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Board approves federal loan for Transbay Transit Center; hearing held and resolution adopted
Summary
After a committee-of-the-whole hearing, the Board of Supervisors approved a resolution authorizing the city to support a federal loan of up to $171 million from the U.S. Department of Transportation to the Transbay Joint Powers Authority for construction of the Transbay Transit Center.
The San Francisco Board of Supervisors held a public hearing and adopted a resolution on Nov. 24 approving a loan of up to $171 million from the U.S. Department of Transportation to the Transbay Joint Powers Authority (TJPA) to support construction of the Transbay Transit Center.
Supervisor Daly, the board’s TJPA representative, described the item as largely procedural: the federal loan is part of Phase 1 funding to allow the TJPA to move forward with construction of the transit center building. A TJPA representative told the board the loan would be repaid through future tax-increment and redevelopment agency proceeds as part of the project financing plan.
The committee-of-the-whole hearing provided an opportunity for public comment; no public speakers opposed the loan at the hearing. After the hearing the board took the resolution up and adopted it by a recorded roll-call vote (10 ayes; one member recorded absent for part of the vote). The board’s packet and staff said state and federal procedural steps required the committee format before formal action.
Ending: The adopted resolution clears a procedural requirement for the TJPA to proceed with loan documentation and to support construction cash flow for the Transbay Transit Center.
