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Board OKs Rincon Hill infrastructure financing district after lengthy debate
Summary
The Board of Supervisors approved citywide guidelines for infrastructure financing districts and created San Francisco's first IFD for the Rincon Hill area after a public hearing, discussion of fiscal safeguards and a unanimous landowner vote.
The San Francisco Board of Supervisors on Tuesday approved a package of resolutions and an ordinance creating an infrastructure financing district (IFD) for the Rincon Hill area and adopting citywide IFD guidelines.
Supporters said the Rincon Hill pilot will help pay for parks, streetscape work and other public infrastructure left unfunded by impact fees; critics warned that diverting property-tax increment could strain the city's general fund.
The Office of Economic and Workforce Development staff summarized the proposal as a constrained form of tax-increment financing that may be used only for publicly owned capital facilities and has a maximum lifespan of 30 years. Staff said the Rincon Hill IFD is intended to close an estimated funding gap of roughly $15 million for projects already identified in the Rincon Hill area plan and to leverage…
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