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Committee backs amended lease changes to help San Francisco Wholesale Produce Market secure financing
Summary
Supervisors approved amendments and forwarded a resolution to restate the market's long-term lease, delay roadway obligations, and allow separate parcel leases that facilitate private financing while adding procedural safeguards requiring Board notice and review.
The Budget & Finance Committee on Sept. 13 voted to forward an amended resolution that restates and modifies the 2013 lease for the San Francisco Wholesale Produce Market in Bayview Hunters Point to help the market obtain conventional mortgage financing and to adjust construction and roadway improvement milestones.
City staff from the Office of Economic and Workforce Development and the Real Estate Division described the produce market as a 23-acre campus that houses almost 30 small businesses and supports roughly 700 jobs. John Lau (OEWD) told the committee the market operates as a nonprofit lessee under a reinvestment plan that depends on net revenues deposited into a development fund; the 2013 lease structure, he said, constrains the market's ability to obtain private loans because the campus is a single leasehold and lenders…
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