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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 conversions would be dispersed back to participating projects for up to 30 years as a financial incentive; the district would include downtown and the Market Street corridor and could be especially focused on Mid-Market.
Dorsey said the tool could help the city respond to downtown vacancy and to a stated housing production target in the current housing element cycle (he cited a city obligation to facilitate production of 82,000 units by the end of the housing element period). He said the next step would be to form the district board, which would adopt procedures and regulations for an opt-in program.
Supervisor Mahmoud and Supervisor Sauter signaled support during the introduction, and Dorsey thanked Mayor Lurie and staff at the Office of Economic and Workforce Development for their work in the area.
Why it matters: The financing mechanism would repurpose incremental property tax generated by conversion projects to help cover conversion costs, potentially lowering developers' financing gaps and encouraging office-to-housing projects downtown.
Next steps: The resolution of intent triggers the process to form a district board and to draft procedures and regulations; subsequent local hearings and administrative steps would be required.
Provenance: topicintro — Dorsey's introduction (transcript block starting at 1379.26 seconds): "...we are introducing a resolution of intent to create a commercial to residential downtown revitalization financing district..."; topfinish — concluding remarks and submission (transcript block starting at 1506.46 seconds): "I look forward to being a part of these efforts to revitalize our downtown core, and the rest I submit."
