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8 Washington approvals pass after lengthy debate; supervisors reject several amendments to increase community benefits
Summary
After extended debate and multiple failed amendments, the Board of Supervisors approved several items enabling the 8 Washington Street development—zoning, a public trust exchange and related resolutions and financing—despite disagreements over estimated city benefits and developer returns.
The Board of Supervisors on June 12 approved a package of items (files related to 8 Washington) that would enable a private residential and mixed-use development that included significant height and bulk increases, a parking garage and transfer of certain Port parcels.
President David Chiu summarized committee findings and flagged a significant discrepancy between Port and city analyst estimates of the project's financial benefit to the city: the Port estimated roughly $145 million in city benefits; the Budget and Legislative Analyst put the net present value at about $96.3 million, approximately $48.6 million less. Budget analysts objected to counting certain items the Port had included as benefits (for example, revenues that would in practice be offset by departmental costs, and private…
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