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Supervisors debate $157,500 mortgage-reserve loan to LGBT Community Center; committee continues for two weeks
Summary
The committee considered a proposal to create a $157,500 mortgage-payment reserve from general fund reserves to secure better loan terms for the LGBT Community Centera measure supporters say saves interest and preserves an important community asset while budget staff warn of city risk and precedent; the item was continued for two weeks to review a business plan and alternatives.
Supervisor Bevan Dufty introduced a paired ordinance and resolution seeking a one-year $157,500 loan appropriation from general fund reserves to create a mortgage-payment reserve account at First Republic Bank that would let the LGBT Community Center refinance a $3.2 million construction loan at better terms.
John Updike of the Real Estate Department explained the structure: the city would loan $157,500 (interest only at roughly 5% in the proposed draft) into a jointly controlled account so First Republic would feel comfortable offering the center a reduced…
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