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Committee amends and forwards 10-year extension of Camelot Hotel master lease for supportive housing
Summary
The committee approved a retroactive amendment to extend the master lease for the Camelot Hotel (124 Turk Street), a single-room occupancy facility used for permanent supportive housing, setting rent at $34,665/month beginning Aug. 1, 2012 and noting annual CPI adjustments; the budget analyst recommended retroactive approval.
The Budget and Finance Committee on Sept. 1 approved an amendment and forwarded a resolution authorizing a 10-year option to extend the master lease for the Camelot Hotel at 124 Turk Street, which supplies permanent supportive housing for formerly homeless adults.
Marta Bail of the Real Estate Division explained the extension would run from Aug. 1, 2012, and that monthly rent would begin at $34,665 ($2.36 per square foot), a 2.4% increase tied to CPI adjustments within an allowable 1.5%–5% range. Mark Trotz, director of Housing and Urban Health for the Department of Public Health, was present for questions. The Budget Analyst recommended making the lease retroactive to Aug. 1, 2012, and the committee approved that amendment and sent the item forward with recommendation.
There was no public comment. The lease extension was characterized as continuing an existing arrangement that provides supportive housing and aligns rent to CPI adjustments.
