November 13, 2023
Ms. Danielle Thoe
Housing Manager
City of South San Francisco
PO Box 711
South San Francisco, CA 94083
RE: Rotary Gardens – Preliminary Funding Request
Dear Ms. Thoe:
On behalf of Rotary Plaza Inc, we are requesting initial funding from the City of South Francisco in the amount of $7,500,000 to support our proposed Rotary Gardens affordable housing project for both Phase I and II.
Rotary Gardens is a proposed new construction two-phase affordable housing development located at 500 Linden Ave, in South San Francisco. The project is located within a 2023 Federally Qualified Census Tract and within the Downtown Transit Core and the Linden Neighborhood Center zoning district. The housing community is a partnership between the Rotarians of South San Francisco, dba as Rotary Plaza, Inc., and HumanGood Affordable Housing and Beacon Development Group, a HumanGood Company. The project is currently planned as a two-phase project, with one building as a senior community (Phase I) and the building adjacent to the north as a family/work-force community (Phase II). The senior community is planned as an eight-three (83) unit affordable senior apartment complex. Eightytwo (82) units will be restricted at 30%, 50% and 60% AMI. Additionally, we plan to have a set aside for special needs units. The workforce community is planned to be approximately 65 one, two and three bedroom units, also with units at 30%, 50% and 60% AMI. Residents of both communities will benefit from proximity to transit, a senior center, park, clinic and other nearby amenities. Resident services will be coordinated via an onsite Resident Services Coordinator.
As the project progresses, we plan to submit a request for additional funding to meet the total project’s need.
We look forward to working with the City of South San Francisco on this much needed housing development. Please let us know if you have any questions or if we can provide any additional information.
Best regards,
Peggy Lichthart
Development Director
Beacon Development Group a HumanGood Company on
Behalf of Rotary Plaza, Inc.
ROTARY GARDENS
500 LINDEN, SOUTH SAN FRANCISCO
PHASE I Building (Senior Project) 83 Units
Sources Amount Uses Amount
Tax Credit Equity 25,558,537 Acquisition 5,250,000 Potential City, State, County Funds 19,651,224 Construction 41,712,884 Capital Magnet Fund 1,000,000 Soft Costs 4,274,845 Sponsor Land Contribution 5,250,000 Financing Costs 4,433,740 GP Equity 1,000 Developer Fee 3,000,000 Deferred Developer Fee 712,703 Reserves 701,995 Permanent Loan 7,200,000
TOTAL 59,373,464 TOTAL 59,373,464
PHASE II Building (Family Project) 65 Units
Sources Amount Uses Amount
Tax Credit Equity 31,221,059 Acquisition 5,250,000 Potential City, State County Funds 21,811,250 Construction 48,006,873 Capital Magnet Fund 1,000,000 Soft Costs 4,973,997 Sponsor Land Contribution 5,250,000 Financing Costs 4,808,065 GP Equity 1,000 Developer Fee 2,200,000 Deferred Developer Fee 750,000 Reserves 594,374 Permanent Loan 5,800,000
TOTAL 65,833,309 TOTAL 65,833,309