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Port legislative update: AB 418 proposed to clarify Pier 70 trust status; AB 664 would raise IFD tax-increment capture for America's Cup sites
Summary
Jonathan Stern briefed the commission on AB 418, an administrative mechanism to align trust status across Pier 70 parcels, and AB 664, a measure that would change infrastructure financing district (IFD) rules to let the city/port capture a larger share of tax-increment revenue for America's Cup venues (described in the meeting as increasing capture from 65% to 90%). Stern gave committee scheduling and described the bills' trajectories.
Jonathan Stern, of the Port's Planning and Development Division, gave a legislative briefing focused on two bills affecting port property and financing.
Stern said AB 418 is an administrative bill creating a mechanism to address the trust status of parcels at Pier 70 so the Port and State Lands Commission can align titles and trust conditions in support of a comprehensive master plan. "AB 418 is regarding Pier 70 and the trust status of the land at Pier 70," Stern said. He described…
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