Too Big To Fail - Politically Correct San Francisco Style

[cawacko]

Like most other cities S.F. is facing budget deficits, cutbacks etc. Here's a non-profit that basically has no revenue getting propped up by the tax payers. Yet when any legislation is being discussed to help small business hire for example the politicians get labeled as selling out to downtown interests. Life as usual on the left coast.

LGBT Center looks to San Francsico for bailout

Eight years after opening with great fanfare, San Francisco's city-subsidized, $12.3 million Lesbian, Gay, Bisexual and Transgender Community Center is on the verge of foreclosure - and is asking the cash-strapped city for a $1 million line of credit to help bail it out.

And from the looks of things, the center will probably get it.

The thinking: The city has already spent about $5.7 million on the building at Market and Octavia streets and needs to "make sure it doesn't go under," said Supervisor David Campos, who along with fellow gay Supervisor Bevan Dufty is seeking approval of a $1 million "mortgage relief" fund.

Even that, however, might not be enough to save the center.

According to a new report by the Board of Supervisors budget analyst, the center could need even more public funds to cover the nearly $3 million that it still owes on its mortgage.

"Clearly, it's unprecedented," Campos said of the bailout proposal. "But I do believe there is something unique about the role the LGBT Center plays - not only in the life of the community, but the entire city."

Located at the gateway to the Castro district, the LGBT Center and its staff of 24 offers everything from counseling and job training to HIV prevention and arts programs. Of its $1.8 million budget, $777,000 consists of city contracts.

But the center has never made the money it expected from renting out rooms to community groups, and with the recession there has been a drop-off in contracts and in contributions from foundations and individuals.

One casualty of the pinch was the mortgage, which is two months in arrears.

LGBT Center Executive Director Rebecca Rolfe says the nonprofit has furloughed workers, reduced benefits and cut programs, but it hasn't stopped the bleeding.

Hence, the "mortgage payment reserve fund" - starting with a $157,500 loan from the city's general fund. It would be "replenished" as needed with another $866,250.

[I]If approved by the Board of Supervisors and the mayor, the bailout would be the first time the city has used its general fund to guarantee mortgage payments on behalf of a nonprofit, according to the budget analyst's report.

Dufty says the center's mortgage holder, First Republic Bank, insisted that the city put up some money before it would redo the center's loan.

"Yes, it's a bad time" for the city to have to come up with funding, Dufty said. "But for the dollar amount, I think we're getting a tremendous benefit."

http://www.sfgate.com/cgi-bin/articl...D86C.DTL&tsp=1

[Mott the Hoople]

Originally Posted by cawacko

Like most other cities S.F. is facing budget deficits, cutbacks etc. Here's a non-profit that basically has no revenue getting propped up by the tax payers. Yet when any legislation is being discussed to help small business hire for example the politicians get labeled as selling out to downtown interests. Life as usual on the left coast.

LGBT Center looks to San Francsico for bailout

Eight years after opening with great fanfare, San Francisco's city-subsidized, $12.3 million Lesbian, Gay, Bisexual and Transgender Community Center is on the verge of foreclosure - and is asking the cash-strapped city for a $1 million line of credit to help bail it out.

And from the looks of things, the center will probably get it.

The thinking: The city has already spent about $5.7 million on the building at Market and Octavia streets and needs to "make sure it doesn't go under," said Supervisor David Campos, who along with fellow gay Supervisor Bevan Dufty is seeking approval of a $1 million "mortgage relief" fund.

Even that, however, might not be enough to save the center.

According to a new report by the Board of Supervisors budget analyst, the center could need even more public funds to cover the nearly $3 million that it still owes on its mortgage.

"Clearly, it's unprecedented," Campos said of the bailout proposal. "But I do believe there is something unique about the role the LGBT Center plays - not only in the life of the community, but the entire city."

Located at the gateway to the Castro district, the LGBT Center and its staff of 24 offers everything from counseling and job training to HIV prevention and arts programs. Of its $1.8 million budget, $777,000 consists of city contracts.

But the center has never made the money it expected from renting out rooms to community groups, and with the recession there has been a drop-off in contracts and in contributions from foundations and individuals.

