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SF Approves Loan for LGBT Center


The San Francisco Board of Supervisors voted 9 to 1 Tuesday to approve a $157,000 loan to help the city's LGBT Community Center meet the terms of a loan modification agreement with a commercial lender.

According to the Bay Area Reporter, "The center is working with First Republic Bank to modify the terms of its loan related to the outstanding costs from the construction of the center's building years ago.

"As part of the loan agreement, the center needs to keep $157,500 in an account with First Republic. That's the money that will come from the city."

The loan approval from the city marks an unusual step in helping a nonprofit agency, and some expressed concerns it could saddle the cash-strapped city with a precedent for interventions.

The center says the loan modification plan will save it $200,000 in interest over the next five years. The center will begin to repay the city directly in 2015 until 2020, with interest set at 1.35% per year.

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