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OCII approves loans for Alice Griffith phases, awards Hunters Point public-art contract and museum grant
Summary
The San Francisco Commission on Community Investment and Infrastructure on July 15 approved permanent loans for the first two phases of the Alice Griffith HOPE SF redevelopment, awarded a contract for Hunters Point public art and authorized a $1.03 million grant disbursement to The Mexican Museum; several items were passed with recusals and one MOU was continued.
The Commission on Community Investment and Infrastructure (OCII) approved a package of financing and awards at its July 15 meeting that advance the city’s long-running redevelopment projects in Bayview-Hunters Point and downtown.
Most consequential, commissioners authorized two permanent loans to Double Rock Ventures LLC that fund the first two phases of the Alice Griffith HOPE SF redevelopment. Elizabeth Colomello, OCII development specialist, said the Phase 1 loan totals $21,972,930 for 93 units and Phase 2 totals $21,893,251 for 91 units. She described the loans as 55-year permanent loans repaid by residual receipts from project operations, and said the financing relies on a mix of CNI grant funds, low-income housing tax credit equity, master-developer subsidy from CP Development (Lennar) and OCII subsidy. Colomello said CNI deadlines require portions of phases 1–3 to be completed by September 2016 and September 2017 and that staff is working to meet those milestones.
"This is the complete rebuild of the Alice Griffith public housing development," Colomello told commissioners, framing the loans as necessary to meet statutory CNI delivery dates.
Both loan resolutions passed with recorded tallies of three ayes and one…
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