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Board adopts Transbay Community Facilities District resolutions after developers decline alternate payment plan
Summary
The San Francisco Board of Supervisors on Sept. 23, 2014 adopted resolutions to form the Transbay Community Facilities District and call a special election after staff reported developers did not agree to an alternate payment arrangement.
The San Francisco Board of Supervisors on Sept. 23, 2014 adopted a set of resolutions forming Special Tax District No. 2014-1 (the Transbay Community Facilities District), determining the necessity to incur bonded indebtedness and calling a special election to submit the special tax and bonded indebtedness to qualified electors.
City staff told the board that talks with developers had not produced agreement on an alternate payment arrangement the city had explored. "We were not able to receive that agreement," Ken Rich of the Office of Economic and Workforce Development told the board, and staff recommended moving forward with the original set of resolutions.
Nadia Sasse, director of the Office of Public Finance, told…
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