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Report regarding a resolution authorizing the City Manager or designee to execute a loan agreement of up to $7,867,409 with Rotary Plaza, Inc. or Rotary Gardens, L.P. for the development of affordable senior housing at 500 Linden Avenue. (Pierce Abrahamson, Management Analyst)
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RECOMMENDATION
Staff recommends that the City Council authorize the City Manager or designee to execute a loan agreement of up to $7,867,409 with Rotary Plaza, Inc. or Rotary Gardens, L.P. to support the development of affordable senior housing at 500 Linden Avenue, referred to as Phase One of the Rotary Gardens affordable housing project at 500 and 522 Linden Avenue.
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BACKGROUND
In Summer 2023, the South San Francisco Rotary Club informed the City of a potential affordable housing project at the Liberty Bank site located at 500 and 522 Linden. Since then, the Rotary Club and its development partner Beacon Development (together referred to as the “Project Team”) have collaborated closely with the City to advance a two-phase development project, known as Rotary Gardens. The first phase includes an 80-unit, 100% affordable senior housing building located at 500 Linden (“Senior Project”), and the second phase consists of a 64-unit affordable family building located at 522 Linden (“Family Project”). Both buildings were approved ministerially on July 2, 2025 - each standing six stories or approximately 75 feet tall.
On January 14, 2026, City Council adopted Resolution 01-2026 authorizing a loan of up to $7,867,409 and directed staff to draft, negotiate, and return to Council for the approval of a loan agreement. Additionally, the Senior Project received a Low-Income Housing Tax Credit (LIHTC) award and is advancing towards closing for its construction financing. The Project Team is now requesting the City approve the loan agreement.
Please note that the loan agreement leaves the Borrower blank as included in the agenda packet. This is because Rotary Plaza Inc. is seekin...
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