Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Legislation Pier70 Ifd topic
No spam. Unsubscribe anytime.
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 title-history research and noted unresolved questions about how harbor-fund (trust) monies would be treated if specific parcels are reclassified as non-trust land.
Stern also discussed AB 664, which concerns infrastructure financing districts and the America's Cup venues. He described the Port's request that the state allow a larger capture of tax increment revenue in these districts and said the change would raise capture from roughly "65 cents of every tax-increment dollar" to about "90 cents." He characterized the local investment associated with the event as significant, citing an expected minimum port investment of $55,000,000 and city commitments described in the briefing. Stern said AB 664 was on the Senate schedule (Senate Rules on July 6) and that, as a revenue bill, it was likely to go through additional scrutiny and could be placed on suspense in August.
A commissioner pressed Stern on the revenue translation of 65% to 90% capture; Stern said a prior analysis produced an estimated bondable capacity of around $27,000,000 at the lower capture rate and that raising capture by about 40% would increase that capacity by roughly $10'$15 million.
Why it matters: If enacted as described, the bills would change how trust status is administratively handled at Pier 70 and could shift how much local tax-increment financing the Port can retain for waterfront improvements tied to the America's Cup venues. Both changes would require additional staff work and state approvals noted in the briefing.
