Board approves Treasure Island financing districts and sets bond limits after unanimous special-election votes

The San Francisco Board of Supervisors voted unanimously Tuesday to form an Infrastructure and Revitalization Financing District (IRFD) and a companion Community Facilities District (CFD) for Treasure Island and Yerba Buena Island, adopting the associated financing plans, calling a special election and declaring the election results that clear the way for future bond sales.

The action authorizes the IRFD to support reimbursement of infrastructure and related project costs and sets a not‑to‑exceed aggregate principal amount for IRFD bond issuance at $780,000,000. The board also approved formation of a CFD to levy a supplemental special tax on properties in the district; a resolution before the board set the CFD’s not‑to‑exceed bonded indebtedness at $5,000,000,000 for the improvement area called improvement area No. 1.

Why it matters: The financing districts create the local revenue mechanisms that Treasure Island’s developer plans to use to reimburse costly public infrastructure and to fund long‑term adaptation and maintenance, including planned measures to address sea‑level rise and to support parks and open space on the islands. The board and staff said the package also commits a portion of IRFD revenues to affordable housing and is intended to leverage city and state contributions and future ballot measures.

City and project officials said the…