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Board establishes Transbay Mello‑Roos district, corrects tax formula; staff says net‑vs‑gross error reduces revenue estimate
Summary
Supervisors adopted resolutions on July 15 to create the Transbay Community Facilities District (a Mello‑Roos special tax district) and set a legal ceiling for indebtedness. City staff acknowledged an implementation error and revised the rate and method to charge the special tax on net leasable square footage rather than gross square footage, cut
The Board of Supervisors adopted two resolutions on July 15, 2014, to establish a Mello‑Roos Community Facilities District (CFD) for the Transbay Transit Center area and set a legal ceiling for bonded indebtedness.
Supervisor Jane Kim introduced the measures and described them as necessary to finance public infrastructure in the Transbay district, including the Caltrain downtown extension and public open space associated with the terminal redevelopment. The resolutions are an enabling step that sets a legal ceiling for potential…
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