|African American Theme||21||1997||OWNED|
|Andres Castro Arms||54||1971||2014|
|“Barrington”||Leased to Victoria Associates||Lease up in 2025||OWNED|
|Cloyne Court||151||1946||Leased (exp. 2036)|
|The Convent||25||1993||Leased (exp. 2012)|
|Fenwick Weavers Village||95||1981||Leased (exp. 2019)|
|Rochdale Village||259||1971||Leased (exp. 2010)|
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.