Board approves Pier 70 infrastructure financing district and bond authorization to fund new neighborhood

The Board of Supervisors on Sept. 11 approved legislation to form an Infrastructure Financing District (IFD) and to authorize bond issuance to fund infrastructure and public benefits at Pier 70.

Brad Benson of the Port of San Francisco told the board the Pier 70 project is a 35‑acre special use district with plans for 1,600–3,000 housing units (30 percent affordable), up to 1.75 million square feet of office space, and 500,000 square feet of retail, arts and light industrial space. Public benefits include 470 affordable units, sea‑level rise protection, nine acres of open space and historic rehabilitation.

The board adopted the financing plan and a resolution approving issuance of bonds for the Pier 70 subproject areas; the budget analyst recommended approval and noted the bond authorization is capped at $790 million (the port expects to issue less but sought flexibility). Votes on the ordinance and resolution were unanimous.

Why it matters: The IFD allows tax‑increment financing—similar to redevelopment—to fund the new neighborhood’s streets, parks and seawall protections. Port and city revenues are structured to protect harbor funds and the city general fund; the IFD will also contribute to waterfront sea‑level rise measures beyond the project.

Details and outcome: The board voted unanimously to approve the IFD formation and related bond authorization; the legislative package passed on roll call. The Budget Analyst described projected revenue generation of roughly $1 billion over the term of the IFD and noted the $790 million bond cap provides financing flexibility; final bond terms will return to the board for approval.

Ending: With the IFD approved, project demolition, grading and initial building design continue and the Port and developer will advance infrastructure design and financing.