SF Eater reports that Yoshi’s, 1300, Rasselas, and Sheba Lounge, all congregated on the lower portion of Fillmore St., are all asking the San Francisco Redevelopment Association for what amounts to Citibank status. To quote:
…..the foursome—which originally received public financing during the district’s redevelopment—is asking the city for a combined $2.4 million in new loans: $1.5 million of that figure is requested by Yoshi’s alone; 1300 is asking $624,000 “for immediately working capital” and the others are seeking a combined $280,000.
The city has actually already loaned 1300 funds additional to those originally allocated. “Earlier this month, the city authorized an emergency $100,000 loan to 1300 that allowed the restaurant to meet payroll and pay off vendors.”
This is a curious situation. Why loan money again and again to an already failing restaurant in a failing economy? And if money’s loaned to this set of eateries, why not a set in SOMA or the Tenderloin if the goal is to “redevelop” a district in need of make-over? And again, if the goal really is to redevelop, are overpriced restaurants/clubs the best route to achieve said goal? Particularly in the historic jazz section of Fillmore, there might be myriad more inventive (and perhaps resident economy friendly) ways to bring new energy to the neighborhood.
So let’s help the Redevelopment Association, which like our federal governing bodies, seems a bit confused on how to stimulate an economy. What better use for 2.4 million dollars can we find the Fillmore (or at that price, in more than one struggling district)?