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Committee approves timing change for 950 Market developer payment to 180 Jones affordable housing fund
Summary
The committee recommended an amendment to Ordinance 49‑17 to tie the first $1.5 million payment from the 950 Market project to the first construction document (expected Q1 2018) rather than an earlier date, responding to lender timing and construction-cost issues; the committee sent the amendment to the full Board with a positive recommendation.
A representative from Supervisor Kim’s office described the requested amendment to Ordinance 49‑17 (adopted March 7, 2017) related to the 950 Market Street project. The original ordinance included a schedule of payments to the 180 Jones affordable housing fund, including a first payment of $1,500,000 due by either the first construction document or July 1. Project sponsors told the supervisor's office the July 1 timing was ambitious given rising construction costs and stricter lender requirements.
The requested amendment ties the $1.5 million first payment to the project's first construction document, expected in the first quarter of 2018. The office said the project sponsors have communicated the need, engaged in value engineering, and that other pledged contributions remain (including an additional payment to the fund and a cultural-district contribution).
There was no public comment on the item. Supervisor Tang moved to send the amendment to the full Board with a positive recommendation; Chair Farrell took the motion without objection.
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