Unprecedented nonprofit loan deal before supes 

The Lesbian, Gay, Bisexual and Transgender Community Center was built eight years ago and The City helped out with $5.7 million. But now the nonprofit says it needs The City’s help with its mortgage and The City has come up with a deal. The City would set up a mortgage payment reserve fund and sink $157,500 into the fund, which could be “replenished” up to more than $1 million in subsequent years if necessary.

The deal was approved by the Board of Supervisors Budget and Finance Committee Wednesday in a 2-1 vote. It is before the full board for a vote on Tuesday. The deal could be vetoed by Mayor Gavin Newsom. It would take eight votes by the board to make the deal veto proof.

Pin It
Favorite

More by Joshua Sabatini

Latest in Government & Politics

© 2018 The San Francisco Examiner

Website powered by Foundation