Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee advances plan to form Downtown Revitalization Financing District to incentivize office‑to‑housing conversions
Summary
The Budget and Finance Committee on May 21 voted 3‑0 to send to the full Board of Supervisors a resolution of intent to form a Downtown Revitalization Financing District under AB 2488, a mechanism to divert a portion of future property‑tax growth to support office‑to‑housing conversions.
The Budget and Finance Committee on May 21 voted 3‑0 to forward to the full Board of Supervisors a resolution stating the city’s intent to form a Downtown Revitalization Financing District under AB 2488.
The district would allow the city to redirect a portion of increased property tax revenue generated when commercial buildings convert to residential use back to those projects for up to 30 years. Jacob Bentliff of the Office of Economic and Workforce Development said preliminary modeling found roughly 1,300 eligible parcels in the proposed boundaries along the Market Street spine and identified about 50 candidate buildings that could yield roughly 4,400 housing units if all opted into the program before the district’s opt‑in deadline in 2032. OEWD estimated roughly…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
