General public. The project financing is ken conventional theres the ocii gap funding and 4 percent tax quality and 4 percent bonds and a First Mortgage in a private bank and developer fee. The agreement that were requesting approval for today is an amended and restated Loan Agreement ive mentioned that wraps into the former 2 hundred 4 zero million in predevelopment funding and additional funding and construction funding. The terms of the loan 3 percent Interest Rate it has a 55 year term and has a residual term that is consistent with all our loans we do. The project is also going to a ground floor lease for 99 years. Ocii will remain the ownership of the lands and at the completion the transfer at completion again consistent with ocii assets will be transferring the land the ground lease to the Mayors Office of housing of the Housing Community development. The Mission Bay Citizens Advisory Council has been supportive of the block 7 west the cac is interested in the development that
The proposed issue. Thank you director bohe and good afternoon, commissioners that is a continuation of a may 6, 2014, resolution commentating to a long term lease between third and mission and a affiliate of the California Historical society or c h s for approximately 15 thousand square feet in the paramount on Mission Street. As a quick refresher the agency entered into the lease for a 4 hundred and 92 secret project on Mission Street this is bound by Mission Street and third and jessie and has the paramount immediately adjacent to that the California Historical society and the backside along jessie street is where the hotel so it was completed in 2002 and consistent of a mixed use tower. The site as originally purchased by itself agency with federal urban renewal you funds when it was sold the Purchase Price was denounced and has a nonprofit space specifically h s. In 2003, the developer entered into a lease with 15 thousand square feet which fulfilled the lda requirement to protect
To be here to present this request for a Housing Project on mission bay boulevard also known as as Mission Bay South block west. The request today is for the gap funding which includes for Construction Funding for 16. 7 excuse me. 16,759,000 that wraps the 2 million predevelopment funding that was previously approved and 17. 5 million for construction. I realize youve recently seen the Schematic Design and approved it conditioning but i want to refresh our memory on some of the block 7 approvals. It has a relatively long history. In november 2005 and march into custody ucsf entered into the d da to develop of the Affordable Housing at its own expense by certain date in june 2011 the citywide Loan Committee approved the funding for block 7 west. Then in june 2013 ucsf decided it wouldnt have Affordable Housing on block 7 and paid liquidated damages for block east. In 2013, the Commission Approved the 20 million in predevelopment funding. Then in december 2013 of the ocii Commission Appr
Collaboration. Do i hear a motion ill post a motion. One by commissioner singh. Commissioner mondejar. Commissioner singh. Commissioner rosales. Madam chair the vote is 3 is next item and the next order of business is 5 b authorizing an amendment amended and stated architecture with the l t Unlimited Partnership consisting of the, llc a california liberate company and the Chinatown Development center a California Nonprofit Corporation for a totally agree gait of 69 million plus for a development of no income artificial building on Mission Bay Block 7 west pursuant to the Quality Control act and resolution number 63, 2014. Thank you madam secretary and thank you to the members of the public for continuing to join us. Commissioners we recently approved a Schematic Design for this particular development a few months ago im glad to report to uscf have paid their fees thats a recent development in our housing manage jeff white can provide you with the details its fitting were here to bring
At the bottom of the to tell up pole and deals with Martin Luther king and youre getting the key to the city. But the thing im up here to talk about the history and my perhaps after this are will be in contact with the related california to see we as Community People that look like me are going to be involved with our prosper. Ace you should get up there and talk about the lines maybe because ive not got form education but i can write songs about what is happening in my community. Im not here to say yay or nay on this project youre going to do what you want to do and by the way, mayor ed lee knows me its no mystery all you have to do is check the black history and a that ace has been looking at cases that are involved in enterprise i have another mini want to be clear to all that here are ace is phenomenon on the case you know i have a moral obligation ive got kids ive got kids. Yes theyve got kids im a great, great grandfather so ive got a moral education to do what ive doing and has