First Amndmnt to the Ground Lease Disp. Agrmnt between the City of San Diego and 101 Ash Venture LP, a California Limited Partnership re the City owned property

City of San Diego City Council (City Council) approval of the First Amendment to the Ground Lease Disposition Agreement (First Amendment) between the City of San Diego (City) and 101 Ash Venture LP (Developer) for the redevelopment of the City-owned property located at 107 Ash Street, formerly designated as 101 Ash Street (Property), into a mixed-use affordable housing project (Project) and making related findings regarding the fulfillment of economic opportunity objectives consistent with Government Code section 52201. The First Amendment updates the previously approved transaction documents to align with the Project's updated development program and financing structure, specifically HUD financing requirements, and to facilitate all requirements necessary to close escrow and commence redevelopment of the Property. Key modifications include extending the Ground Lease term from 60 to 65 years and corresponding affordability requirements; revisions to the Ground Lease and City Promissory Note necessary to accommodate the Project's financing and closing requirements; and increasing the Project from 250 to 252 residential units consisting of 249 affordable units and three (3) unrestricted manager's units.