The Board of Supervisors voted 9 to 1 yesterday to approve the $157,500 loan to the LGBT Center to address their aforementioned mortgage renegotiation issue. Supervisor Sean Elsbernd was the sole dissenting vote, but Carmen Chu also expressed her concerns during the meeting. "I think the message that we need to say today is, we want this organization to succeed, but we also want to make sure that this organization is self-sufficient," Chu said.
Under the arrangement, the City is providing the center with a cash reserve fund required under the conditions of First Republic Bank's new mortgage. The Center does not intend to draw down any of the funds, and believes it can repay the loan in a reasonable timeframe.
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