City College is contemplating whether to begin foreclosure proceedings on the New Mission Theater property as well as the adjacent building, Giant Value, which were sold to Medjool owner Gus Murad back in 2005. According to the Guardian, Murad is now $2 million behind in payments on the properties, and his plans to build affordable housing and restore the historic theater would therefore seem in limbo.
The CCSF Board of Trustees met in closed session last week to decide whether or not grant Murad a 120-day extension on his payments, or to begin the process of taking back the property. Said one trustee, "I'd rather wait an extra four months to bring affordable housing than just put the screws to the guy. If it was a market-rate project, I'd be like no, give us the money."
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