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TIDA reviews preliminary official statement for IRFD bonds; $31M authorization proposed with $19M for developer reimbursement
Summary
TIDA staff reviewed a preliminary official statement and related disclosures for a proposed IRFD bond sale the city expects to bring to the Board of Supervisors; estimated bond proceeds include roughly $19 million for developer reimbursement and about $4 million for affordable housing.
TIDA staff presented on Sept. 10 a packet of disclosure documents and a draft preliminary official statement for a proposed Infrastructure and Revitalization Financing District (IRFD) bond issuance tied to Treasure Island and Yerba Buena Island. Staff said the city intends to introduce legislation to authorize IRFD bonds in an amount not to exceed $31,000,000 and to appropriate bond proceeds to housing and infrastructure projects.
Jamie Corbin, TIDA finance manager, said the financing team expects the issuance to generate roughly $19 million in proceeds to reimburse the developer for qualified infrastructure costs and approximately $4 million to fund affordable housing — including a proposed senior housing project on Parcel E‑1.2 — with the remainder available for debt service coverage and issuance expenses. Corbin said IRFD bonds will be secured by tax increment from the district and will be sold as limited obligations of the city; the general fund is not liable for repayment.
Corbin also described the financing assumptions used in the preliminary official statement: the bond size uses current net available increment without assumed future assessed value growth, and the city’s fiscal consultant has adjusted assessed valuation estimates downward based on recent market data. TIDA staff said the underwriting bank has provided a good‑faith interest estimate around 5.84% and that the sale is planned as a negotiated offering.
Staff emphasized board members’ oversight responsibilities under securities law and requested any comments on the preliminary official statement by Friday, Oct. 10 to allow edits before public posting. “The most important date for you all as board members is the deadline to submit any final questions or comments on the preliminary official statement… by Friday, October 10,” Corbin said.
The presentation was informational; staff said they will return with final documents and the legislative package for the Board of Supervisors. No bond sale or authorization vote was taken by the TIDA board at this meeting.
