LGBT Center Saved by Cash Injection from Board of Supes

Loan will reduce $3.2 million debt repayment

By Matt Baume
|  Friday, Mar 26, 2010  |  Updated 12:45 PM PDT
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LGBT Center Saved by Cash Injection from Board of Supes

The LGBT Center in San Francisco. The Center

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San Francisco's LGBT Center can breathe a sigh of relief: a likely loan from the Board of Supervisors will save the Center a boatload of cash.

The pricey new building at Market and Octavia still owes about $3.2 million in debt, but a restructuring of their mortgage made possible by the Supes' loan will cut their repayments by about $200,000.

Mayor Gavin Newsom opposed the transfer of funds, saying, "I can't bail everyone out."

The community was up in arms a week ago when misreporting by Matier and Ross at the Chronicle caused a rumor that the Center needed $1 million to stave off closing.

The truth was more nuanced: the money was requested by the center's bank; in a smaller amount than was initially reported; it was to be a loan, not a grant; and in the long run it would wind up saving money.

And with the loan now making its way through the Board of Supes, it's looking likelier that the center will find the tiny bit of debt relief it sought.

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