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Committee backs lease amendment for 350 Rhode Island that swaps Prop 13 protection for $2.85 million credit
Summary
The Budget & Finance Committee voted to forward a resolution amending the city’s lease at 350 Rhode Island Street, removing a pass‑through tax protection in exchange for a $2,850,000 rent credit, and recommended the item to the full Board with a positive recommendation.
The San Francisco Budget & Finance Committee on Oct. 16 recommended that the Board of Supervisors approve a first amendment to the city’s lease for 350 Rhode Island Street, the site to which the district attorney’s office was relocated under an earlier lease.
Andrico Penick, director of real estate, told the committee the landlord is seeking to “buy out” the city’s Prop 13 pass‑through protection. Under…
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