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OCII confirms Mission Bay South bond refunding and elects new chair, vice chair; consent items approved
Summary
The Commission on Community Investment and Infrastructure voted Jan. 7 to confirm authorization documents for up to $85 million in Mission Bay South tax allocation refunding bonds, elected Dr. Scott chair and Vanessa Aquino vice chair, and approved consent items including a consulting contract.
The Commission on Community Investment and Infrastructure (OCII) on Jan. 7 confirmed steps to issue tax‑allocation refunding bonds for the Mission Bay South redevelopment project and completed routine organizational actions.
On item 5E, OCII approved a resolution authorizing issuance of tax allocation refunding bonds in an aggregate principal amount not to exceed $85,000,000, and approved the preliminary and final official statements, a continuing disclosure certificate and related documents. Nick Jones, OCII’s debt manager, said the refunding will target the outstanding 2016D bonds and is expected to generate roughly $1.2 million in annual cash‑flow savings and about $5.9 million in net present value savings, or about 8.5% of the refunded principal. Jones said the plan contemplates issuing roughly $58 million of principal (mostly tax‑exempt) with about $4.7 million taxable, using an existing reserve fund as a source, and a tentative schedule of bond pricing in mid‑January and closing in late January.
Jones said the legal authority for the issuance includes Health and Safety Code section 34177.5 and related government code provisions that permit refunding for enforceable obligations. The commission voted 5–0 to confirm the issuance and related documents.
Chair and vice chair elections: The commission elected Dr. Scott as chair (4 ayes, 1 abstention by Chair Brackett) and Vanessa Aquino as vice chair by unanimous vote (5–0). The chair vote proceeded after nominations; Chair Brackett abstained on the chair election and later voted in favor of the vice‑chair motion.
Consent calendar: The commission approved consent items including minutes and authorizing a personal services contract with Hollins Consulting Inc. for infrastructure coordination in Hunters Point Shipyard (amount not to exceed $376,692) by a 4–1 vote (4 ayes, Chair Brackett abstained). Commissioners made and seconded the consent motion and the secretary recorded votes by name.
Other procedural action: The commission continued regular‑agenda item 5D (a proposed landscape maintenance contract for the South Beach/Candlestick project area with Kuroka and Associates) to Jan. 21 at staff request, to allow resolution of a proposer inquiry; the continuation passed 4–1 with Chair Brackett abstaining. The item will return on Jan. 21 for further action.
Ending: The commission carried out the bond approval and organizational elections and instructed staff to proceed with the bond sale timetable if market conditions and final documents are in order. Staff said they would return with the final official statement after pricing and close the transaction in late January per the stated timeline.
