Treasure Island Development Program Item 8: Option to Lease Between TIDA and Swords to Plowshares - Parcel C3.2 March 14, 2018 Treasure Island Development Authority
Background • Naval Station Treasure Island selected for closure and disposition in 1993 • San Francisco negotiated Base Closure Homeless Assistance Agreement and Option to Lease Real Property with Treasure Island Homeless Development Initiative – now One Treasure Island – a consortium of nonprofits whose members include: Community Housing Partnership Catholic Charities HealthRight360 Swords to Plowshares Treasure Island Development Authority
2011 Program Entitlement and Transaction Documents Other Project Documents Land Use • Development Agreement Plan • Open Space Infrastructure Interagency Cooperation Plan Plan Agreement • Area Plan & Special Use District • TIHDI Agreement Jobs & Equal Sustainability • Design for Development Opportunity Plan Disposition & Plan • Design Review and Document Development Agreement Approval Procedure • Navy Conveyance Agreement Community Transportation • Trust Exchange Agreement Facilities Implementation • Plan Plan CEQA Findings Housing & Financing Transition Plan Plan Treasure Island Development Authority
Housing Plan Requirements • Housing Plan provides framework for the delivery of Affordable Housing, including: 5% of units constructed by Treasure Island Community Development to Inclusionary Affordable Units ( ~ 307 units) Identifies 20 parcels on which TIDA is to deliver the balance of the affordable units ( ~ 1,866) including transition units for qualifying residents A minimum of 435 Affordable Units to be constructed by One Treasure Island including transition units for existing residents of member agencies Treasure Island Development Authority
First Development Opportunity • First Parcel – C3.2 – proposed to be developed by Swords to Plowshares • Availability of Veterans Housing and Homelessness Prevention (“VHHP”) Program funding to support the construction of affordable housing for veterans • Recognizes Island’s history as military base • Swords to Plowshares partnering on development with Chinatown Community Development Center (CCDC) • Secured a pre-development loan from the Mayor’s Office of Housing and Community Development (“MOHCD”) Treasure Island Development Authority
Veterans Housing and Homeless Prevention Program • Notice of Funding Availability anticipated this spring • Applicants must demonstrate site control through a ground lease or option to lease Treasure Island Development Authority
Key Terms • Option Term: Through June 30, 2021 with 6 month extension option • Ground Lease: Substantially in the form used by the MOHCD for affordable housing projects • Ground Lease Term: 99 years from construction completion • Taxes/Assessments: All property taxes and assessments shall be the responsibility of the tenant • Property Use: Only for affordable housing. Notwithstanding any units provided for Pre-DDA market rate households • Rent: Annual Base Rent Fifteen thousand Dollars ($15,000.00), subject to residual value analysis test Treasure Island Development Authority
Key Terms • Construction and Operation: Tenant to be responsible for all costs of construction, maintenance and operation • Fee Title: The Authority will retain fee title to the land and the Optionee will hold fee title to all improvements – during the term of the lease • End of Lease: Fee title to all the improvements shall vest with the Authority, without any obligation by to compensate the tenant and without the necessity of a deed from the tenant to the Authority Treasure Island Development Authority
Discussion Treasure Island Development Authority
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