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Committee approves transfer of loan and PILOT for Monica Place as YWCA takes ownership from Pathstone
Summary
The committee authorized the assumption of a loan and PILOT agreement for Monica Place, confirming the YWCA will acquire the property from Pathstone and continue existing operations; the city’s existing loan and pilot will transfer as-is.
The Neighborhood Jobs and Housing Committee authorized the assumption of a loan agreement and payment-in-lieu-of-taxes agreement for Monica Place, a supportive rental community, as the YWCA moves to acquire the property from Pathstone.
Council members sought clarification that the YWCA is acquiring an existing property and that the city’s existing loan and pilot agreement would be transferred without substantive change. A staff member confirmed: “That's correct,” and that the YWCA plans to continue operating the property in its current manner while providing supportive services.
Council member Smith asked for eligibility criteria for households seeking units at Monica Place; staff said they would provide the criteria in writing. Council member Gruber thanked the YWCA for stepping in to continue the property’s operations.
The committee voted to authorize the transfer of the loan and PILOT agreement. The action transfers the city’s existing contractual relationship to the new owner; staff indicated there will be no fundamental change to the city’s balance sheet arising from the transfer.
