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LAFCO outlines two‑phase Green Bank study to explore Inflation Reduction Act and municipal financing
Summary
Staff presented a two‑phase study to evaluate options for a San Francisco Green Bank: Phase 1 will be a policy review with a memo planned for Jan. 2025; Phase 2 will outline capitalization strategies by a professional banker, with the study intended to benefit Clean Power SF ratepayers and inform related public‑bank work.
LAFCO staff provided an update on Nov. 15 on a Green Bank financing study that will examine how the City and County of San Francisco could use federal and local capital sources — including funding made available under the Inflation Reduction Act — to form a San Francisco Green Bank or municipal financial corporation that could benefit Clean Power SF ratepayers.
Staff said the study is split into two phases: Phase 1 is a policy review that will summarize prior LAFCO work on green banks and present options; a memo reflecting that work is expected at LAFCO’s January 2025 meeting. Phase 2 will be a financing study conducted by an experienced banker to outline capitalization options and program structures, including how a combination of federal and local programs could be layered to produce benefits for Clean Power SF customers.
Staff noted the study will build on the reinvestment working group’s municipal financial corporation work and that LAFCO will continue to support related efforts by the Board of Supervisors, the City Treasurer and City Attorney during Green Bank formation work.
Commissioners discussed related research by university centers and affirmed that LAFCO will continue to coordinate with SFPUC and other departments. No formal action was taken during the meeting.
