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Committee advances below-market sale of Parcel F to Boys & Girls Club with expanded use restrictions and revenue-sharing
Summary
The committee advanced a $2.5 million below-market sale of Parcel F to the Boys & Girls Club of San Francisco after five amendments: extend the clubhouse use restriction to 40 years, add a 10-year buyback right, require 30 entitled residential units and revenue-sharing (40% after 40 years, 50% commercial participation). Committee sent the amended item to the Board without recommendation.
The Office of Economic and Workforce Development presented an amended purchase and sale agreement to sell Parcel F at the northeast corner of Fulton and Gulf streets to the Boys & Girls Club of San Francisco for $2.5 million, subject to a project-use restriction and CEQA findings.
Kelly Pretzer described five amendments negotiated since the committee last considered the sale: lengthening the use restriction from 30 to 40 years for a clubhouse with pool, gym and recreation facilities for low-income youth; adding a right of reverter (city buyback after 10 years for acquisition costs if the club defaults); ensuring the city receives 40 percent of proceeds after the 40-year restriction expires; requiring 50 percent participation in any commercial component and guaranteeing entitlement of 30 residential units so the city receives 50 percent participation in residential proceeds. Pretzer said the amendments were intended to strengthen the city's long-term return and ensure the facility is built.
Pretzer and BAO staff explained that the sale price is below revised estimated market value ($2.5M vs. BAO's $8.4M estimate), that the city did not competitively solicit other buyers for parcel F under the usual procedure, and that the city would not receive sale proceeds until 30 days after the conditional use permit is approved or within 24 months after resolution approval. Public speakers, including a longtime San Francisco resident and Boys & Girls Club leadership, spoke in favor. Supervisor Kim made a motion to send the item to the full Board without recommendation and the committee agreed.
