Issue:  Vol. 47 / No. 50 / 14 December 2017
 

Proposed loan for SF LGBT Center moves ahead

A proposal to loan San Francisco’s LGBT Community Center $157,500 to help with its mortgage passed the Board of Supervisors budget and finance committee today by a vote of 2-1.

The resolution, sponsored by openly gay supervisors Bevan Dufty (pictured at right) and David Campos, is expected to go before the full board for its first vote Tuesday, March 30. Dufty and Campos aren’t on the committee but were present at today’s meeting.

Supervisor John Avalos, who chairs the committee, and Supervisor Ross Mirkarimi favored the resolution. Supervisor Sean Elsbernd voted against it.

The center is working with First Republic Bank to modify the terms of its loan related to the outstanding costs from the construction of the center’s building years ago.

As part of the loan agreement, the center needs to keep $157,500 in an account with First Republic.

The city-provided money would only be drawn upon if the center were not able to make its loan payment, Dufty said in a March 18 Guest Opinion piece in the Bay Area Reporter. The center had not missed a payment until the agreement to restructure, Dufty noted.

Rebecca Rolfe, the center’s executive director, told the B.A.R. in early February that the original loan amount was $3.2 million. Of that amount, $3,150,000 remained to be paid. The loan, which was put into place in 2009, consolidated all the center’s construction-related debt. The center opened its doors in March 2002.

The loan from the city will be repaid starting in 2015, and that has to be paid back by 2020.

Rolfe has said the restructuring is “not an emergency,” but part of a two-year strategic effort that has also included $300,000 being cut from the center’s budget, through staff reductions and other means. The center’s budget for 2009-10 is $1.85 million.

— Seth Hemmelgarn, March 24, 2010 @ 1:45 pm PST
Filed under: Uncategorized


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