Point Reyes Light - November 2, 2000

Deal near done for Bolinas affordable housing

By Gregory Foley

After two months of fundraising, the Bolinas Community Land Trust is near-ready to complete its purchase of the Gibson House – a downtown landmark that formerly housed the Bolinas Bay Bakery – with the aim of converting it to affordable housing.

The deal’s 65-day escrow was originally set to close last week, although escrow is now scheduled to close on Wednesday, Nov. 22. Bolinas Realtor BG Bates of Frank Howard Allen, who brokered the transaction between the non-profit land trust and the property owners headed by Joanne Sobel of San Rafael, said Tuesday the extended escrow does not reflect any trouble between the parties.

"Nobody sees any reason why it shouldn’t close in a timely fashion," Bates said. "Everyone wants to get going on this project, and closing the day before Thanksgiving will really be appropriate. It’s going to be a wonderful thing for Bolinas, and we hope it can be a model for other communities throughout West Marin to provide affordable housing."

$200,000 in renovations

With financial support coming in from myriad sources ranging from federal grant programs to donations from local residents, the Bolinas trust in the last two months has raised enough money to cover the property’s roughly $675,000 price.

Bruce Bowser, president of the trust, said the total cost of the project including renovation will run to roughly $890,000.

"We want to have two-hundred-thousand-plus over the purchase price to do the rehabilitation," he said. "We have our funds to cover the sale, but we’re still raising money to cover the work we’ll need to do and to pay down the loans."

Bowser explained that he and six members of the land trust board have worked diligently to nail down some money, since the bare-bones organization had little money in its own account. With Realtor Bates, Bowser arranged for a $405,000 prime-rate commercial loan from First Federal Savings and Loan Association of San Rafael, which is a keystone of the deal. Bowser said the land trust will seek grants from the federal Housing and Urban Development agency as well as various foundations, including the Marin Community Foundation, which administers the Buck Trust, to pay off the commercial loan quickly. "That will be the first one to get paid off," he said.

Local donations

A federal Community Development Block Grant provided $60,000. Contributions from Bolinas and Stinson Beach residents and businesses have ranged from $3,000 to $20,000. Smaller donations made at a fundraiser Bowser hosted recently netted an additional $1000.

On Oct. 17, with a push from Supervisor Steve Kinsey, county supervisors sealed the deal by approving a $275,000 interest-free loan to the trust specifically for the affordable-housing project. Kinsey explained that a portion of the county loan may possibly be converted into grants over time.

"The market just cannot deliver affordable housing, so we didn’t want to miss an opportunity here," Kinsey said. "The county wanted to assist in this, and we expect to work closely with the Land Trust to develop a long-term management program. But the people of Bolinas really deserve the credit for pulling together to make this happen."

With almost all the financing in place, plans to convert the 3,000 square-foot Victorian house into at least six to eight units of affordable housing are starting to take shape.

New roof first

Bowser explained that first the roof of the 19th-century structure will be replaced. Then the six upstairs bedrooms and two bathrooms will be remodeled in phases, allowing the permanent tenants to remain in residence. In time, the cottage-unit in the rear of the property might have to be rebuilt. "There are presently four people who have leases with Ms. Sobel. All of those leases will definitely be honored," Bowser said.

As for the ground level, Bowser said his group plans to lease out the existing commercial kitchen for an "organic catering operation," but have not yet determined whether the retail restaurant area will be leased for commercial business or converted into an additional one or two units. Until this summer the space was home to the Bolinas Bay Bakery and Cafe, operated by the late Dave Sobel, son of the primary owner.

"The community really seems interested in seeing some kind of business go in there," he said. "While we probably don’t want a Starbucks, there has been interest in something else the town needs, such as a sit-down deli or coffee shop."

Restaurant downstairs

Bowser added that revenue from leasing the restaurant space could help offset some of the debt incurred in the deal. A former interior designer, he is actively working with local contractors to get estimates on various remodeling options. "We would like to hire local contractors. But as much as possible, the work will be done through the old ‘community barn-raising’ idea," he said.

Rental units in the Gibson House are expected to range from $350 to $375 for a room to more than $400 for a studio and $600 for the free-standing cottage. The trust, at the county’s request, has discussed with directors of Bolinas Public Utility District about having the district handle certain administrative and maintenance tasks.

Like Bates, Kinsey said he hopes that the Gibson House project will encourage other West Marin activists to seek options for providing affordable housing in an area with soaring rents and minuscule growth.

"We have to be fearless and determined if we want to have a significant hope of keeping affordable housing in our county," Kinsey said. "This needs to, and finally is, happening in other communities than Point Reyes Station. Every community needs to look for these options."

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