171197
Resolution approving and authorizing the execution and performance of an Agreement of Purchase and Sale of Real Estate in connection with the acquisition of the parcel located at 1491 Sunnydale Avenue Street (Assessor’s Parcel Block No. 6356, Lot No. 61-68) (“the Property”), for $3,000,000 and a long term, 75 years with a 24 year extension option, Ground Lease of the Property for $15,000 annual base rent, with Sunnydale Parcel Q Housing Partners, L.P., to construct a 100% affordable, 55-unit multifamily rental housing development for low-income households; adopting findings that the conveyance is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein.
What this record is
- Amount
- $3.00M
- Runs until
- November 14, 2041 15 years away calculated from the contract term stated in the record
- Type
- amendment
- Field
- Real estate
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Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Clerk of the Board
- Requested by
- Mayor’s Office of Housing and Community Development
- Introduced
- November 14, 2017
- Passed
- December 15, 2017
- Enacted
- December 15, 2017
- Enactment no.
- 439-17