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Board approves Treasure Island financing structure, adds accountability measures for affordable housing
Summary
The Board of Supervisors unanimously approved resolutions to form infrastructure financing and community facilities districts for Treasure Island–Yerba Buena Island and advanced the city—inancing plan while adding new reporting and affordable-housing commitments.
The San Francisco Board of Supervisors on Dec. 6 unanimously approved a package of resolutions to establish financing districts and begin the public process for infrastructure and community facilities financing on Treasure Island and Yerba Buena Island.
Supervisor Kim told the board the measures implement earlier entitlements and the city's disposition and development agreement dated June 7, 2011, and are intended to create the public financing tools needed as the project proceeds. She said the full project is projected to include 8,000 new homes, 2,173 (27.2 percent) of which are designated as affordable and that revised projections show a $382,000,000 gap across a $968,000,000 portion of the work described for 1,866 units.
The board approved items 4–8 to create the infrastructure and revitalization financing district and community facilities district and to set public hearings; it separately adopted item 9 acting as the…
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