One casualty of the pinch was the mortgage, which is two months in arrears.

LGBT Center Executive Director Rebecca Rolfe says the nonprofit has furloughed workers, reduced benefits and cut programs, but it hasn't stopped the bleeding.

Hence, the "mortgage payment reserve fund" - starting with a $157,500 loan from the city's general fund. It would be "replenished" as needed with another $866,250.

[I]If approved by the Board of Supervisors and the mayor, the bailout would be the first time the city has used its general fund to guarantee mortgage payments on behalf of a nonprofit, according to the budget analyst's report.

Dufty says the center's mortgage holder, First Republic Bank, insisted that the city put up some money before it would redo the center's loan.

"Yes, it's a bad time" for the city to have to come up with funding, Dufty said. "But for the dollar amount, I think we're getting a tremendous benefit."

http://www.sfgate.com/cgi-bin/articl...D86C.DTL&tsp=1

What the hell....if city's can bail out pro ball clubs who suck and are losing money why not a GLBT center in San Francisco?

[cawacko]

Originally Posted by Mott the Hoople

What the hell....if city's can bail out pro ball clubs who suck and are losing money why not a GLBT center in San Francisco?

The thing is we haven't bailed out pro ball clubs. AT&T Park where the Giants play was built with private money. You've seen how bad of shape Candlestick Park is in. It's one of the worse stadiums in the NFL. The City isn't spending money on it's athletic teams. At least those teams bring revenue and national recognition to the City.

The LGBT doesn't bring in revenue and the City has never bailed out a non-profit before. A classic case of throwing good money after bad in a horrible economic environment.

[MakeMeASandwichBitch]

Originally Posted by cawacko

Like most other cities S.F. is facing budget deficits, cutbacks etc. Here's a non-profit that basically has no revenue getting propped up by the tax payers. Yet when any legislation is being discussed to help small business hire for example the politicians get labeled as selling out to downtown interests. Life as usual on the left coast.

LGBT Center looks to San Francsico for bailout

Eight years after opening with great fanfare, San Francisco's city-subsidized, $12.3 million Lesbian, Gay, Bisexual and Transgender Community Center is on the verge of foreclosure - and is asking the cash-strapped city for a $1 million line of credit to help bail it out.

And from the looks of things, the center will probably get it.

The thinking: The city has already spent about $5.7 million on the building at Market and Octavia streets and needs to "make sure it doesn't go under," said Supervisor David Campos, who along with fellow gay Supervisor Bevan Dufty is seeking approval of a $1 million "mortgage relief" fund.

Even that, however, might not be enough to save the center.

According to a new report by the Board of Supervisors budget analyst, the center could need even more public funds to cover the nearly $3 million that it still owes on its mortgage.

"Clearly, it's unprecedented," Campos said of the bailout proposal. "But I do believe there is something unique about the role the LGBT Center plays - not only in the life of the community, but the entire city."

Located at the gateway to the Castro district, the LGBT Center and its staff of 24 offers everything from counseling and job training to HIV prevention and arts programs. Of its $1.8 million budget, $777,000 consists of city contracts.

But the center has never made the money it expected from renting out rooms to community groups, and with the recession there has been a drop-off in contracts and in contributions from foundations and individuals.

One casualty of the pinch was the mortgage, which is two months in arrears.

LGBT Center Executive Director Rebecca Rolfe says the nonprofit has furloughed workers, reduced benefits and cut programs, but it hasn't stopped the bleeding.

Hence, the "mortgage payment reserve fund" - starting with a $157,500 loan from the city's general fund. It would be "replenished" as needed with another $866,250.

[I]If approved by the Board of Supervisors and the mayor, the bailout would be the first time the city has used its general fund to guarantee mortgage payments on behalf of a nonprofit, according to the budget analyst's report.

Dufty says the center's mortgage holder, First Republic Bank, insisted that the city put up some money before it would redo the center's loan.

"Yes, it's a bad time" for the city to have to come up with funding, Dufty said. "But for the dollar amount, I think we're getting a tremendous benefit."

http://www.sfgate.com/cgi-bin/articl...D86C.DTL&tsp=1

The program is experiencing cost overruns. This was expected. I don't see what the big deal is. If you didn't want it you shouldn't have built it in the first place.

