Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
OCII approves short extension for 706 Mission developer to pay agency affordable‑housing fee
Summary
After questioning the developer’s recapitalization plan, the OCII commission approved a one‑time extension of the outstanding OCII agency affordable‑housing fee tied to the 706 Mission project to April 3, 2023, by a 3–1–1 vote; staff said the extension is to let a planned recapitalization close.
The Office of Community Investment and Infrastructure commission voted Dec. 6 to authorize a limited extension for the payment of an OCII agency affordable‑housing fee tied to the 706 Mission Street project, approving staff’s recommendation to extend the final two installments until April 3, 2023.
Deputy General Counsel Aaron Foxworthy summarized the purchase and sale agreement obligations and told commissioners the agency fee obligation was ultimately calculated at about $4,450,000, payable in three installments. He said the first installment (~$891,000) was paid in 2017, the second (~$1.8 million) was triggered by the developer’s…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
