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Board approves $157,500 loan guarantee to San Francisco LGBT Community Center
Summary
The Board of Supervisors approved an ordinance and resolution to create a loan guarantee and one-year loan of about $157,500 to the San Francisco LGBT Community Center to reduce interest costs and stabilize the center’s finances; vote 9–1.
The San Francisco Board of Supervisors on March 23 approved an ordinance and companion resolution to provide a loan guarantee and a one-year loan of approximately $157,500 to the San Francisco LGBT Community Center, a move sponsors said will reduce the center’s interest costs and buy time for restructuring.
Supporters said the action is targeted to relieve a cash-flow burden that has limited the center’s financial flexibility while preserving its mission. Supervisor Bevan Dufty, the item’s sponsor, told the board the center has carried mortgage obligations since it opened and that a loan guarantee will save roughly $200,000 in interest over five years; he said the board would not expect to draw on the guarantee.
Dufty said the center has made consistent payments and is pursuing new…
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