Ownership Status

From BSC Policy
Jump to: navigation, search
House Occupancy Founded Mortgage Over
African American Theme 21 1997 OWNED
Andres Castro Arms 54 1971 2014
“Barrington” Leased to Victoria Associates Lease up in 2025 OWNED
Casa Zimbabwe 127 1966 OWNED
Cloyne Court 151 1946 Leased (exp. 2036)
The Convent 25 1993 Leased (exp. 2012)
Davis House 35 1969 2011
Euclid Hall 24 1968 OWNED
Fenwick Weavers Village 95 1981 Leased (exp. 2019)
Hillegass-Parker House ?? 1977 OWNED
Hoyt Hall 60-Women 1953 2014
Kidd Hall 17 1960 OWNED
Kingman Hall 49 1977 OWNED
Lothlorien 58-Elves 1975 OWNED
Northside Co-op 16-29 1960 OWNED
Ridge House 37 1945 OWNED
Rochdale Village 259 1971 Leased (exp. 2010)
Sherman Hall 40-Women 1942 OWNED
Stebbins Hall 62 1936 OWNED
Wilde House 38 1999 OWNED
Wolf House 28 1974 OWNED


NOTE ON LEASES:

The BSC (formerly U.S.C.A.) has four leases with the University of California. In each of these leases the BSC leases land, or land and buildings, from the University of California.


Cloyne Court The U.S.C.A. originally bought Cloyne Court in 1946. In the late 1960s the University wanted to develop the site which Cloyne occupied and intended to acquire it using “eminent domain.” In the meantime the U.S.C.A. was negotiating with the U.S. Department of Housing and Urban Development (HUD) to finance and construct an apartment complex for University students. The University owned a suitable site for the construction of our proposed apartment complex at 2424 Haste Street. The U.S.C.A. negotiated with the University to sell Cloyne to the University in exchange for a favorable lease on Haste Street. We obtained a 10-year lease for Cloyne Court and land for up to ten years for $1.00 per year and a forty-year lease at Rochdale for $1.00 per year. In 1976, the U.S.C.A. and the University renewed the lease for an additional fifteen years, at $28,800 per year. As a condition, the U.S.C.A. brought Cloyne up to fire code. In 1984, the U.S.C.A. renewed the lease for an additional twenty years, but added an additional annual $20,000 major repair and reserve fund to the $28,800 per year rent.


Rochdale Village In the late sixties HUD offered 3% interest, 40-year loans to student housing programs. After considerable negotiations, the deal described above was brokered and we received the Rochdale site at $1.00 per year for forty years. We lease the land from the University and we own the Rochdale buildings. When the lease expires in 2010, the University has the right to claim both the land and the buildings.


Fenwick In 1980, the University leased us Fenwick and Davis Park (the open space behind the Rochdale buildings) land for $2,667 a year.


Convent In 1992, the University leased us the Convent (it really was a Convent) on the Presentation High site for approximately $3,500 a month starting rent, increasing annually ($5,040 as of 2009).


Ridge, Casa Zimbabwe, Hillegass Parker, Wolf, AATH, Sherman, Wilde, 2526-34 1/2 LeConte, Lothlorien are bond collateral as of June 2009.