Board approves lease of Redevelopment land for Mary Helen Rogers Senior Community

The Board of Supervisors approved Dec. 14, 2010, the redevelopment agency's disposition by lease of land commonly known as 701 Golden Gate Avenue to a limited partnership to develop the Mary Helen Rogers Senior Community, a 70-year lease for affordable senior housing targeted to very-low-income households.

Redevelopment staff explained the transaction was for agency land acquired with tax-increment funds, and per state law the Board must approve any disposition of such property. The agency will lease land for 70 years to a limited partnership managed by Chinatown Community Development Center and M. Johnson Interests (manager names as recorded in hearing) to enable tax-credit equity financing and construction of approximately 100 units of very low income senior housing. The agency will provide a subordinate loan of approximately $15.5 million to support the project's financing and will require a minimum annual payment of $15,000 from the lease while the remainder of lease payments may be subject to available cash from the development.

Supervisor Maxwell and others spoke in favor of naming the project after Mary Helen Rogers in recognition of her community advocacy in the Western Addition and Fillmore neighborhoods. The Board adopted the redevelopment agency disposition and subordinate financing resolution; the Clerk recorded 10 ayes on final vote (one interim absence noted during vote prior to rescind step), and the resolution was adopted.

Ending: The redevelopment agency will execute a 70-year lease and subordinate loan to facilitate construction of the Mary Helen Rogers Senior Community; the Board authorized the disposition and financing. Further project-level approvals, construction contracting and monitoring will follow redevelopment agency and Board processes.