Thank you. Madam clerk, will you please call item number 1 . Item number 1 is an ordinance approving exceptions to requirements of the seismic safety loan program under the administrative code and the sslp program regulations, regarding a 2,379,464 loan for an existing Affordable Housing project at the hotel isabel located at 1091 mission street. Thank you. And supervisor kim is the author of this legislation. Thank you, chair wiener. This is basically we are asking for an exception to our seismic safety loan Program Deferred extended loan program. Hotelies isabel is one of our Affordable Housing units here in district 6 on the south of market. Currently has 72 units Affordable Housing and its owned by the hotel [speaker not understood] a limited partnership with who is general partner is todd koh who is here today and were just ready to ask for an exemption from the loan to value ratio requirement and other underwriting criteria set forth in the San Francisco administrative code for a
Good afternoon. Welcome to the San Francisco board of supervisors land use and Economic Development committee. My name is scott wiener. Im the chair of the committee. To my right is supervisor jane kim, the committee vicechair and to my left is supervisor david chiu. Sfgtv staff who are recording todays meeting are Jessie Larson and nona markonian. Thank you to sfgtv. Ms. Miller, are are there any announcements . Please make sure cell phones and Electronic Devices are. Completed cards [speaker not understood]. Items acted upon today will be on the march 19th board of supervisors agenda unless otherwise stated. Thank you. Madam clerk, will you please call item number 1 . Item number 1 is an ordinance approving exceptions to requirements of the seismic safety loan program under the administrative code and the sslp program regulations, regarding a 2,379,464 loan for an existing Affordable Housing project at the hotel isabel located at 1091 mission street. Thank you. And supervisor kim is
Station cheap gary bernsteen says time to nuke the talks with robb you think given all this stuff your point is well taken we would now think again about talking to the folks who are behind all of this stuff. Were still talking. What do you make of that . Clearly actually the number you said, the percentage was not 35 increase. Its an 81 increase. What i had read. Which is startling. Its a failure of leadership on the part of the u. S. And a failure of Coalition Partners in this war on terror to follow through themselves. I think what we were referring to, just to be clear the overall terror attacks on the increase and 35 we attributed to iran. Your opinion is welltaken. They are behind a lot of awful stuff, and yet we are still negotiating with the same country that says, you cant inspect what we got going on. Right . The United States and the president operating on the premise they were going to separate the Nuclear Issue from all other issues and all other misbehavior by iran. A ter
Today to transfer to the project will only cover the construction, the increase in Construction Costs. There will be a need for increases also what we call the soft costs, delivery costs for the additional 25 months. And there are also significant risks remaining on that project. So, we are at the same time negotiating a final change order for the discovery of those features with the contractors. All that to say that we will need to go back to our commission and to this committee in about april or may. We will come back and seek from you an approval for additional revisions to the program costs. Now, any increases in the program on that project in the program, we will want to compensate by with savings. So, at the same time we are undertaking a very comprehensive assessment of all remaining projects with the goal of identifying savings that will be able to compensate for these known increases that are to come. Listed here are the two actions that we are excuse me, ms. La bonte, supervi
And there are also significant risks remaining on that project. So, we are at the same time negotiating a final change order for the discovery of those features with the contractors. All that to say that we will need to go back to our commission and to this committee in about april or may. We will come back and seek from you an approval for additional revisions to the program costs. Now, any increases in the program on that project in the program, we will want to compensate by with savings. So, at the same time we are undertaking a very comprehensive assessment of all remaining projects with the goal of identifying savings that will be able to compensate for these known increases that are to come. Listed here are the two actions that we are excuse me, ms. La bonte, supervisor avalos. With the savings well expect there will be a need to come back or to find additional revenue after that or we can actually accomplish this project with savings from other projects [speaker not understood]