Board forms Pier 70 Infra & Revitalization Financing District for Hoedown Yard; landowner vote 100% in favor

The San Francisco Board of Supervisors on Oct. 16 adopted resolutions and ordinances creating an Infrastructure and Revitalization Financing District (IRFD) for the Pier 70 Hoedown Yard and approved a financing plan to allocate future property‑tax increment to affordable housing and related infrastructure.

Brad Benson, representing the Port director, presented a staff and consultant briefing describing the Pier 70 Special Use District (35 acres) and a projected residential build‑out of roughly 1,600–3,000 units, with 30% of the project to be affordable. The proposed IRFD — commonly called an Infrastructure and Revitalization Financing District — would capture a portion of the property tax increment from development in a defined parcel (the Hoedown Yard) in order to provide gap funding for affordable housing parcels delivered by the Mayor's Office of Housing and Community Development (MOHCD).

Benson told the board the IRFD is estimated to generate about $18 million in gap funding for Pier 70 affordable housing. The Port and project sponsor described the IRFD as one tool — among developer fees and other sources — to pay site infrastructure and support the mayor's affordable‑housing parcels.

The board adopted the infrastructure financing plan and called the required special election sequence; the clerk reported a certified canvass of the landowner election showing three landowner votes cast with 100% in favor and "no majority protest." Under the state code governing such districts, the affected tax entities must also be noticed and the city must adopt enabling findings; the board proceeded to adopt the resolutions and ordinance items associated with forming the IRFD and authorizing bonds (capped in the materials at not to exceed $91.9 million aggregate principal for the IRFD).

Why it matters: The Pier 70 site is a major Port of San Francisco redevelopment with a large housing component and a stated city commitment to a substantial affordable housing share. The IRFD reallocates some future property‑tax growth — a common tool for gap financing in waterfront and redevelopment projects — to make affordable housing feasible on parcels the city or MOHCD will develop.

Votes and results: The board took the items in the special order (items 40–45) and approved the IFP and IRFD formation "same house, same call" without recorded dissents on those items. The clerk announced the landowner election canvass had been certified and reported 3 landowner votes cast, 100% in favor with no majority protest. The ordinance and resolutions were adopted by the board as required for the IRFD formation and bond authorization items.

Next steps: The city will proceed with the IRFD formation process, finalize financing documents and may pursue bond issuance in the amounts authorized by the board when needed to close financing for the city's affordable‑housing parcels at Pier 70.

Selected quote: "It is estimated to generate $18,000,000 in gap funding for the affordable housing at the site." — Brad Benson, Port representative

Ending: The board's adoption of the IRFD for the Pier 70 Hoedown Yard advances a financing strategy intended to preserve and produce on‑site affordable housing at a key waterfront redevelopment site. The city will move next to finalize legal and financing steps and coordinate with MOHCD on parcel development.