$157k loan could help LGBT center 

Supervisor Bevan Dufty wants The City to use $157,000 from its general fund reserve to help out the 1800 Market St. LGBT Center.

Dufty said that the center has about $3.2 million in debt with a bank, but needs to refinance it and the bank is looking for some security, which is where the $157,000 would come in.

Dufty justified using city dollars in this case because he said that the city has provided grant funds for the center’s construction. The center is a nonprofit, Dufty said, and The City operates programs there like HIV prevention and economic development programs.

“All remaining loans against the property were consolidated into one loan with First Republic Bank in December 2007 in the amount of $3.2 million,” Dufty said. “The center has negotiated a restructuring of that debt with First Republic Bank but only on the condition that the city provide some limited financial coverage of the amount owed under the restructured loan. Thus a loan agreement between The City and the center has been negotiated.”

The board would have to approve the $157,000 supplemental for the deal to go through.

Pin It
Favorite

Speaking of Under The Dome

More by Joshua Sabatini

Latest in Government & Politics

© 2018 The San Francisco Examiner

Website powered by Foundation