Updated Thursday:

The SF LGBT Center has issued a press release rebuking yesterday's piece in the SF Chronicle that claimed it had asked the city for a $1M bailout.

From the release:

We do have $3.2 million in outstanding debt related to the construction of the building, which has been carried in a loan with First Republic Bank. After almost a year of very difficult bargaining, we have achieved a loan modification that financially benefits the Center. This includes a reduction our interest rate, which will save $200,000 over the next five years, and a modification of principle payments to help cash flow. The bank is requiring that we create a reserve account, with a balance of $157,500 – reserves which we do not have. The City have been involved in the discussions from the beginning and Supervisors Bevan Dufty and David Campos are sponsoring legislation to provide a loan from the City to the Center. This is a loan and not a grant. It is also $157,500 – not over $1 million as is reported in some sources.

Not many are immune to the rough economic waters, including the San Francisco Lesbian, Gay, Bisexual and Transgender Community Center, which has just asked the city for a lofty $1M rescue.

Less than a decade old, the SF Center has relied largely on charitable contributions from the community and room rentals -- both of which have dropped off in the recession. If the request for financial assistance is denied by the city, there is little chance the Center will avoid foreclosure, and a valuable asset to the SF GLBT community will be lost.

To pitch in a pink dollar or two, donate to the SF Center here.

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