gay_money.jpgSan Francisco’s LGBT Center in the Castro faces increasing financial troubles and looks to host internal vendors as a bailout. The Planning Commission agreed on a proposal last Thursday to lease out space to restaurants and other commercial venues inside the LGBT Center.

Official announced that the center ran at a loss of over $200,000 a year and is still in heavy debt after its $12.3 million construction in 2002. Even the with the $157,000 loan from the Board of Supervisors in March, the Center still seems to struggle to find new revenue.

The LGBT Center will try to pry itself out of financial foreclosure with these upcoming plans to allocate space for commercial activity. In 2008, the Center housed a short-lived cafe business on the first floor, but the new plan is to open up a full-service restaurant and bar on its top floor.

Rebecca Rolfe, the Center’s executive director, said that bringing in a tenant to operate a restaurant and bar could bring the center as much as $100,000 in revenue the first year. She said income from that “would move toward the building becoming more self-sufficient.”

Supervisor Bevan Dufty is the one spearheading the legislation to officially rezone the Center for new tenants. For this restaurant rental plan to take effect, it would need to be approved by the full Board of Supervisors during their next Land Use & Economic Development Committee hearing.

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  • bloomsm

    I think if you review the earlier post (several months ago) on this topic, the question was whether the City should commit public funds to bail out a private enterprise that had shown no ability to manage its finances. Here’s the answer, embedded in the updated post: “Even the with the $157,000 loan from the Board of Supervisors in March, the Center still seems to struggle to find new revenue”

    Shocking.

  • bloomsm

    I think if you review the earlier post (several months ago) on this topic, the question was whether the City should commit public funds to bail out a private enterprise that had shown no ability to manage its finances. Here’s the answer, embedded in the updated post: “Even the with the $157,000 loan from the Board of Supervisors in March, the Center still seems to struggle to find new revenue”

    Shocking.

  • bloomsm

    Plus, this: “”This is a modest proposal to help the center have financial flexibility,” said Boe Hayward, an aide to Supervisor Bevan Dufty, who proposed the zoning change. The change will be “exciting not only for the center, but also for the neighborhood.”

    Private small businesses trying to compete in the neighborhood also might appreciate a little Supervisorial “flexibility” so they can skirt the planning process that other business owners have to navigate on their own. I guess we’re just protecting an investment; but maybe we should require a more realistic plan.

  • bloomsm

    Plus, this: “”This is a modest proposal to help the center have financial flexibility,” said Boe Hayward, an aide to Supervisor Bevan Dufty, who proposed the zoning change. The change will be “exciting not only for the center, but also for the neighborhood.”

    Private small businesses trying to compete in the neighborhood also might appreciate a little Supervisorial “flexibility” so they can skirt the planning process that other business owners have to navigate on their own. I guess we’re just protecting an investment; but maybe we should require a more realistic plan.