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Committee advances $157,500 loan and appropriation for LGBT Community Center with interest-rate amendment
Summary
The Budget and Finance Committee voted 2–1 to send a $157,500 loan and matching appropriation for the San Francisco LGBT Community Center to the full Board of Supervisors, with an amendment tying the loan's interest to the City Treasurer's current pooled-investment rate. Budget staff warned that federal CDBG Section 108 funds are possible but would take months and require an income certification.
The Budget and Finance Committee voted to forward to the full Board of Supervisors a $157,500 loan and an ordinance appropriating $157,500 from the general fund reserve to the Community Center Project of San Francisco, the nonprofit that runs the city’s LGBT Community Center.
Harvey Rose, the committee’s budget analyst, said the office recommends amending the resolution and the promissory note so the city is reimbursed “at interest rates that equal or exceed the interest rates earned by the treasury tax collector on monies in the city's pooled investments” during the loan period. Rose also told the committee that federal Section 108 (CDBG) loan funds are an option but would take about six months to secure and would…
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