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Committee advances DDA and lease to convert Old Mint to city history museum; amends timeline
Summary
The committee reviewed a disposition and development agreement and long-term lease to convert the Old Mint into a San Francisco history museum, discussed an $83–86 million project budget and funding plan, and approved an amendment extending the DDA timeline from 36 to 42 months.
The Budget & Finance Committee advanced a disposition and development agreement (DDA) and long-term lease that would allow the San Francisco Museum & Historical Society to rehabilitate the Old Mint and operate a city history museum.
City staff and museum representatives presented schematic designs and a financing plan that put the estimated total project cost in the $83 million to $86 million range. Staff said roughly $40 million in funding has been identified or committed and that the museum would need to secure the balance through a capital campaign and other financing sources, including new market tax credits and bank commitments. Museum leadership said they had raised about $2.7 million to date and had commitments totaling roughly $8.3 million, and they named a capital campaign launch date.
The DDA would give the museum an 18-month escrow period to meet closing conditions — raising the necessary funds, obtaining city approval of a final management plan and operating budget, and winning approvals from the State Historic Preservation Officer and the Landmarks Board — after which the museum could win a 66-year lease. The museum has been told it must complete construction within 18 months of closing, but presenters asked for an extension after contractors estimated 24 months; the committee approved an amendment to extend the stated schedule from 36 to 42 months in the resolution language.
Numerous community members, preservation groups and museum leaders testified in support, including Jerome Dodson of the Museum & Historical Society and representatives from San Francisco Architectural Heritage. Committee members expressed support while probing fundraising feasibility and operational oversight; staff emphasized the city would retain annual approval of the museum’s operating budget and the ability to terminate the lease if the museum failed to operate.
The committee agreed to forward the DDA and lease to the full Board with a recommendation as amended.
