COMMUNITY CHEST:
Thank god Amanda Woodward is not the landlord at the San Francisco LGBT Community Center or those folks would be out on their ass.
The City of San Francisco loaned $157,500 to the nonprofit to help with its mortgage.
The San Francisco Chronicle reports:
The San Francisco Lesbian, Gay, Bisexual and Transgender Community Center got some help from taxpayers Tuesday when the Board of Supervisors voted to approve a $157,500 loan to help the nonprofit with its mortgage.
Under the arrangement, the money will be used as a "mortgage payment reserve fund" that could be tapped if the community center, at Market and Octavia streets, can't pay its mortgage. The center has promised to repay the city, with 1 percent interest.
With city backing for the community center, First Republic Bank, which holds the mortgage, has agreed to restructure the loan to reduce the monthly payments.
"This is not a bailout," said Supervisor Bevan Dufty, who co-sponsored the measure with Supervisor David Campos. "We will not draw down these funds. These funds will be preserved in reserve."
Center officials said they are seeking permits to allow commercial operations on the fourth floor of the building and then hope to lease the space out, possibly for a restaurant. That would generate revenue and provide a possible work-training program.
The board voted nine to one to approve the loan, with Supervisor Sean Elsbernd the lone dissenting vote.
Read more: http://www.sfgate.com/cgi-bin/blogs/cityinsider/detail?entry_id=60254&utm_source=twitterfeed&utm_medium=twitter#ixzz0jiJf8UJL
Under the arrangement, the money will be used as a "mortgage payment reserve fund" that could be tapped if the community center, at Market and Octavia streets, can't pay its mortgage. The center has promised to repay the city, with 1 percent interest.
With city backing for the community center, First Republic Bank, which holds the mortgage, has agreed to restructure the loan to reduce the monthly payments.
"This is not a bailout," said Supervisor Bevan Dufty, who co-sponsored the measure with Supervisor David Campos. "We will not draw down these funds. These funds will be preserved in reserve."
Center officials said they are seeking permits to allow commercial operations on the fourth floor of the building and then hope to lease the space out, possibly for a restaurant. That would generate revenue and provide a possible work-training program.
The board voted nine to one to approve the loan, with Supervisor Sean Elsbernd the lone dissenting vote.
Read more: http://www.sfgate.com/cgi-bin/blogs/cityinsider/detail?entry_id=60254&utm_source=twitterfeed&utm_medium=twitter#ixzz0jiJf8UJL
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