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Supervisors introduce intent to form downtown financing district to convert offices to housing
Summary
A resolution introduced by Supervisor Dorsey would declare the city's intent to create a financing district to incentivize commercial-to-residential conversions downtown by returning property tax increment to projects for up to 30 years under AB 2488.
Supervisor Dorsey on April 22 introduced a resolution of intent to create a Downtown Revitalization and Economic Recovery Financing District that would use tax-increment financing to support commercial-to-residential conversions in the downtown and Market Street corridor.
Dorsey framed the proposal as an implementation tool for AB 2488, a state law authored by former Assemblymember Phil Ting that allows local jurisdictions to return tax increment to incentivize conversions. Under the resolution of intent, property tax increment generated by…
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