[cawacko]

Originally Posted by Bittermark

The program is experiencing cost overruns. This was expected. I don't see what the big deal is. If you didn't want it you shouldn't have built it in the first place.

I'm sure were not different than other cities but living here it feels like we have more political divisions/interest groups than most. And my post isn't about the gay stuff per se because if that bothered me I wouldn't live here. It's more about how things that can be viewed as promoting job growth is shouted down but a group like this which just drains city coffers can get promoted.

[MakeMeASandwichBitch]

Originally Posted by cawacko

I'm sure were not different than other cities but living here it feels like we have more political divisions/interest groups than most. And my post isn't about the gay stuff per se because if that bothered me I wouldn't live here. It's more about how things that can be viewed as promoting job growth is shouted down but a group like this which just drains city coffers can get promoted.

Yeah, I'd agree. There are plenty of gay and lesbian meeting groups. There's no reason to have a state supported one (which, apparently, not many people actually like). And I'd definitely support anything that lead to job growth.

[Mott the Hoople]

Originally Posted by cawacko

The thing is we haven't bailed out pro ball clubs. AT&T Park where the Giants play was built with private money. You've seen how bad of shape Candlestick Park is in. It's one of the worse stadiums in the NFL. The City isn't spending money on it's athletic teams. At least those teams bring revenue and national recognition to the City.

The LGBT doesn't bring in revenue and the City has never bailed out a non-profit before. A classic case of throwing good money after bad in a horrible economic environment.

Oh sure. Blame it on the GLBT's. Do I sense a certain level of resentment due to feelings of latent homosexuality?

[cawacko]

Originally Posted by Mott the Hoople

Oh sure. Blame it on the GLBT's. Do I sense a certain level of resentment due to feelings of latent homosexuality?

Like I told Watermark if homosexuality bothered me I wouldn't live in San Francisco. But even though they may be a 'protected minority group' that doesn't mean they are above reproach or can not be criticized. And my criticism isn't even directed at them per se it's how this City operates where anything the resembles 'pro business' even incentives for small businesses to hire gets ripped apart but a non-profit group like this which just drains city coffers gets extra support. But just because I choose to live here doesn't mean I can't say things I would like to see changed.

[Mott the Hoople]

Originally Posted by cawacko

Like I told Watermark if homosexuality bothered me I wouldn't live in San Francisco. But even though they may be a 'protected minority group' that doesn't mean they are above reproach or can not be criticized. And my criticism isn't even directed at them per se it's how this City operates where anything the resembles 'pro business' even incentives for small businesses to hire gets ripped apart but a non-profit group like this which just drains city coffers gets extra support. But just because I choose to live here doesn't mean I can't say things I would like to see changed.

If you're not latently gay how comes you didn't try to do that corn fed gal after the OSU/USC Game? You know? The one that tossed your hat?

[cawacko]

Originally Posted by Mott the Hoople

If you're not latently gay how comes you didn't try to do that corn fed gal after the OSU/USC Game? You know? The one that tossed your hat?

Touche! It's one thing to bag a fat girl when you're alone but when you are sharing a room with someone and you bring a fat girl back you will be exposed to a lifetime of ridicule.

[Damocles]

The Air America of San Francisco, eh?

[Ice Dancer]

This is an absolute abuse of tax payers money. I hope the locals rebel!

[MakeMeASandwichBitch]

Rebel?

You'd think they could do something similar by, you know, voting in other people. But conservatives demand blood, because they're degenerate subhumans who all deserve to be gassed.

[Mott the Hoople]

Originally Posted by cawacko

Touche! It's one thing to bag a fat girl when you're alone but when you are sharing a room with someone and you bring a fat girl back you will be exposed to a lifetime of ridicule.

Dude....you're from Ohio.....you all ready have to deal with a life time of ridicule!

[Mott the Hoople]

Originally Posted by Ice Dancer

This is an absolute abuse of tax payers money. I hope the locals rebel!

or have a great big oil wrestling contest!!