Board approves 47‑year extension for Saint Francis Yacht Club lease; critics seek clearer public‑benefit benchmarks

SAN FRANCISCO — The Board of Supervisors on Nov. 21 approved a long‑term ground lease with the Saint Francis Yacht Club for Marina West Harbor, increasing base rent, adding a one‑time payment for harbor improvements and codifying a public benefits program that requires youth boating and community access activities.

What the lease does

The approved measure extends the club’s occupancy term for the parcel at Marina West Harbor by 40 years in addition to roughly seven years remaining on the club’s prior lease (a total term reported as 47 years in committee materials). It sets a base annual rent of $200,134 — an increase from the club’s then‑current annual rent of roughly $84,000 — and requires a one‑time payment of $1,200,000 to the Recreation and Park Department for harbor repairs and improvements. The $1.2 million payment and the revised rent increase would be subject to appropriation.

Budget office analysis and market questions

The city budget analyst reviewed the rent change alongside the $1.2 million payment and reported that when the lump‑sum payment is included and converted to net present value across the proposed lease term, the financial return to the city is roughly comparable to the net…