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OCII confirms Mission Bay $85M refunding bonds, elects new chair and vice chair; continues landscape contract
Summary
On Jan. 7 the Commission on Community Investment and Infrastructure approved issuance of up to $85 million in tax allocation refunding bonds for Mission Bay South, elected Commissioner Scott as chair and Vanessa Aquino as vice chair, approved the consent agenda and continued a landscape maintenance contract to Jan. 21.
The Commission on Community Investment and Infrastructure voted Jan. 7 to confirm issuance of tax allocation refunding bonds for the Mission Bay South redevelopment project and completed officer elections and several procedural items.
The commission approved a resolution authorizing refunding bonds in an aggregate principal amount not to exceed $85,000,000, which staff said is expected to generate an estimated net present value savings of $5.9 million. "We're estimating annual cash flow savings of $1,200,000 and total net present value savings of $5,900,000," said Nick Jones, debt manager for OCII, who led the presentation on the proposed refunding. Jones described the plan to issue roughly $58 million of new principal (mostly tax‑exempt with about…
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