San Francisco Board approves infrastructure financing for Treasure Island development

The San Francisco Board of Supervisors convened on April 16, 2025, to discuss significant developments regarding the Treasure Island and Yerba Buena Island project. The meeting primarily focused on establishing an Infrastructure and Revitalization Financing District (IRFD) and a Community Facilities District (CFD) to support the construction of new housing and infrastructure on Treasure Island.

Key items discussed included the formation of the IRFD number 1, which aims to finance the construction and acquisition of facilities on Treasure Island. The board also authorized the director of public finance to prepare an infrastructure financing plan and expressed intent to issue bonds for the IRFD. A public hearing was scheduled for January 24, 2017, to further discuss these developments.

Supervisor Kim highlighted the city's commitment to affordable housing, noting that the project will include 8,000 new homes, with 27.2% designated as affordable. However, a funding gap of $382 million was identified, prompting the need for public financing mechanisms. The board discussed amendments to ensure accountability in funding and construction, emphasizing the importance of meeting affordable housing commitments.

The meeting concluded with the unanimous approval of several resolutions related to the IRFD and CFD, reinforcing the city's dedication to addressing housing needs while ensuring oversight and accountability in the development process. The board also passed an ordinance to amend the health code regarding alternative water source systems for development projects, further demonstrating its commitment to sustainable urban planning.

Overall, the discussions underscored the city's ongoing efforts to revitalize Treasure Island while balancing the need for affordable housing and infrastructure development.