Three acres of the last commercially zoned waterfront property in San Francisco for less than 200,00?. Was worth 20 million 3 years ago
900 Innes near the former Hunters Point Shipyard was donated to Randy Shaw and Tenderloin Housing Clinic in 2008 from developer Joe Cassidy. Shortly after, it was granted landmark status but has since fallen into disrepair, held up because of zoning issues
This is pretty normal for San Francisco and is pretty much why Joe Cassidy donated the property. What isn’t normal is fishy accounting about the property
via email from Rita O’Flynn and sent to the controllers office, assessor and the board of supes, etc
Times are pretty tough for San Francisco Real Estate Market. But I doubt anyone in San Francisco has experienced a loss as great as that suffered by the Tenderloin Housing Clinic though. According to the audited financial statements for the Tenderloin Housing Clinic, in 2007 land within the City and County of San Francisco (900 Innes) with an “assessed value” of $20million was donated to the Tenderloin Housing Clinic. According to the SF Tax Assessor’s office however, almost immediately upon the donation, the land lost significant value and was somehow assessed at …$200K. That’s right folks…a 100-fold loss in property value!!!
Its unfortunate that the tax records for the donor are not available to the public; it may never be known how much of a tax deduction the donor enjoyed with his bait and switch gift to the Tenderloin Housing Clinic. We do know, however, that for some reason the Tenderloin Housing Clinic has yet to document the receipt of this land, at any value, on their IRS Form 990’s even though their independent auditors feel it should be in order for the Tenderloin Housing Clinic to be in compliance with GAAP. One wonders what the reluctance is? One also wonders why this shortchanging of the Tenderloin Housing Clinic of valuable real estate assets is not front page news in BeyondChron?
Ball is in your court in case you think something is fishy with this situation. Please fee free to contact me if you have any questions.
this is the line item for 900 Innes from the most recent outside audit of Tenderloin Housing Clinic, from June 2010, the latest available
the assessors office has this
The Department of Building Inspection has no permits on file for 900 Innes, no construction, no plumbing, nothing. There was a complaint about the little historical shack last year
DATE TYPE DIV INSPECTOR STATUS COMMENT
09/20/10 ABANDONED BUILDING BID Clancy INSPECTION OF PREMISES MADE site visit by Clancy, Building boarded up and appears vacant, inquires made to find property owner.
09/22/10 ABANDONED BUILDING BID Clancy TELEPHONE CALLS spoke with Matt McFarlen from Tenderloin Housing clinic, the property owners.
09/22/10 CASE OPENED BID Clancy CASE RECEIVED
09/27/10 ABANDONED BUILDING BID Clancy TELEPHONE CALLS spoke with Randy Shaw from the Tenderlion Housing Clinic and would like a site verification from a building inspector to verify that the property is being used for storage.
10/05/10 ABANDONED BUILDING BID Clancy CASE UPDATE Inspector Clancy e-mailed to Matt Mcfarlen and Randy Shaw as to schedule site insepction to clarify building use.
10/13/10 ABANDONED BUILDING BID Clancy TELEPHONE CALLS Confirmed site vist to meet Matt McFarlen at 900 Innes on Thursday Oct 14 @1pm.
10/14/10 ABANDONED BUILDING BID Clancy FIRST NOV SENT site visit by Clancy. NOV issued for vacant building (194-09)
10/27/10 ABANDONED BUILDING BID Clancy CASE ABATED Building registered as vanct/abandoned. Abated.
and for those interested, here’s the whole audit from last year