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Board approves Pier 70 infrastructure financing district to fund Crane Cove Park and repairs
Summary
The Board of Supervisors unanimously approved an ordinance creating an infrastructure financing district (IFD) covering Pier 70, authorizing tax-increment capture, a bond authorization and related agreements to help fund parks, utilities and sidewalk repairs tied to Orton Development’s Pier 70 rehabilitation.
The San Francisco Board of Supervisors unanimously adopted an ordinance on final reading on March 1 to establish City Infrastructure Financing District No. 2 covering Pier 70, authorize a tax-administration memorandum and approve an infrastructure financing plan and related actions to support Pier 70 public improvements.
The measure, presented by Interim Port Director Elaine Forbes and Brad Benson, director of special projects for the Port of San Francisco, will allow the city to capture property tax increment above a base year and use the revenue stream to support public infrastructure and park development at Pier 70, including later phases of Crane Cove Park and electrical/sidewalk work tied to the Orton Development lease.
Forbes said the port’s goal with the IFD is to address a port capital backlog and “invest in needed public infrastructure” to…
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