vicinity, including expanding valet service in front of the ferry building, expanding the availability of street parking by adding additional spaces on davis s