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Board moves ahead with Mission Rock special-tax district, schedules landowner election
Summary
The San Francisco Board of Supervisors on April 14 advanced formation of a Community Facilities District for the Mission Rock mixed‑use project and called a mail‑ballot landowner election, while setting steps for possible bond financing up to $3.7 billion.
The San Francisco Board of Supervisors on April 14 heard a staff presentation and advanced initial formation steps for a Community Facilities District (CFD) to help finance public infrastructure and services at Mission Rock, the 28‑acre mixed‑use project near the Giants’ parking lot.
Planning and port staff asked the Board to adopt resolutions forming the CFD and a future annexation area, to determine the necessity of bonded indebtedness not to exceed $3,700,000,000, and to call a mail ballot landowner election for April 27. The Board approved the formation resolutions unanimously and scheduled the remaining actions to follow the election.
Mission Rock developers expect roughly 2.7 million square feet of new construction across the site, including about 1,200 housing units — with a 40% on‑site affordable housing commitment stated in project materials — more than 1 million square feet of office, about 240,000 square feet of retail and production space, and 8 acres of new parks and open space along the waterfront. Project public benefits also include workforce training, local‑hire requirements, and rehabilitation planning for historic Pier 48. Staff described four distinct special taxes in the CFD (development, office, shoreline and services) that would fund infrastructure, shoreline resilience and long‑term maintenance.
Port and City staff said the CFD and a previously formed Infrastructure Financing District (IFD) are intended to reimburse developer and port equity put in early phases and to permit public financing of roads, parks and shoreline protections. Staff said bond issuance was targeted for mid‑2020 but emphasized any actual issuance would return for Board approval and depends on market conditions.
Comptroller Ben Rosenfield told the Board the bonds would be non‑recourse to the city’s general fund; market participants nonetheless monitor city‑branded obligations and the Office of Public Finance is coordinating due diligence with the Port. Staff committed to follow up with the Board and to provide technical reports such as the Department of Toxic Substances Control (DTSC) remediation report referenced during public comment.
Why it matters: The CFD would be a major source of long‑term public funding for waterfront infrastructure and shoreline resilience tied to one of the city’s largest proposed developments. The Board’s approval of formation steps advances the financing pathway but does not itself issue bonds or levy taxes; those items require the mail vote and subsequent Board actions.
What’s next: The Board called the landowner election for April 27. If the property owners approve, the Board will consider declaring the election results, authorizing bond issuance, and adopting the ordinance levying the special taxes in a later meeting.
