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.

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