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OCII commits to gap funding and approves predevelopment loans for Mission Bay Block 4 East
Summary
The Commission on Community Investment and Infrastructure approved a commitment of approximately $89.6 million in residential gap funding for Mission Bay Block 4 East and authorized two $5 million predevelopment loans for phases 1 and 2 to advance design and financing; votes were 3–0 with two members absent.
The Commission on Community Investment and Infrastructure on Feb. 3 approved a commitment of approximately $89,600,000 in OCII residential gap funding for Mission Bay Block 4 East and authorized two $5,000,000 predevelopment loans to advance Phase 1 and Phase 2.
The actions — recorded separately for each item — passed on unanimous recorded votes by attending members, with Commissioners Hakimi and Shattuck absent. Vice Chair Miller moved the primary motions and Commissioner Lim seconded.
The funding commitment is intended to strengthen developer applications for state financing programs. Philip Wong of OCII’s housing division told commissioners the commitment would be included in developers’ application packages but is not an authorization to disburse funds. "The commitment is not an authorization to enter into a loan agreement for this amount and spend it…
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