Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Supervisors’ budget committee backs $15 million loan increase for Treasure Island veterans housing
Summary
The Budget & Finance Committee recommended that the full Board approve a roughly $14.98 million increase to a city loan for the 104-unit, 100% affordable Maceo May development on Treasure Island to cover storm damage, construction delays and lost financing; the committee added a BLA-requested report-back on finances and mitigation by May 2023.
The Budget & Finance Committee on Nov. 30 voted to send to the full Board of Supervisors a resolution to increase the city loan for the Maceo May apartments on Treasure Island by roughly $14,983,000, bringing the not-to-exceed loan balance to about $39.2 million. The amendment would cover storm damage repairs, additional construction costs and lost permanent financing after an October 2021 atmospheric river damaged partially built modular units.
The committee heard from Bob Beck, director of the Treasure Island Development Authority, who described the project as the island’s first 100% affordable development and said the additional funds would allow Silicon Valley Bank, the construction lender, to continue underwriting and enable payment to the general contractor so mechanics’ liens do not delay occupancy. “We’re committed to…
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
