i would like to add my comment to the 17 51 carroll avenue senior housing project. the main thing i want to talk about is, thank you, security issues. especially along carroll street, it is a street that is not inhabited. there are businesses in that area. it's a business commercial zone, i believe. and, so, there are security issues concerning that. there is significant issues concerning recycling and other programs the city would run, and also street lighting. i live very close to there. i spend many nights very close to there at mother brown's which is on van dyke street and it would be helpful to know what -- the successor agency to the redevelopment agency, the san francisco redevelopment agency which i know from our dealings with the city, including the bar association of san francisco. i just wanted to know what this successor agency is to be called and exactly how it would seek to find financing toward this project. thank you. >> are there any other members of the public that wish to speak on this item? if not, public comment on this item is closed -- [gavel]

, with carroll avenue senior home, lp, a california limited partnership, for a term of 55 years for the purpose of developing housing for very low-income senior households; adopting findings under the california environmental quality act; and adopting findings that the conveyance is consistent with the general plan, and the eight priority policies of the planning code, section 101.1. ~ and adopting the requisite findings. >> i'd like to first ask if reextremity -- okay. i'd like to call up the redevelopment agency for a few brief words to describe ~ the purpose of today's hearing and we'll open up the hearing. >> good afternoon, board of supervisors. i'm tracy [speaker not understood]. i'm actually the director of housing development at the mayor's office of housing. we're working with the [speaker not understood] and office of community investment and infrastructure for their housing obligations or retain housing obligations because of their dissolution. so, what is before you today is a hearing to authorize the ground lease with the office of community investment and infrastru

development of 120 very low-income senior rental housing units plus one manager's unit at 1751 carroll avenue (formerly known as 5800 third street, lot 3) (assessor's block 5431a, lot 042). discussion and action, resolution number 15-2014. madam director. >> commissioners, as you recall, 1500 third street or now owe officially known as dr. davis senior center, and a number of you, commissioner ellington, attended the groundbreaking. the commission in this particular action last fall approved an approximate $19 million loan to provide gap financing for this development. it really was a culmination of a series of actions of the former redevelopment agency acquiring land in order to aggregate it. then this commission stepping in, redevelopment dissolution, saving $20 million, $19 million from governor brown in the word of senator mark leno, saving that from the governor balancing his budget. the item before you is really quite narrow. as you'll hear from staff, these are technical clarifications that happen as we approach project closing that tax credit investors and others have brought forth. s

revisions or technical clarifications to the loan agreement for the project located at 17 51 carroll avenue. ~ as you remember or might remember, the project consists of 121 affordable senior units and a 13,000 square foot senior center. as you may remember, you last considered this development in september where the commission authorized executive director to enter into an amended and restated loan agreement in an amount not to exceed $16 million in oti funding for an aggregate loan amount of 19.1 million. at that time you also approved a term of 55 years at an interest rate of 3% for the loan. since the project was approved by the commission in september, the developer has been working with city staff to satisfy various issues raised by the investor and the tax attorney. an issue raised by the tax attorney is a true debt tax which is analysis of the cash flow from the project that shows an ability for the project to repay the loan by year '35 5. the annual rent combined with the 3% interest rate will prohibit the project's ability to [speaker not understood] debt tax. therefore, i'm here