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Committee approves forwarding settlement to accept delinquent special tax payment from AMB Pier 1 LLC
Summary
The controller's office told the committee the settlement will make the city whole for a missed special-tax payment totaling $68,895.72; the committee recommended approval and forwarding to the full board.
The Budget and Finance Committee on March 19 voted to forward a resolution to the full Board of Supervisors to accept a settlement and payment from AMB Pier 1 LLC related to delinquent special taxes in the city’s green financing district.
Vishal Dreddy of the Controller’s Office of Public Finance explained the background: the city established a special tax district and Improvement Area 1 to support energy-efficiency projects at Pier 1; the city sold special tax bonds in 2012 and uses special tax payments from the lessee to pay debt service.
A review of accounts showed a missed special-tax payment of $47,184.16. The settlement before the committee would allow the city to accept that delinquent payment plus a 10% penalty, monthly interest representing funds the city would have earned in the treasurer’s pool, and settlement costs, for a total of $68,895.72. Dreddy said the settlement’s intent is to make the city whole and allow the Controller’s Office to balance the account.
There were no public speakers on the item. The committee moved and approved forwarding the settlement to the full board with a positive recommendation. The committee recorded three ayes (Vice Chair Matt Dorsey, Supervisor Joel Engadio and Chair Connie Chan).
